Funding you earn now, next payment 01:00 UTC−0.0066%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h −0.006%
Price spread now: tradeXYZ against Phoenix−0.073%7-day average −0.007% · you buy dearer than you sell
Net, funding: paid 7d − costs−$54as in the Funding arb table
Net, price: spread back to 7d avg − costs−$42as in the Price arb table
costs, in and out, $10k−$350.354% of the position
Funding, last 7 days−0.188%−$19 on $10k
+Price spread, last 4 days (all we have)+0.482%+$48 · spread now −0.073%, 7d avg −0.007%
=Together, before fees+0.294%+ Points / potential airdroptradeXYZ: Active · farm board+$29 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and tradeXYZ is 0.066% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.007%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix META | 740.70 | 0.0313 | pay 0.0039% / 1h | 39m 20s | $386K | $1.1M | 20x |
| Short | tradeXYZ xyz:META | 740.16 | 0.0247 | get 0.0031% / 1h | 39m 20s | $68.3M | $120.3M | 20x |
Phoenix META
tradeXYZ xyz:METAFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ 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
- −$13.93
- Price spread: −0.073% → −0.007%
- −$6.59
- Slippage, 4 orders
- −$10.39
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$55.91
- Costs to cover
- 0.354%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 3 min ago; tradeXYZ: 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, 3 min ago | 2.03 bp | 8.1 bp −$8 | 15.3 bp −$153 | doesn't fit | doesn't fit |
| Sell tradeXYZ live order book, 10 min ago | 0.07 bp | 10.1 bp −$10 | 11.7 bp −$117 | doesn't fit | doesn't fit |
META on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit META_USDC-PERPETUAL | −0.0210% | 1h | 739.42 | −0.173% | $31K | $244K | 10x | as long as short |
| Nado META-PERP | −0.0148% | 1h | 739.74 | −0.129% | $478K | $547K | 20x | as long as short |
| BloFin META-USDT | −0.0120% | 8h | 739.99 | −0.096% | $327K | $1.1M | 20x | as long as short |
| Aster METAUSDT | 0.0000% | 8h | 740.69 | −0.002% | $466K | $549K | 20x | as long as short |
| Extended META_24_5-USD | 0.0000% | 1h | 739.82 | −0.119% | $550K | $2.7M | 17x | as long as short |
| Binance METAUSDT | 0.0000% | 8h | 739.99 | −0.096% | $27.4M | $179.3M | 20x | as long as short |
| Bybit METAUSDT | 0.0000% | 8h | 740.01 | −0.093% | $7.5M | $13.8M | 100x | as long as short |
| OKX META-USDT-SWAP | 0.0000% | 8h | 739.77 | −0.126% | $5.9M | $13.2M | 20x | as long as short |
| Gate META_USDT | 0.0000% | 8h | 739.56 | −0.154% | $351K | $5.6M | 100x | as long as short |
| Bitget METAUSDT | 0.0000% | 8h | 739.92 | −0.105% | $5.5M | $11.3M | 100x | as long as short |
Deribit META_USDC-PERPETUAL
Nado META-PERP
BloFin META-USDT
Aster METAUSDT
Extended META_24_5-USD
Binance METAUSDT
Bybit METAUSDT
OKX META-USDT-SWAP
Gate META_USDT
Bitget METAUSDTShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni META | 0.0000% | 8h | 739.73 | −0.131% | $2.3M | $3.1M | — | as long as short |
| GRVT META_USDT_Perp | 0.0000% | 8h | 739.92 | −0.105% | $12K | $435K | 10x | as long as short |
| SunX META-USDT | 0.0000% | 8h | 739.97 | −0.099% | $825 | $9.2M | 20x | as long as short |
| HTX META-USDT | 0.0000% | 8h | 739.69 | −0.136% | $105K | $296K | 30x | as long as short |
| Phemex METAUSDT | 0.0000% | 4h | 740.05 | −0.088% | $2.0M | $8K | 10x | as long as short |
| QFEX META-USD | +0.0025% | 1h | 739.88 | −0.111% | $2.2M | $14.0M | 10x | as long as short |
| Lighter RH META | +0.0032% | 1h | 740.11 | −0.080% | $750K | $3.0M | 20x | as long as short |
| Arcus META-USD | +0.0040% | 1h | 739.52 | −0.159% | $110K | $330K | 10x | as long as short |
| Vest META-USD-PERP | +0.0046% | 1h | 740.33 | −0.050% | — | $11K | 25x | as long as short |
| Popdex METAUSDT | +0.0048% | 1h | 739.93 | −0.104% | $176K | $197K | 20x | as long as short |
| Polymarket Perps META-USD | +0.0050% | 1h | 739.78 | −0.124% | $557K | $855K | 10x | as long as short |
| SoDEX META-USD | +0.0050% | 1h | 739.92 | −0.105% | $24K | $3K | 10x | as long as short |
| Ondo Perps META-USD.P | +0.0050% | 1h | 739.23 | −0.198% | $697K | $4.3M | 10x | as long as short |
| Paradex META-USD-PERP | +0.0056% | 8h | 739.73 | −0.130% | — | — | 5x | as long as short |
| Aftermath Perps METAUSD | +0.0069% | 1h | 740.51 | −0.026% | $49K | $80K | 10x | as long as short |
| KuCoin METAUSDTM | +0.0100% | 8h | 739.98 | −0.097% | $1.6M | $469K | 20x | as long as short |
| ApeX Omni METAUSDT | +0.0100% | 1h | 739.34 | −0.184% | $166K | $71K | 50x | as long as short |
| Orderly PERP_META_USDC_mythos | +0.0100% | 8h | 739.99 | −0.096% | $1K | $24 | 10x | as long as short |
| Lighter META | +0.0104% | 1h | 739.98 | −0.097% | $855K | $2.4M | 20x | as long as short |
| Aevo META-PERP | +0.0104% | 1h | 739.82 | −0.118% | $266 | — | 10x | as long as short |
| Coinbase International META-PERP-INTX | +0.0104% | 1h | 739.45 | −0.169% | $609K | $7.2M | 10x | as long as short |
| Hotstuff META-PERP | +0.0112% | 1h | 739.99 | −0.096% | $33K | $105 | 20x | as long as short |
| Injective META/USDC PERP | +0.0220% | 1h | 739.58 | −0.151% | $170K | $48K | 30x | as long as short |
| tradeXYZ xyz:METAshort | +0.0247% | 1h | 740.16 | −0.073% | $68.3M | $120.3M | 20x | |
| Phoenix METAlong | +0.0313% | 1h | 740.70 | long leg | $386K | $1.1M | 20x | |
| edgeX METAUSDC | +0.0992% | 4h | 740.02 | −0.092% | $62K | $334K | 10x | as long as short |
Variational Omni META
GRVT META_USDT_Perp
SunX META-USDT
HTX META-USDT
Phemex METAUSDT
QFEX META-USD
Lighter RH META
Arcus META-USD
Vest META-USD-PERP
Popdex METAUSDT
Polymarket Perps META-USD
SoDEX META-USD
Ondo Perps META-USD.P
Paradex META-USD-PERP
Aftermath Perps METAUSD
KuCoin METAUSDTM
ApeX Omni METAUSDT
Orderly PERP_META_USDC_mythos
Lighter META
Aevo META-PERP
Coinbase International META-PERP-INTX
Hotstuff META-PERP
Injective META/USDC PERP
edgeX METAUSDC