Funding you earn now, next payment 04:00 UTC+0.0316%/8h= +34.6% APRnext payment +$0.39 per $10,000 · paid last 24h +0.012%
Price spread now: Phoenix against tradeXYZ+0.103%61s7-day average +0.034% · you sell dearer than you buy
Net, funding: paid 7d − costs−$18as 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−$370.369% of the position
Funding, last 7 days+0.185%+$18 on $10k
+Price spread, last 7 days−0.012%−$1 · spread now +0.103%, 7d avg +0.034%
=Together, before fees+0.173%+ Points / potential airdroptradeXYZ: Active · farm board+$17 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.069% dearer against tradeXYZ than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.034%. The two prices were read 61 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 0.185% in total (about 9.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.39 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 | tradeXYZ xyz:META | 746.49 | 0.0317 | pay 0.0040% / 1h | 16m 16s | $70.9M | $121.2M | 20x |
| Short | Phoenix META | 747.26 | 0.0633 | get 0.0079% / 1h | 16m 16s | $798K | $1.4M | 20x |
tradeXYZ xyz:META
Phoenix METAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against tradeXYZ. 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
- $66.26
- Price spread: +0.103% → +0.034%
- $6.93
- Slippage, 4 orders
- −$11.89
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $36.31
- Costs to cover
- 0.369%
- Break-even
- 3.2 days
Slippage from tradeXYZ: live order book, 13 min ago; Phoenix: live order book, 2 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 tradeXYZ live order book, 13 min ago | 0.13 bp | 9.8 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 2 min ago | 2.41 bp | 8.9 bp −$9 | 17.4 bp −$174 | 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 | 746.35 | −0.019% | $330K | $1.1M | 20x | as long as short |
| Nado META-PERP | −0.0003% | 1h | 746.08 | −0.055% | $482K | $554K | 20x | as long as short |
| Aster METAUSDT | 0.0000% | 8h | 746.67 | +0.024% | $492K | $577K | 20x | as long as short |
| Extended META_24_5-USD | 0.0000% | 1h | 746.32 | −0.022% | $554K | $2.7M | 17x | as long as short |
| Binance METAUSDT | 0.0000% | 8h | 746.53 | +0.005% | $28.5M | $182.5M | 20x | as long as short |
| Bybit METAUSDT | 0.0000% | 8h | 746.47 | −0.003% | $7.5M | $14.5M | 100x | as long as short |
| OKX META-USDT-SWAP | 0.0000% | 8h | 746.53 | +0.005% | $6.0M | $13.3M | 20x | as long as short |
| Gate META_USDT | 0.0000% | 8h | 745.95 | −0.072% | $380K | $5.8M | 100x | as long as short |
| Variational Omni META | 0.0000% | 8h | 746.33 | −0.021% | $2.4M | $3.2M | — | as long as short |
| GRVT META_USDT_Perp | 0.0000% | 8h | 746.41 | −0.011% | $12K | $452K | 10x | as long as short |
BloFin META-USDT
Nado META-PERP
Aster METAUSDT
Extended META_24_5-USD
Binance METAUSDT
Bybit METAUSDT
OKX META-USDT-SWAP
Gate META_USDT
Variational Omni META
GRVT META_USDT_PerpShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX META-USDT | 0.0000% | 8h | 746.63 | +0.019% | $722 | $8.9M | 20x | as long as short |
| Deribit META_USDC-PERPETUAL | 0.0000% | 1h | 745.97 | −0.070% | $31K | $247K | 10x | as long as short |
| HTX META-USDT | 0.0000% | 8h | 746.07 | −0.056% | $106K | $303K | 30x | as long as short |
| Phemex METAUSDT | 0.0000% | 4h | 746.56 | +0.009% | $2.0M | $8K | 10x | as long as short |
| Bitget METAUSDT | +0.0025% | 8h | 746.48 | −0.001% | $5.5M | $11.8M | 100x | as long as short |
| Lighter RH META | +0.0032% | 1h | 746.77 | +0.038% | $783K | $2.9M | 20x | as long as short |
| Arcus META-USD | +0.0040% | 1h | 745.91 | −0.078% | $111K | $330K | 10x | as long as short |
| Vest META-USD-PERP | +0.0046% | 1h | 746.55 | +0.008% | — | $10K | 25x | as long as short |
| Polymarket Perps META-USD | +0.0050% | 1h | 746.04 | −0.060% | $587K | $565K | 10x | as long as short |
| SoDEX META-USD | +0.0050% | 1h | 746.35 | −0.019% | $25K | $3K | 10x | as long as short |
| Ondo Perps META-USD.P | +0.0050% | 1h | 745.39 | −0.147% | $787K | $4.6M | 10x | as long as short |
| QFEX META-USD | +0.0058% | 1h | 746.43 | −0.008% | $2.2M | $13.8M | 10x | as long as short |
| Paradex META-USD-PERP | +0.0058% | 8h | 746.44 | −0.007% | — | — | 5x | as long as short |
| Aftermath Perps METAUSD | +0.0084% | 1h | 746.63 | +0.018% | $52K | $82K | 10x | as long as short |
| Popdex METAUSDT | +0.0088% | 1h | 746.55 | +0.008% | $180K | $200K | 20x | as long as short |
| KuCoin METAUSDTM | +0.0100% | 8h | 746.57 | +0.011% | $1.6M | $618K | 20x | as long as short |
| ApeX Omni METAUSDT | +0.0100% | 1h | 745.41 | −0.145% | $167K | $71K | 50x | as long as short |
| Orderly PERP_META_USDC_mythos | +0.0100% | 8h | 746.33 | −0.021% | $1K | $24 | 10x | as long as short |
| Aevo META-PERP | +0.0104% | 1h | 746.32 | −0.023% | $269 | — | 10x | as long as short |
| Coinbase International META-PERP-INTX | +0.0128% | 1h | 745.72 | −0.103% | $638K | $7.5M | 10x | as long as short |
| Injective META/USDC PERP | +0.0220% | 1h | 748.48 | +0.267% | $173K | $48K | 30x | as long as short |
| Hotstuff META-PERP | +0.0232% | 1h | 746.42 | −0.009% | $33K | $105 | 20x | as long as short |
| Lighter META | +0.0272% | 1h | 746.79 | +0.040% | $867K | $2.4M | 20x | as long as short |
| tradeXYZ xyz:METAlong | +0.0317% | 1h | 746.49 | long leg | $70.9M | $121.2M | 20x | |
| edgeX METAUSDC | +0.0407% | 4h | 746.35 | −0.019% | $62K | $338K | 10x | as long as short |
| Phoenix METAshort | +0.0633% | 1h | 747.26 | +0.103% | $798K | $1.4M | 20x |
SunX META-USDT
Deribit META_USDC-PERPETUAL
HTX META-USDT
Phemex METAUSDT
Bitget METAUSDT
Lighter RH META
Arcus META-USD
Vest META-USD-PERP
Polymarket Perps META-USD
SoDEX META-USD
Ondo Perps META-USD.P
QFEX META-USD
Paradex META-USD-PERP
Aftermath Perps METAUSD
Popdex METAUSDT
KuCoin METAUSDTM
ApeX Omni METAUSDT
Orderly PERP_META_USDC_mythos
Aevo META-PERP
Coinbase International META-PERP-INTX
Injective META/USDC PERP
Hotstuff META-PERP
Lighter META
edgeX METAUSDC