META

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0583%/8h= +63.8% APRnext payment +$0.73 per $10,000 · paid last 24h +0.034%

Price spread now: Phoenix against Polymarket Perps+0.177%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$330.327% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.237%+$24 on $10k

Price spread, last 7 days+0.002%$0 · spread now +0.177%, 7d avg +0.056%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Phoenix is 0.121% dearer against Polymarket Perps than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.056%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.237% in total (about 12.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.73 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	Polymarket Perps META-USD	747.30	0.0050	pay 0.0006% / 1h	2m 36s	$588K	$564K	10x
Short	Phoenix META	748.62	0.0633	get 0.0079% / 1h	2m 36s	$802K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.177%Rate

Funding earned: $122.43
Price spread: +0.177% → +0.056%: $12.1
Slippage, 4 orders: −$17.74
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $101.79
Costs to cover: 0.327%
Break-even: 1.2 days

Slippage from Polymarket Perps: live order book, 50 min ago; Phoenix: live order book, 1 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 Polymarket Perps live order book, 50 min ago	2.22 bp	7.4 bp −$7	8.4 bp −$84	9.5 bp −$955	doesn't fit
Sell Phoenix live order book, 1 min ago	2.27 bp	8.6 bp −$9	16.6 bp −$166	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
BloFin META-USDT	−0.0120%	8h	747.59	+0.039%	$331K	$1.1M	20x	as long as short
Nado META-PERP	−0.0001%	1h	747.75	+0.061%	$483K	$556K	20x	as long as short
Aster METAUSDT	0.0000%	8h	747.29	−0.001%	$492K	$578K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	747.15	−0.021%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	747.38	+0.011%	$28.5M	$182.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	747.22	−0.011%	$7.5M	$14.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	747.44	+0.019%	$6.0M	$12.9M	20x	as long as short
Gate META_USDT	0.0000%	8h	746.98	−0.043%	$431K	$5.9M	100x	as long as short
Variational Omni META	0.0000%	8h	747.58	+0.038%	$2.4M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.40	+0.013%	$12K	$448K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	747.52	+0.029%	$775	$8.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	747.31	+0.001%	$31K	$255K	10x	as long as short
HTX META-USDT	0.0000%	8h	748.17	+0.116%	$107K	$305K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	748.19	+0.119%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	747.54	+0.032%	$770K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	747.18	−0.016%	$111K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	747.88	+0.078%	—	$11K	25x	as long as short
Polymarket Perps META-USDlong	+0.0050%	1h	747.30	long leg	$588K	$564K	10x
SoDEX META-USD	+0.0050%	1h	747.54	+0.032%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	746.95	−0.047%	$770K	$4.6M	10x	as long as short
QFEX META-USD	+0.0058%	1h	747.36	+0.008%	$2.2M	$13.8M	10x	as long as short
Paradex META-USD-PERP	+0.0065%	8h	747.18	−0.016%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0084%	1h	748.45	+0.154%	$52K	$82K	10x	as long as short
Popdex METAUSDT	+0.0096%	1h	747.34	+0.005%	$180K	$199K	20x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	747.47	+0.023%	$1.6M	$626K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	747.07	−0.031%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	747.68	+0.051%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	747.57	+0.036%	$269	—	10x	as long as short
Bitget METAUSDT	+0.0108%	8h	747.37	+0.009%	$5.5M	$12.0M	100x	as long as short
Coinbase International META-PERP-INTX	+0.0128%	1h	747.51	+0.028%	$673K	$7.6M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	747.04	−0.035%	$172K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0264%	1h	747.97	+0.090%	$33K	$105	20x	as long as short
Lighter META	+0.0280%	1h	747.53	+0.031%	$926K	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0352%	1h	747.62	+0.043%	$72.1M	$121.9M	20x	as long as short
Phoenix METAshort	+0.0633%	1h	748.62	+0.177%	$802K	$1.4M	20x
edgeX METAUSDC	+0.0817%	4h	747.32	+0.003%	$62K	$339K	10x	as long as short