Funding you earn now, next payment 04:00 UTC−0.0393%/8h= −43.0% APRnext payment −$0.49 per $10,000 · paid last 24h −0.019%
Price spread now: Lighter against Phoenix−0.012%104s7-day average −0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs−$45as 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−$220.222% of the position
Funding, last 7 days−0.229%−$23 on $10k
+Price spread, last 7 days−0.058%−$6 · spread now −0.012%, 7d avg −0.021%
=Together, before fees−0.287%+ Points / potential airdropLighter: Season 3 · farm board−$29 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate. The two prices were read 104 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 -0.229% in total (about -11.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.49 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 | 746.12 | 0.0633 | pay 0.0079% / 1h | 43m 35s | $768K | $1.4M | 20x |
| Short | Lighter META | 746.03 | 0.0240 | get 0.0030% / 1h | 43m 35s | $865K | $2.4M | 20x |
Phoenix META
Lighter METAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Phoenix. 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
- −$82.53
- Price spread: −0.012% → −0.021%
- $0.89
- Slippage, 4 orders
- −$15.25
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$103.89
- Costs to cover
- 0.222%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 5 min ago; Lighter: live order book, 3 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 | 2.95 bp | 10.1 bp −$10 | 20.6 bp −$206 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 3 min ago | 0.67 bp | 1.2 bp −$1 | 2.5 bp −$25 | 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 | 745.26 | −0.115% | $329K | $1.1M | 20x | as long as short |
| Nado META-PERP | −0.0021% | 1h | 745.38 | −0.099% | $482K | $553K | 20x | as long as short |
| Aster METAUSDT | 0.0000% | 8h | 745.20 | −0.124% | $469K | $554K | 20x | as long as short |
| Extended META_24_5-USD | 0.0000% | 1h | 745.71 | −0.055% | $550K | $2.7M | 17x | as long as short |
| Binance METAUSDT | 0.0000% | 8h | 745.97 | −0.021% | $28.5M | $183.0M | 20x | as long as short |
| Bybit METAUSDT | 0.0000% | 8h | 745.60 | −0.070% | $7.5M | $14.5M | 100x | as long as short |
| OKX META-USDT-SWAP | 0.0000% | 8h | 745.99 | −0.017% | $6.0M | $13.6M | 20x | as long as short |
| Gate META_USDT | 0.0000% | 8h | 745.31 | −0.109% | $365K | $5.8M | 100x | as long as short |
| Bitget METAUSDT | 0.0000% | 8h | 745.69 | −0.058% | $5.4M | $11.8M | 100x | as long as short |
| Variational Omni META | 0.0000% | 8h | 744.99 | −0.151% | $2.4M | $3.2M | — | 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
Bitget METAUSDT
Variational Omni METAShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT META_USDT_Perp | 0.0000% | 8h | 745.25 | −0.116% | $12K | $451K | 10x | as long as short |
| SunX META-USDT | 0.0000% | 8h | 745.27 | −0.114% | $821 | $9.0M | 20x | as long as short |
| Deribit META_USDC-PERPETUAL | 0.0000% | 1h | 744.85 | −0.170% | $31K | $246K | 10x | as long as short |
| HTX META-USDT | 0.0000% | 8h | 745.23 | −0.119% | $106K | $301K | 30x | as long as short |
| Phemex METAUSDT | 0.0000% | 4h | 745.19 | −0.125% | $2.0M | $8K | 10x | as long as short |
| Lighter RH META | +0.0032% | 1h | 745.99 | −0.017% | $783K | $2.9M | 20x | as long as short |
| Arcus META-USD | +0.0040% | 1h | 744.75 | −0.184% | $111K | $330K | 10x | as long as short |
| Vest META-USD-PERP | +0.0046% | 1h | 745.96 | −0.021% | — | $10K | 25x | as long as short |
| Popdex METAUSDT | +0.0048% | 1h | 745.90 | −0.029% | $180K | $199K | 20x | as long as short |
| Polymarket Perps META-USD | +0.0050% | 1h | 745.55 | −0.076% | $587K | $565K | 10x | as long as short |
| SoDEX META-USD | +0.0050% | 1h | 745.33 | −0.106% | $25K | $3K | 10x | as long as short |
| Ondo Perps META-USD.P | +0.0050% | 1h | 744.20 | −0.257% | $801K | $4.6M | 10x | as long as short |
| QFEX META-USD | +0.0058% | 1h | 745.71 | −0.055% | $2.2M | $13.7M | 10x | as long as short |
| Aftermath Perps METAUSD | +0.0084% | 1h | 745.19 | −0.124% | $52K | $82K | 10x | as long as short |
| Paradex META-USD-PERP | +0.0094% | 8h | 745.70 | −0.056% | — | — | 5x | as long as short |
| KuCoin METAUSDTM | +0.0100% | 8h | 745.28 | −0.113% | $1.6M | $603K | 20x | as long as short |
| ApeX Omni METAUSDT | +0.0100% | 1h | 744.39 | −0.232% | $167K | $71K | 50x | as long as short |
| Orderly PERP_META_USDC_mythos | +0.0100% | 8h | 745.25 | −0.117% | $1K | $24 | 10x | as long as short |
| Aevo META-PERP | +0.0104% | 1h | 745.07 | −0.140% | $268 | — | 10x | as long as short |
| Coinbase International META-PERP-INTX | +0.0128% | 1h | 744.67 | −0.194% | $618K | $7.4M | 10x | as long as short |
| Injective META/USDC PERP | +0.0220% | 1h | 744.08 | −0.273% | $172K | $48K | 30x | as long as short |
| Hotstuff META-PERP | +0.0232% | 1h | 745.33 | −0.106% | $33K | $105 | 20x | as long as short |
| Lighter METAshort | +0.0240% | 1h | 746.03 | −0.012% | $865K | $2.4M | 20x | |
| tradeXYZ xyz:META | +0.0337% | 1h | 745.94 | −0.024% | $70.2M | $121.1M | 20x | as long as short |
| Phoenix METAlong | +0.0633% | 1h | 746.12 | long leg | $768K | $1.4M | 20x | |
| edgeX METAUSDC | +0.0979% | 4h | 744.81 | −0.175% | $62K | $339K | 10x | as long as short |
GRVT META_USDT_Perp
SunX META-USDT
Deribit META_USDC-PERPETUAL
HTX META-USDT
Phemex METAUSDT
Lighter RH META
Arcus META-USD
Vest META-USD-PERP
Popdex METAUSDT
Polymarket Perps META-USD
SoDEX META-USD
Ondo Perps META-USD.P
QFEX META-USD
Aftermath Perps METAUSD
Paradex META-USD-PERP
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
tradeXYZ xyz:META
edgeX METAUSDC