Funding you earn now, next payment 08:00 UTC+0.0741%/8h= +81.1% APRnext payment +$0.93 per $10,000 · paid last 24h +0.068%
Price spread now: Phoenix against Ondo Perps+0.231%48s7-day average +0.077% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.272%+$27 on $10k
+Price spread, last 7 days−0.260%−$26 · spread now +0.231%, 7d avg +0.077%
=Together, before fees+0.012%+ Points / potential airdropOndo Perps: Active · farm board+$1 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Phoenix is 0.154% dearer against Ondo Perps than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.077%. The two prices were read 48 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 0.272% in total (about 14.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.93 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 | Ondo Perps META-USD.P | 744.28 | 0.0050 | pay 0.0006% / 1h | 2m 20s | $719K | $5.0M | 10x |
| Short | Phoenix META | 746.00 | 0.0791 | get 0.0099% / 1h | 2m 20s | $796K | $1.5M | 20x |
Ondo Perps META-USD.P
Phoenix METAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Ondo Perps. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $155.53
- Price spread: +0.231% → +0.077%
- $15.39
- Slippage, 4 orders
- no order book: not counted
- Fee Ondo Perps: 2.5 bp × 2 orders
- −$5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $158.92
- Costs to cover
- 0.120%
- Break-even
- from the start
Slippage unknown: Ondo Perps: no order-book sample; Phoenix: live order book, 1 min ago. Net counts fees only.
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 Ondo Perps no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 1 min ago | 2.41 bp | 9.0 bp −$9 | 17.7 bp −$177 | doesn't fit | doesn't fit |
Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 745.21 | +0.125% | $334K | $1.1M | 20x | as long as short |
| Aster METAUSDT | 0.0000% | 8h | 744.80 | +0.070% | $490K | $623K | 20x | as long as short |
| Extended META_24_5-USD | 0.0000% | 1h | 744.98 | +0.095% | $546K | $3.4M | 17x | as long as short |
| Binance METAUSDT | 0.0000% | 8h | 745.18 | +0.122% | $25.9M | $191.7M | 20x | as long as short |
| Bybit METAUSDT | 0.0000% | 8h | 745.45 | +0.157% | $7.7M | $15.8M | 100x | as long as short |
| OKX META-USDT-SWAP | 0.0000% | 8h | 745.36 | +0.145% | $6.1M | $12.9M | 20x | as long as short |
| Gate META_USDT | 0.0000% | 8h | 744.75 | +0.063% | $442K | $6.4M | 100x | as long as short |
| Bitget METAUSDT | 0.0000% | 8h | 745.06 | +0.105% | $5.7M | $12.2M | 100x | as long as short |
| Variational Omni META | 0.0000% | 8h | 744.88 | +0.081% | $2.5M | $3.0M | — | as long as short |
| GRVT META_USDT_Perp | 0.0000% | 8h | 745.10 | +0.110% | $12K | $437K | 10x | as long as short |
BloFin META-USDT
Aster METAUSDT
Extended META_24_5-USD
Binance METAUSDT
Bybit METAUSDT
OKX META-USDT-SWAP
Gate META_USDT
Bitget METAUSDT
Variational Omni META
GRVT META_USDT_PerpShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX META-USDT | 0.0000% | 8h | 745.06 | +0.105% | $1K | $7.6M | 20x | as long as short |
| Deribit META_USDC-PERPETUAL | 0.0000% | 1h | 744.74 | +0.062% | $36K | $270K | 10x | as long as short |
| HTX META-USDT | 0.0000% | 8h | 744.84 | +0.075% | $108K | $300K | 30x | as long as short |
| Phemex METAUSDT | 0.0000% | 4h | 745.09 | +0.109% | $2.0M | $8K | 10x | as long as short |
| Nado META-PERP | +0.0009% | 1h | 744.78 | +0.067% | $479K | $559K | 20x | as long as short |
| Lighter RH META | +0.0032% | 1h | 745.30 | +0.137% | $790K | $3.0M | 20x | as long as short |
| QFEX META-USD | +0.0036% | 1h | 745.08 | +0.107% | $2.2M | $14.1M | 10x | as long as short |
| Arcus META-USD | +0.0040% | 1h | 744.78 | +0.067% | $111K | $337K | 10x | as long as short |
| Vest META-USD-PERP | +0.0046% | 1h | 745.44 | +0.156% | — | $12K | 25x | as long as short |
| Popdex METAUSDT | +0.0048% | 1h | 745.20 | +0.124% | $180K | $204K | 20x | as long as short |
| Polymarket Perps META-USD | +0.0050% | 1h | 744.84 | +0.075% | $566K | $618K | 10x | as long as short |
| SoDEX META-USD | +0.0050% | 1h | 745.20 | +0.124% | $25K | $3K | 10x | as long as short |
| Ondo Perps META-USD.Plong | +0.0050% | 1h | 744.28 | long leg | $719K | $5.0M | 10x | |
| Paradex META-USD-PERP | +0.0059% | 8h | 745.08 | +0.107% | — | — | 5x | as long as short |
| Aftermath Perps METAUSD | +0.0076% | 1h | 745.52 | +0.167% | $51K | $91K | 10x | as long as short |
| Pacifica META | +0.0100% | 1h | 744.43 | +0.021% | $612 | $2K | 10x | as long as short |
| KuCoin METAUSDTM | +0.0100% | 8h | 744.96 | +0.091% | $1.6M | $795K | 20x | as long as short |
| ApeX Omni METAUSDT | +0.0100% | 1h | 744.32 | +0.005% | $167K | $71K | 50x | as long as short |
| Orderly PERP_META_USDC_mythos | +0.0100% | 8h | 745.19 | +0.122% | $1K | $24 | 10x | as long as short |
| Aevo META-PERP | +0.0104% | 1h | 744.94 | +0.088% | $268 | — | 10x | as long as short |
| Coinbase International META-PERP-INTX | +0.0120% | 1h | 744.19 | −0.012% | $642K | $8.0M | 10x | as long as short |
| Hotstuff META-PERP | +0.0216% | 1h | 745.27 | +0.133% | $33K | $105 | 20x | as long as short |
| Injective META/USDC PERP | +0.0220% | 1h | 744.78 | +0.067% | $176K | $52K | 30x | as long as short |
| Lighter META | +0.0296% | 1h | 745.49 | +0.163% | $1.2M | $2.9M | 20x | as long as short |
| tradeXYZ xyz:META | +0.0300% | 1h | 745.38 | +0.148% | $86.1M | $134.5M | 20x | as long as short |
| edgeX METAUSDC | +0.0510% | 4h | 745.00 | +0.097% | $63K | $348K | 10x | as long as short |
| Phoenix METAshort | +0.0791% | 1h | 746.00 | +0.231% | $796K | $1.5M | 20x |
SunX META-USDT
Deribit META_USDC-PERPETUAL
HTX META-USDT
Phemex METAUSDT
Nado META-PERP
Lighter RH META
QFEX META-USD
Arcus META-USD
Vest META-USD-PERP
Popdex METAUSDT
Polymarket Perps META-USD
SoDEX META-USD
Paradex META-USD-PERP
Aftermath Perps METAUSD
Pacifica META
KuCoin METAUSDTM
ApeX Omni METAUSDT
Orderly PERP_META_USDC_mythos
Aevo META-PERP
Coinbase International META-PERP-INTX
Hotstuff META-PERP
Injective META/USDC PERP
Lighter META
tradeXYZ xyz:META
edgeX METAUSDC