META

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0741%/8h= −81.1% APRnext payment −$0.93 per $10,000 · paid last 24h −0.060%

Price spread now: Polymarket Perps against Phoenix−0.173%59s7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.345% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.257%−$26 on $10k

Price spread, last 7 days−0.079%−$8 · spread now −0.173%, 7d avg −0.058%

Together, before fees−0.336%−$34 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 Polymarket Perps is 0.115% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.058%). Swap the legs. The two prices were read 59 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 -0.257% in total (about -13.4% 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	3m 35s	$796K	$1.5M	20x
Short	Polymarket Perps META-USD	744.71	0.0050	get 0.0006% / 1h	3m 35s	$566K	$618K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket 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 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 Polymarket PerpsbpOrdersPrice spread, now −0.173%Rate

Funding earned: −$155.62
Price spread: −0.173% → −0.058%: −$11.49
Slippage, 4 orders: −$19.46
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$201.57
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Polymarket Perps: live order book, 15 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	2.01 bp	8.0 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 15 min ago	3.97 bp	9.9 bp −$10	10.5 bp −$105	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	745.17	−0.111%	$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	744.93	−0.144%	$546K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.12	−0.118%	$25.9M	$191.7M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.44	−0.075%	$7.7M	$15.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.17	−0.111%	$6.1M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.68	−0.177%	$442K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	744.88	−0.150%	$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	744.94	−0.142%	$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	745.05	−0.127%	$1K	$7.6M	20x	as long as short
HTX META-USDT	0.0000%	8h	744.96	−0.139%	$108K	$300K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.07	−0.125%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0007%	1h	744.68	−0.176%	$479K	$559K	20x	as long as short
Lighter RH META	+0.0032%	1h	745.24	−0.102%	$790K	$3.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	+0.0032%	1h	744.74	−0.169%	$36K	$270K	10x	as long as short
QFEX META-USD	+0.0036%	1h	745.02	−0.131%	$2.2M	$14.1M	10x	as long as short
Arcus META-USD	+0.0040%	1h	744.71	−0.173%	$111K	$337K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.37	−0.084%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.06	−0.126%	$180K	$204K	20x	as long as short
Polymarket Perps META-USDshort	+0.0050%	1h	744.71	−0.173%	$566K	$618K	10x
SoDEX META-USD	+0.0050%	1h	745.13	−0.117%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	744.28	−0.231%	$719K	$5.0M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	745.04	−0.128%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0076%	1h	745.48	−0.070%	$51K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	744.44	−0.209%	$612	$2K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	744.90	−0.147%	$1.6M	$793K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.03	−0.264%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.13	−0.117%	$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	745.16	−0.113%	$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	+0.0288%	1h	745.44	−0.075%	$1.2M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0298%	1h	745.30	−0.094%	$86.1M	$134.4M	20x	as long as short
Phoenix METAlong	+0.0791%	1h	746.00	long leg	$796K	$1.5M	20x
edgeX METAUSDC	+0.0969%	4h	744.92	−0.145%	$63K	$348K	10x	as long as short