META

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0751%/8h= −82.2% APRnext payment −$0.94 per $10,000 · paid last 24h −0.019%

Price spread now: Arcus against Phoenix−0.068%49s7-day average −0.018% · 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−$310.313% of the position

Long on Phoenix Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.690%−$69 · spread now −0.068%, 7d avg −0.018%

Together, before fees−0.690%−$69 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Arcus is 0.051% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.018%). Swap the legs. The two prices were read 49 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 4 days it paid 0.000% in total (about 0.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.94 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	Phoenix META	745.15	0.0791	pay 0.0099% / 1h	8m 00s	$795K	$1.5M	20x
Short	Arcus META-USD	744.64	0.0040	get 0.0005% / 1h	8m 00s	$111K	$337K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. 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 PhoenixbpFee ArcusbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$157.66
Price spread: −0.068% → −0.018%: −$5.05
Slippage, 4 orders: −$19.81
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$194.03
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Arcus: live order book, 26 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 Phoenix live order book, 5 min ago	2.41 bp	8.8 bp −$9	17.0 bp −$170	doesn't fit	doesn't fit
Sell Arcus live order book, 26 min ago	1.75 bp	8.3 bp −$8	9.9 bp −$99	18.4 bp −$1,836	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	745.10	−0.007%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.80	−0.047%	$490K	$623K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	744.74	−0.055%	$546K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.99	−0.021%	$26.0M	$191.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.07	−0.011%	$7.5M	$15.7M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.02	−0.017%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.75	−0.054%	$441K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.97	−0.024%	$5.7M	$12.2M	100x	as long as short
Variational Omni META	0.0000%	8h	744.70	−0.060%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.76	−0.052%	$13K	$438K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	745.08	−0.009%	$812	$7.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.67	−0.064%	$36K	$270K	10x	as long as short
HTX META-USDT	0.0000%	8h	744.73	−0.056%	$108K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.99	−0.021%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0004%	1h	744.62	−0.072%	$479K	$559K	20x	as long as short
Lighter RH META	+0.0032%	1h	744.98	−0.023%	$797K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	744.97	−0.024%	$2.2M	$14.1M	10x	as long as short
Arcus META-USDshort	+0.0040%	1h	744.64	−0.068%	$111K	$337K	10x
Vest META-USD-PERP	+0.0046%	1h	745.29	+0.019%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.08	−0.009%	$180K	$204K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	744.74	−0.055%	$566K	$619K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	744.91	−0.032%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.04	−0.149%	$727K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	744.91	−0.032%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	745.19	+0.006%	$51K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	744.31	−0.112%	$612	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.58	−0.076%	$1.6M	$791K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.59	−0.209%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	744.94	−0.028%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	744.75	−0.054%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0120%	1h	744.19	−0.129%	$642K	$8.0M	10x	as long as short
Hotstuff META-PERP	+0.0216%	1h	745.13	−0.003%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.78	−0.050%	$176K	$52K	30x	as long as short
Lighter META	+0.0288%	1h	745.20	+0.007%	$1.2M	$2.9M	20x	as long as short
edgeX METAUSDC	+0.0290%	4h	744.63	−0.070%	$63K	$347K	10x	as long as short
tradeXYZ xyz:META	+0.0291%	1h	745.05	−0.013%	$85.9M	$134.2M	20x	as long as short
Phoenix METAlong	+0.0791%	1h	745.15	long leg	$795K	$1.5M	20x