META

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0718%/8h= −78.7% APRnext payment −$0.90 per $10,000 · paid last 24h −0.069%

Price spread now: QFEX against Phoenix−0.126%52s7-day average −0.022% · 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−$300.305% of the position

Long on Phoenix Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.111%−$11 on $10k

Price spread, last 7 days+0.041%+$4 · spread now −0.126%, 7d avg −0.022%

Together, before fees−0.070%−$7 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 QFEX is 0.104% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.022%). Swap the legs. The two prices were read 52 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 -0.111% in total (about -10.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.90 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	746.26	0.0750	pay 0.0094% / 1h	38m 02s	$797K	$1.5M	20x
Short	QFEX META-USD	745.32	0.0031	get 0.0004% / 1h	38m 02s	$2.2M	$13.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$150.85
Price spread: −0.126% → −0.022%: −$10.42
Slippage, 4 orders: −$13.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$191.75
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; QFEX: live order book, 6 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	2.14 bp	8.3 bp −$8	15.8 bp −$158	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	1.95 bp	6.9 bp −$7	8.2 bp −$82	18.5 bp −$1,849	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	745.56	−0.094%	$332K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.00	−0.169%	$479K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.22	−0.140%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	745.41	−0.114%	$25.1M	$188.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	745.26	−0.134%	$7.5M	$15.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	745.49	−0.103%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	744.90	−0.182%	$469K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	745.42	−0.113%	$5.5M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	745.36	−0.121%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	745.53	−0.097%	$12K	$436K	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	745.44	−0.110%	$811	$8.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	744.97	−0.173%	$34K	$275K	10x	as long as short
HTX META-USDT	0.0000%	8h	745.23	−0.138%	$108K	$311K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.40	−0.115%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0029%	1h	744.77	−0.200%	$480K	$560K	20x	as long as short
QFEX META-USDshort	+0.0031%	1h	745.32	−0.126%	$2.2M	$13.9M	10x
Lighter RH META	+0.0032%	1h	745.60	−0.088%	$789K	$3.1M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.00	−0.169%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	745.63	−0.084%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	745.41	−0.114%	$177K	$202K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.04	−0.163%	$565K	$621K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	745.46	−0.107%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.22	−0.139%	$729K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	745.05	−0.163%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0086%	1h	746.06	−0.026%	$48K	$89K	10x	as long as short
Pacifica META	+0.0100%	1h	744.78	−0.198%	$25	$189	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.18	−0.145%	$1.6M	$715K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	744.72	−0.206%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	745.50	−0.102%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.29	−0.130%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	745.36	−0.121%	$644K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	746.51	+0.034%	$172K	$46K	30x	as long as short
Hotstuff META-PERP	+0.0424%	1h	745.67	−0.079%	$33K	$105	20x	as long as short
Lighter META	+0.0456%	1h	745.79	−0.063%	$1.1M	$2.9M	20x	as long as short
tradeXYZ xyz:META	+0.0549%	1h	745.80	−0.062%	$81.2M	$129.7M	20x	as long as short
edgeX METAUSDC	+0.0621%	4h	745.42	−0.112%	$62K	$343K	10x	as long as short
Phoenix METAlong	+0.0750%	1h	746.26	long leg	$797K	$1.5M	20x