META

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0567%/8h= +62.1% APRnext payment +$0.71 per $10,000 · paid last 24h +0.027%

Price spread now: Phoenix against Lighter+0.191%74s7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

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

costs, in and out, $10k−$210.206% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 on $10k

Price spread, last 7 days−0.100%−$10 · spread now +0.191%, 7d avg +0.022%

Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Phoenix is 0.168% dearer against Lighter than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.022%. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.234% in total (about 12.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.71 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter META	745.28	0.0224	pay 0.0028% / 1h	45m 55s	$1.2M	$2.9M	20x
Short	Phoenix META	746.70	0.0791	get 0.0099% / 1h	45m 55s	$797K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now +0.191%Rate

Funding earned: $119.08
Price spread: +0.191% → +0.022%: $16.81
Slippage, 4 orders: −$13.58
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $115.31
Costs to cover: 0.206%
Break-even: 0.2 days

Slippage from Lighter: live order book, 6 min ago; Phoenix: live order book, 2 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 Lighter live order book, 6 min ago	0.67 bp	1.0 bp −$1	2.4 bp −$24	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	2.41 bp	9.0 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit

META on 37 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
BloFin META-USDT	−0.0120%	8h	745.52	+0.032%	$334K	$1.1M	20x	as long as short
Nado META-PERP	−0.0044%	1h	744.43	−0.115%	$480K	$561K	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.00	+0.097%	$489K	$603K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.88	−0.054%	$547K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.16	−0.016%	$25.7M	$191.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.05	−0.031%	$7.4M	$15.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.78	−0.067%	$6.0M	$12.8M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.66	−0.083%	$474K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.02	−0.035%	$5.7M	$12.4M	100x	as long as short
Variational Omni META	0.0000%	8h	744.82	−0.061%	$2.5M	$3.0M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	746.46	+0.158%	$12K	$443K	10x	as long as short
SunX META-USDT	0.0000%	8h	745.04	−0.032%	$1K	$7.9M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.71	−0.076%	$53K	$290K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.78	−0.067%	$108K	$312K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.46	+0.024%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	745.11	−0.023%	$795K	$2.9M	20x	as long as short
QFEX META-USD	+0.0036%	1h	744.95	−0.044%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.48	−0.107%	$112K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.50	+0.030%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	744.80	−0.064%	$180K	$205K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.20	−0.145%	$566K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.86	−0.056%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.77	−0.068%	$724K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	744.92	−0.048%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	745.46	+0.024%	$49K	$90K	10x	as long as short
Pacifica META	+0.0100%	1h	744.88	−0.053%	$635	$1K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.25	−0.004%	$1.6M	$750K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.98	+0.094%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.27	−0.001%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.04	−0.032%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	744.50	−0.105%	$652K	$8.1M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	748.08	+0.376%	$177K	$52K	30x	as long as short
Lighter METAlong	+0.0224%	1h	745.28	long leg	$1.2M	$2.9M	20x
tradeXYZ xyz:META	+0.0262%	1h	744.84	−0.059%	$84.2M	$132.7M	20x	as long as short
Hotstuff META-PERP	+0.0328%	1h	746.35	+0.144%	$33K	$105	20x	as long as short
edgeX METAUSDC	+0.0372%	4h	746.05	+0.103%	$63K	$347K	10x	as long as short
Phoenix METAshort	+0.0791%	1h	746.70	+0.191%	$797K	$1.5M	20x