META

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0371%/8h= −40.6% APRnext payment −$0.46 per $10,000 · paid last 24h +0.002%

Price spread now: Injective against Phoenix+0.265%7-day average +0.302% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$770.772% of the position

Long on Phoenix Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now +0.265%, 7d avg +0.302%

Together, before fees+0.168%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Injective is 0.037% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.302%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.093%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.093% in total (about 4.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 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	Phoenix META	744.70	0.0591	pay 0.0074% / 1h	13m 16s	$705K	$1.2M	20x
Short	Injective META/USDC PERP	746.67	0.0220	get 0.0028% / 1h	13m 16s	$172K	$48K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phoenix. 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 PhoenixbpFee InjectivebpOrdersPrice spread, now +0.265%Rate

Funding earned: −$77.89
Price spread: +0.265% → +0.302%: −$3.74
Slippage, 4 orders: −$70.16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$158.81
Costs to cover: 0.772%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Injective: live order book, 45 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 Phoenix live order book, 5 min ago	2.42 bp	8.9 bp −$9	17.5 bp −$175	doesn't fit	doesn't fit
Sell Injective live order book, 45 min ago	17.52 bp	41.9 bp −$42	doesn't fit	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	743.99	−0.095%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0016%	1h	743.30	−0.187%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	743.07	−0.219%	$468K	$553K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	743.70	−0.134%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	743.96	−0.100%	$28.0M	$182.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	743.86	−0.113%	$7.6M	$14.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	744.01	−0.093%	$6.0M	$13.6M	20x	as long as short
Gate META_USDT	0.0000%	8h	743.41	−0.173%	$365K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	743.91	−0.106%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	743.81	−0.120%	$2.4M	$3.1M	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	744.01	−0.093%	$13K	$443K	10x	as long as short
SunX META-USDT	0.0000%	8h	743.91	−0.106%	$848	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	743.94	−0.102%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	743.90	−0.107%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	743.87	−0.111%	$775K	$3.0M	20x	as long as short
QFEX META-USD	+0.0036%	1h	743.76	−0.126%	$2.2M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	743.55	−0.154%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	743.82	−0.118%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	743.97	−0.098%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	743.50	−0.161%	$585K	$565K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	743.91	−0.106%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	743.32	−0.185%	$800K	$4.5M	10x	as long as short
Paradex META-USD-PERP	+0.0074%	8h	743.78	−0.124%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	744.36	−0.045%	$52K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	743.82	−0.118%	$1.6M	$551K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	743.11	−0.214%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	743.80	−0.121%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	743.62	−0.145%	$268	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	743.76	−0.126%	$615K	$7.3M	10x	as long as short
Hotstuff META-PERP	+0.0168%	1h	743.97	−0.098%	$33K	$105	20x	as long as short
Injective META/USDC PERPshort	+0.0220%	1h	746.67	+0.265%	$172K	$48K	30x
Deribit META_USDC-PERPETUAL	+0.0261%	1h	743.42	−0.172%	$31K	$246K	10x	as long as short
Lighter META	+0.0264%	1h	743.85	−0.114%	$865K	$2.5M	20x	as long as short
tradeXYZ xyz:META	+0.0279%	1h	743.66	−0.140%	$69.6M	$120.6M	20x	as long as short
edgeX METAUSDC	+0.0485%	4h	743.87	−0.111%	$62K	$338K	10x	as long as short
Phoenix METAlong	+0.0591%	1h	744.70	long leg	$705K	$1.2M	20x