META

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0276%/8h= +30.3% APRnext payment +$0.35 per $10,000 · paid last 24h −0.005%

Price spread now: Phoenix against Injective+0.080%7-day average −0.308% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$670.669% of the position

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.095%−$10 on $10k

Price spread, last 4 days (all we have)−0.627%−$63 · spread now +0.080%, 7d avg −0.308%

Together, before fees−0.722%−$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.388% dearer against Injective than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of −0.308%. Mind the row above: over the last 7 days funding on this pair cost −0.095%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.095% in total (about -5.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.35 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	Injective META/USDC PERP	742.07	0.0220	pay 0.0028% / 1h	4m 10s	$171K	$48K	30x
Short	Phoenix META	742.66	0.0496	get 0.0062% / 1h	4m 10s	$591K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Injective. 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 InjectivebpFee PhoenixbpOrdersPrice spread, now +0.080%Rate

Funding earned: $58.04
Price spread: +0.080% → −0.308%: $38.78
Slippage, 4 orders: −$59.9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $29.91
Costs to cover: 0.669%
Break-even: 3.4 days

Slippage from Injective: live order book, 60 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 Injective live order book, 60 min ago	17.75 bp	17.8 bp −$18	9882.4 bp −$98.8K	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	2.15 bp	8.3 bp −$8	16.1 bp −$161	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	743.01	+0.127%	$330K	$1.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	−0.0114%	1h	742.28	+0.028%	$31K	$245K	10x	as long as short
Nado META-PERP	−0.0028%	1h	742.67	+0.081%	$480K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.47	+0.054%	$467K	$550K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.54	+0.063%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.76	+0.093%	$27.4M	$179.4M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.54	+0.063%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.92	+0.115%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.41	+0.046%	$362K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.85	+0.105%	$5.5M	$11.5M	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	742.77	+0.094%	$2.4M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	741.81	−0.035%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.79	+0.097%	$983	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	742.48	+0.055%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.77	+0.094%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.99	+0.124%	$768K	$3.0M	20x	as long as short
QFEX META-USD	+0.0032%	1h	742.63	+0.075%	$2.1M	$13.6M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.16	+0.012%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.08	+0.136%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.85	+0.105%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.48	+0.055%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.83	+0.102%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	742.25	+0.024%	$721K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0065%	8h	742.74	+0.091%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	742.87	+0.107%	$50K	$82K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	742.46	+0.053%	$613K	$7.2M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.66	+0.080%	$1.6M	$528K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.06	−0.136%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.70	+0.085%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.53	+0.063%	$267	—	10x	as long as short
Injective META/USDC PERPlong	+0.0220%	1h	742.07	long leg	$171K	$48K	30x
Hotstuff META-PERP	+0.0240%	1h	742.90	+0.112%	$33K	$105	20x	as long as short
Lighter META	+0.0256%	1h	742.97	+0.121%	$862K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0329%	1h	742.75	+0.092%	$69.4M	$120.2M	20x	as long as short
Phoenix METAshort	+0.0496%	1h	742.66	+0.080%	$591K	$1.1M	20x
edgeX METAUSDC	+0.0769%	4h	742.22	+0.020%	$62K	$336K	10x	as long as short