META

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0235%/8h= +25.8% APRnext payment +$0.29 per $10,000 · paid last 24h +0.021%

Price spread now: Lighter against Deribit+0.081%7-day average +0.037% · 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−$11as in the Price arb table

costs, in and out, $10k−$160.158% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.071%+$7 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now +0.081%, 7d avg +0.037%

Together, before fees−0.063%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter is 0.045% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.037%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.071% in total (about 5.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.29 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	Deribit META_USDC-PERPETUAL	740.00	−0.0155	get 0.0019% / 1h	58m 10s	$30K	$246K	10x
Short	Lighter META	740.60	0.0080	get 0.0010% / 1h	58m 10s	$857K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now +0.081%Rate

Funding earned: $49.4
Price spread: +0.081% → +0.037%: $4.45
Slippage, 4 orders: −$8.76
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $38.09
Costs to cover: 0.158%
Break-even: 1.6 days

Slippage from Deribit: live order book, 10 min ago; Lighter: 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 Deribit live order book, 10 min ago	0.07 bp	10.5 bp −$11	12.4 bp −$124	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.74 bp	0.7 bp −$1	1.3 bp −$13	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
Nado META-PERP	−0.0204%	1h	740.38	+0.052%	$490K	$527K	20x	as long as short
Deribit META_USDC-PERPETUALlong	−0.0155%	1h	740.00	long leg	$30K	$246K	10x
BloFin META-USDT	−0.0120%	8h	740.34	+0.046%	$326K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.39	+0.053%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.23	+0.031%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.42	+0.057%	$27.4M	$179.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.57	+0.077%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.11	+0.015%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.20	+0.027%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.41	+0.055%	$5.6M	$11.3M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni META	0.0000%	8h	740.22	+0.029%	$2.4M	$3.3M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.46	+0.062%	$12K	$452K	10x	as long as short
SunX META-USDT	0.0000%	8h	740.43	+0.058%	$801	$9.3M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.21	+0.028%	$105K	$295K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.56	+0.076%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.18	+0.024%	$2.2M	$14.1M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.68	+0.092%	$753K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	740.01	+0.001%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.83	+0.112%	—	$11K	25x	as long as short
Hotstuff META-PERP	+0.0048%	1h	740.59	+0.080%	$33K	$105	20x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.41	+0.055%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.18	+0.024%	$558K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.39	+0.053%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.86	−0.019%	$693K	$4.4M	10x	as long as short
Paradex META-USD-PERP	+0.0059%	8h	740.39	+0.053%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0067%	1h	741.00	+0.136%	$48K	$80K	10x	as long as short
Lighter METAshort	+0.0080%	1h	740.60	+0.081%	$857K	$2.4M	20x
KuCoin METAUSDTM	+0.0100%	8h	740.63	+0.085%	$1.6M	$456K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.26	+0.035%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.47	+0.064%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.22	+0.030%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.19	+0.026%	$610K	$7.4M	10x	as long as short
tradeXYZ xyz:META	+0.0160%	1h	740.58	+0.078%	$68.0M	$121.2M	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.82	+0.381%	$171K	$48K	30x	as long as short
Phoenix META	+0.0259%	1h	741.06	+0.143%	$343K	$920K	20x	as long as short
edgeX METAUSDC	+0.0352%	4h	740.50	+0.068%	$62K	$336K	10x	as long as short