META

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0097%/8h= +10.6% APRnext payment +$0.12 per $10,000 · paid last 24h +0.038%

Price spread now: Phoenix against Deribit−0.023%70s7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.302% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.118%+$12 on $10k

Price spread, last 3 days (all we have)−0.212%−$21 · spread now −0.023%, 7d avg +0.043%

Together, before fees−0.093%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.066% cheaper against Deribit than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.043%). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day). The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit META_USDC-PERPETUAL	740.51	0	get 0.0000% / 1h	21m 37s	$30K	$256K	10x
Short	Phoenix META	740.34	0.0097	get 0.0012% / 1h	21m 37s	$291K	$782K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee PhoenixbpOrdersPrice spread, now −0.023%Rate

Funding earned: $20.41
Price spread: −0.023% → +0.043%: −$6.55
Slippage, 4 orders: −$16.21
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.36
Costs to cover: 0.302%
Break-even: 12.6 days

Slippage from Deribit: live order book, 2 min ago; Phoenix: live order book, 66 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Deribit live order book, 2 min ago	0.07 bp	3.6 bp −$4	5.6 bp −$56	doesn't fit	doesn't fit
Sell Phoenix live order book, 66 min ago	1.89 bp	7.2 bp −$7	14.8 bp −$148	doesn't fit	doesn't fit

META on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado META-PERP	−0.0121%	1h	740.29	−0.030%	$398K	$316K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	740.39	−0.016%	$329K	$1.1M	20x	as long as short
Hotstuff META-PERP	−0.0104%	1h	740.51	0.000%	$33K	$105	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.90	+0.052%	$457K	$536K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.30	−0.028%	$548K	$1.5M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.39	−0.016%	$26.8M	$177.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.32	−0.026%	$7.4M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.42	−0.012%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.88	−0.085%	$318K	$5.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.34	−0.023%	$5.7M	$11.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.36	−0.020%	$1.6M	$2.5M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.29	−0.030%	$12K	$529K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.85	+0.046%	$734	$9.5M	20x	as long as short
Deribit META_USDC-PERPETUALlong	0.0000%	1h	740.51	long leg	$30K	$256K	10x
HTX META-USDT	0.0000%	8h	740.23	−0.038%	$105K	$283K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.49	−0.003%	$2.0M	$7K	10x	as long as short
QFEX META-USD	+0.0012%	1h	740.24	−0.036%	$2.2M	$14.2M	10x	as long as short
Lighter META	+0.0032%	1h	740.59	+0.011%	$860K	$2.6M	20x	as long as short
Lighter RH META	+0.0032%	1h	740.61	+0.014%	$740K	$3.2M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.09	−0.057%	$263K	$313K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.86	+0.047%	—	$9K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.34	−0.023%	$177K	$200K	20x	as long as short
tradeXYZ xyz:META	+0.0050%	1h	740.59	+0.011%	$68.5M	$120.4M	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.55	+0.005%	$541K	$840K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.32	−0.026%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	740.18	−0.045%	$639K	$4.0M	10x	as long as short
Paradex META-USD-PERP	+0.0051%	8h	740.27	−0.032%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0052%	1h	741.00	+0.066%	$45K	$61K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0080%	1h	740.26	−0.034%	$607K	$7.3M	10x	as long as short
Phoenix METAshort	+0.0097%	1h	740.34	−0.023%	$291K	$782K	20x
KuCoin METAUSDTM	+0.0100%	8h	740.39	−0.016%	$1.6M	$352K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.35	−0.022%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.43	−0.011%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.33	−0.025%	$267	—	10x	as long as short
edgeX METAUSDC	+0.0167%	4h	740.30	−0.028%	$62K	$328K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.21	−0.041%	$168K	$46K	30x	as long as short