META

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0519%/8h= −56.8% APRnext payment −$0.65 per $10,000 · paid last 24h −0.011%

Price spread now: Injective against Phoenix+0.316%7-day average +0.298% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$730.734% of the position

Long on Phoenix Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.316%, 7d avg +0.298%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.298%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.080%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.65 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	746.28	0.0739	pay 0.0092% / 1h	34m 04s	$797K	$1.5M	20x
Short	Injective META/USDC PERP	748.64	0.0220	get 0.0028% / 1h	34m 04s	$173K	$46K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.316%Rate

Funding earned: −$108.96
Price spread: +0.316% → +0.298%: $1.83
Slippage, 4 orders: −$66.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$180.48
Costs to cover: 0.734%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; Injective: live order book, 10 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, 4 min ago	2.55 bp	9.2 bp −$9	18.1 bp −$181	doesn't fit	doesn't fit
Sell Injective live order book, 10 min ago	17.28 bp	37.7 bp −$38	doesn't fit	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	744.05	−0.299%	$333K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0086%	1h	743.58	−0.362%	$34K	$275K	10x	as long as short
Nado META-PERP	−0.0030%	1h	743.73	−0.341%	$481K	$559K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.43	−0.114%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.78	−0.336%	$552K	$1.9M	17x	as long as short
Binance METAUSDT	0.0000%	8h	744.55	−0.231%	$25.2M	$188.1M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	744.44	−0.247%	$7.3M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.73	−0.208%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.93	−0.315%	$458K	$6.1M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.97	−0.176%	$5.6M	$12.3M	100x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	744.08	−0.294%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	744.20	−0.278%	$12K	$438K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.82	−0.330%	$773	$8.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	743.82	−0.330%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	744.64	−0.220%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0031%	1h	743.81	−0.331%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	744.78	−0.201%	$786K	$2.9M	20x	as long as short
Arcus META-USD	+0.0040%	1h	743.92	−0.316%	$109K	$333K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	744.53	−0.234%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.95	−0.312%	$177K	$202K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.84	−0.327%	$585K	$564K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.97	−0.310%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.46	−0.378%	$710K	$5.2M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	743.91	−0.317%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	745.01	−0.170%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.18	−0.281%	$1.6M	$677K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.50	−0.373%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.98	−0.308%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.99	−0.307%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	744.10	−0.292%	$658K	$7.9M	10x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	748.64	+0.316%	$173K	$46K	30x
Hotstuff META-PERP	+0.0376%	1h	744.47	−0.243%	$33K	$105	20x	as long as short
Lighter META	+0.0376%	1h	744.93	−0.181%	$1.1M	$2.7M	20x	as long as short
tradeXYZ xyz:META	+0.0509%	1h	745.18	−0.147%	$77.3M	$127.4M	20x	as long as short
edgeX METAUSDC	+0.0548%	4h	744.17	−0.283%	$62K	$343K	10x	as long as short
Phoenix METAlong	+0.0739%	1h	746.28	long leg	$797K	$1.5M	20x
Pacifica META	+0.0800%	1h	744.06	−0.297%	—	—	—	as long as short