META

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0643%/8h= −70.4% APRnext payment −$0.80 per $10,000 · paid last 24h −0.087%

Price spread now: Deribit against Phoenix−0.158%7-day average −0.056% · 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−$41as in the Price arb table

costs, in and out, $10k−$300.304% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.190%−$19 on $10k

Price spread, last 4 days (all we have)+0.393%+$39 · spread now −0.158%, 7d avg −0.056%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Deribit is 0.103% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.190% in total (about -13.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.80 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	744.54	0.0643	pay 0.0080% / 1h	20m 20s	$795K	$1.5M	20x
Short	Deribit META_USDC-PERPETUAL	743.36	0	get 0.0000% / 1h	20m 20s	$36K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.158%Rate

Funding earned: −$135.02
Price spread: −0.158% → −0.056%: −$10.25
Slippage, 4 orders: −$16.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$175.68
Costs to cover: 0.304%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; Deribit: live order book, 31 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, 1 min ago	2.02 bp	8.0 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell Deribit live order book, 31 min ago	0.07 bp	10.9 bp −$11	11.8 bp −$118	doesn't fit	doesn't fit

META on 37 exchanges

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	743.76	−0.105%	$337K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	744.93	+0.052%	$495K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.48	−0.142%	$544K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.69	−0.114%	$26.0M	$192.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.54	−0.134%	$7.7M	$15.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	743.59	−0.128%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.18	−0.183%	$456K	$6.5M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.73	−0.109%	$5.7M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	743.55	−0.133%	$2.5M	$3.0M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	743.88	−0.089%	$12K	$433K	10x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	743.98	−0.075%	$942	$7.4M	20x	as long as short
Deribit META_USDC-PERPETUALshort	0.0000%	1h	743.36	−0.158%	$36K	$266K	10x
HTX META-USDT	0.0000%	8h	743.57	−0.130%	$108K	$299K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.84	−0.094%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.82	−0.097%	$821K	$2.8M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.30	−0.167%	$111K	$284K	10x	as long as short
Nado META-PERP	+0.0041%	1h	743.44	−0.147%	$477K	$551K	20x	as long as short
QFEX META-USD	+0.0041%	1h	743.57	−0.130%	$2.2M	$14.1M	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.12	−0.056%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.70	−0.113%	$179K	$201K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.35	−0.160%	$560K	$612K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.65	−0.120%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.04	−0.201%	$704K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0052%	8h	743.57	−0.131%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0075%	1h	744.42	−0.016%	$52K	$77K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	743.43	−0.149%	$652K	$7.8M	10x	as long as short
Pacifica META	+0.0100%	1h	743.65	−0.120%	$608	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.83	−0.095%	$1.6M	$836K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.59	−0.128%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.70	−0.113%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.50	−0.140%	$268	—	10x	as long as short
Hotstuff META-PERP	+0.0168%	1h	743.64	−0.121%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	745.07	+0.071%	$168K	$60K	30x	as long as short
tradeXYZ xyz:META	+0.0262%	1h	743.56	−0.132%	$86.1M	$135.0M	20x	as long as short
Lighter META	+0.0272%	1h	743.99	−0.074%	$1.2M	$2.7M	20x	as long as short
Phoenix METAlong	+0.0643%	1h	744.54	long leg	$795K	$1.5M	20x
edgeX METAUSDC	+0.0795%	4h	743.85	−0.092%	$63K	$347K	10x	as long as short