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: Ondo Perps against Phoenix−0.231%48s7-day average −0.077% · you buy dearer than you sell
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+0.259%+$26 · spread now −0.231%, 7d avg −0.077%
=Together, before fees−0.013%+ Points / potential airdropOndo Perps: Active · farm board−$1 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Ondo Perps is 0.153% cheaper against Phoenix than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.077%). Swap the legs. 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 | Phoenix META | 746.00 | 0.0791 | pay 0.0099% / 1h | 2m 19s | $796K | $1.5M | 20x |
| Short | Ondo Perps META-USD.P | 744.28 | 0.0050 | get 0.0006% / 1h | 2m 19s | $719K | $5.0M | 10x |
Phoenix META
Ondo Perps META-USD.PFunding history
latest
Range statsloading…
Price spread between the two exchanges
Ondo Perps against Phoenix. 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%
- −$15.33
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Ondo Perps: 2.5 bp × 2 orders
- −$5
- Net
- −$182.87
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 1 min ago; Ondo Perps: no order-book sample. 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 Phoenix live order book, 1 min ago | 2.41 bp | 9.0 bp −$9 | 17.7 bp −$177 | doesn't fit | doesn't fit |
| Sell Ondo Perps no order-book sample | — | — | — | — | — |
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 | −0.106% | $334K | $1.1M | 20x | as long as short |
| Aster METAUSDT | 0.0000% | 8h | 744.80 | −0.161% | $490K | $623K | 20x | as long as short |
| Extended META_24_5-USD | 0.0000% | 1h | 744.99 | −0.136% | $546K | $3.4M | 17x | as long as short |
| Binance METAUSDT | 0.0000% | 8h | 745.21 | −0.106% | $25.9M | $191.7M | 20x | as long as short |
| Bybit METAUSDT | 0.0000% | 8h | 745.45 | −0.074% | $7.7M | $15.8M | 100x | as long as short |
| OKX META-USDT-SWAP | 0.0000% | 8h | 745.36 | −0.086% | $6.1M | $12.9M | 20x | as long as short |
| Gate META_USDT | 0.0000% | 8h | 744.75 | −0.168% | $442K | $6.4M | 100x | as long as short |
| Bitget METAUSDT | 0.0000% | 8h | 745.06 | −0.126% | $5.7M | $12.2M | 100x | as long as short |
| Variational Omni META | 0.0000% | 8h | 744.88 | −0.150% | $2.5M | $3.0M | — | as long as short |
| GRVT META_USDT_Perp | 0.0000% | 8h | 745.10 | −0.121% | $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 | 745.26 | −0.099% | $1K | $7.6M | 20x | as long as short |
| Deribit META_USDC-PERPETUAL | 0.0000% | 1h | 744.81 | −0.160% | $36K | $271K | 10x | as long as short |
| HTX META-USDT | 0.0000% | 8h | 744.97 | −0.138% | $108K | $300K | 30x | as long as short |
| Phemex METAUSDT | 0.0000% | 4h | 745.11 | −0.119% | $2.0M | $8K | 10x | as long as short |
| Nado META-PERP | +0.0009% | 1h | 744.78 | −0.164% | $479K | $559K | 20x | as long as short |
| Lighter RH META | +0.0032% | 1h | 745.31 | −0.092% | $790K | $3.0M | 20x | as long as short |
| QFEX META-USD | +0.0036% | 1h | 745.08 | −0.123% | $2.2M | $14.1M | 10x | as long as short |
| Arcus META-USD | +0.0040% | 1h | 744.78 | −0.164% | $111K | $337K | 10x | as long as short |
| Vest META-USD-PERP | +0.0046% | 1h | 745.44 | −0.075% | — | $12K | 25x | as long as short |
| Popdex METAUSDT | +0.0048% | 1h | 745.20 | −0.107% | $180K | $204K | 20x | as long as short |
| Polymarket Perps META-USD | +0.0050% | 1h | 744.84 | −0.155% | $566K | $618K | 10x | as long as short |
| SoDEX META-USD | +0.0050% | 1h | 745.19 | −0.109% | $25K | $3K | 10x | as long as short |
| Ondo Perps META-USD.Pshort | +0.0050% | 1h | 744.28 | −0.231% | $719K | $5.0M | 10x | |
| Paradex META-USD-PERP | +0.0059% | 8h | 745.08 | −0.123% | — | — | 5x | as long as short |
| Aftermath Perps METAUSD | +0.0076% | 1h | 745.52 | −0.064% | $51K | $91K | 10x | as long as short |
| Pacifica META | +0.0100% | 1h | 744.43 | −0.210% | $612 | $2K | 10x | as long as short |
| KuCoin METAUSDTM | +0.0100% | 8h | 744.96 | −0.139% | $1.6M | $795K | 20x | as long as short |
| ApeX Omni METAUSDT | +0.0100% | 1h | 744.32 | −0.225% | $167K | $71K | 50x | as long as short |
| Orderly PERP_META_USDC_mythos | +0.0100% | 8h | 745.19 | −0.109% | $1K | $24 | 10x | as long as short |
| Aevo META-PERP | +0.0104% | 1h | 744.94 | −0.142% | $268 | — | 10x | as long as short |
| Coinbase International META-PERP-INTX | +0.0120% | 1h | 744.19 | −0.243% | $642K | $8.0M | 10x | as long as short |
| Hotstuff META-PERP | +0.0216% | 1h | 745.27 | −0.098% | $33K | $105 | 20x | as long as short |
| Injective META/USDC PERP | +0.0220% | 1h | 744.78 | −0.164% | $176K | $52K | 30x | as long as short |
| Lighter META | +0.0296% | 1h | 745.49 | −0.068% | $1.2M | $2.9M | 20x | as long as short |
| tradeXYZ xyz:META | +0.0300% | 1h | 745.38 | −0.083% | $86.1M | $134.5M | 20x | as long as short |
| edgeX METAUSDC | +0.0510% | 4h | 745.00 | −0.134% | $63K | $348K | 10x | as long as short |
| Phoenix METAlong | +0.0791% | 1h | 746.00 | long leg | $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