META

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0573%/8h= +62.8% APRnext payment +$0.72 per $10,000 · paid last 24h +0.039%

Price spread now: Phoenix against Arcus+0.143%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$200.202% of the position

Long on Arcus Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.017%+$2 on $10k

Price spread, last 4 days (all we have)−0.402%−$40 · spread now +0.143%, 7d avg +0.021%

Together, before fees−0.386%−$39 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 0.123% dearer against Arcus than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.021%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.017% in total (about 1.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.72 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus META-USD	739.40	0.0040	pay 0.0005% / 1h	2m 53s	$111K	$291K	10x
Short	Phoenix META	740.46	0.0613	get 0.0077% / 1h	2m 53s	$791K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Arcus. 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 ArcusbpFee PhoenixbpOrdersPrice spread, now +0.143%Rate

Funding earned: $120.36
Price spread: +0.143% → +0.021%: $12.27
Slippage, 4 orders: −$8.71
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $112.42
Costs to cover: 0.202%
Break-even: 0.5 days

Slippage from Arcus: live order book, 44 min ago; Phoenix: live order book, 4 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 Arcus live order book, 44 min ago	2.09 bp	4.5 bp −$4	8.4 bp −$84	14.5 bp −$1,453	doesn't fit
Sell Phoenix live order book, 4 min ago	0.68 bp	5.0 bp −$5	13.6 bp −$136	doesn't fit	doesn't fit

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	739.70	+0.041%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.87	+0.064%	$336K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.00	+0.081%	$492K	$628K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.67	+0.036%	$545K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.89	+0.066%	$25.3M	$190.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.69	+0.039%	$7.5M	$16.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.94	+0.073%	$6.0M	$13.0M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.72	+0.043%	$466K	$6.4M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	739.85	+0.061%	$5.7M	$12.0M	100x	as long as short
Variational Omni META	0.0000%	8h	739.78	+0.052%	$2.6M	$3.1M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	739.92	+0.070%	$12K	$427K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.99	+0.080%	$661	$6.8M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.39	−0.001%	$36K	$207K	10x	as long as short
HTX META-USDT	0.0000%	8h	739.60	+0.027%	$106K	$307K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.08	+0.092%	$2.0M	$9K	10x	as long as short
Lighter RH META	+0.0032%	1h	740.07	+0.091%	$856K	$2.9M	20x	as long as short
QFEX META-USD	+0.0038%	1h	739.75	+0.047%	$2.1M	$13.9M	10x	as long as short
Arcus META-USDlong	+0.0040%	1h	739.40	long leg	$111K	$291K	10x
Vest META-USD-PERP	+0.0046%	1h	740.04	+0.087%	—	$11K	25x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.51	+0.015%	$557K	$594K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.79	+0.053%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.26	−0.019%	$753K	$5.1M	10x	as long as short
Coinbase International META-PERP-INTX	+0.0064%	1h	739.76	+0.049%	$645K	$7.2M	10x	as long as short
Paradex META-USD-PERP	+0.0068%	8h	739.66	+0.035%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0079%	1h	740.65	+0.169%	$53K	$86K	10x	as long as short
Pacifica META	+0.0100%	1h	739.30	−0.014%	$609	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.00	+0.081%	$1.6M	$924K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.38	−0.003%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.78	+0.051%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.70	+0.041%	$266	—	10x	as long as short
Nado META-PERP	+0.0123%	1h	739.50	+0.014%	$474K	$535K	20x	as long as short
Popdex METAUSDT	+0.0144%	1h	739.89	+0.066%	$178K	$199K	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.41	+0.272%	$167K	$61K	30x	as long as short
edgeX METAUSDC	+0.0290%	4h	739.81	+0.055%	$62K	$350K	10x	as long as short
tradeXYZ xyz:META	+0.0318%	1h	739.81	+0.055%	$86.9M	$136.0M	20x	as long as short
Lighter META	+0.0368%	1h	740.05	+0.088%	$1.2M	$2.7M	20x	as long as short
Phoenix METAshort	+0.0613%	1h	740.46	+0.143%	$791K	$1.5M	20x