META

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0265%/8h= −29.0% APRnext payment −$0.33 per $10,000 · paid last 24h −0.024%

Price spread now: Popdex against Phoenix−0.099%7-day average +0.024% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on Phoenix Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.550%+$55 · spread now −0.099%, 7d avg +0.024%

Together, before fees+0.537%+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Popdex is 0.122% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.013% in total (about -1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 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	740.85	0.0313	pay 0.0039% / 1h	14m 58s	$438K	$1.1M	20x
Short	Popdex METAUSDT	740.12	0.0048	get 0.0006% / 1h	14m 58s	$176K	$197K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$55.65
Price spread: −0.099% → +0.024%: −$12.22
Slippage, 4 orders: −$12.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$93.69
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; Popdex: live order book, 54 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, 3 min ago	2.03 bp	8.0 bp −$8	15.2 bp −$152	doesn't fit	doesn't fit
Sell Popdex live order book, 54 min ago	0.27 bp	3.9 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit

META on 35 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	−0.0120%	1h	739.73	−0.151%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.66	−0.026%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.94	−0.123%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.12	−0.099%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.90	−0.128%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.25	−0.081%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.77	−0.146%	$352K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.28	−0.077%	$5.5M	$11.3M	100x	as long as short
Variational Omni META	0.0000%	8h	740.06	−0.107%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.16	−0.093%	$12K	$433K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	739.93	−0.124%	$959	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.59	−0.170%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	740.12	−0.099%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.23	−0.084%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.05	−0.108%	$2.2M	$13.9M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.35	−0.067%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.74	−0.150%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.31	−0.073%	—	$11K	25x	as long as short
Popdex METAUSDTshort	+0.0048%	1h	740.12	−0.099%	$176K	$197K	20x
Polymarket Perps META-USD	+0.0050%	1h	739.86	−0.134%	$557K	$701K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.08	−0.104%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.55	−0.175%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.89	−0.129%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	740.89	+0.005%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.16	−0.093%	$1.6M	$487K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.74	−0.150%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.05	−0.108%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.96	−0.121%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	740.66	−0.026%	$609K	$7.2M	10x	as long as short
Lighter META	+0.0136%	1h	740.27	−0.078%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	740.13	−0.097%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	742.42	+0.212%	$171K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0245%	1h	740.09	−0.103%	$68.3M	$120.0M	20x	as long as short
Phoenix METAlong	+0.0313%	1h	740.85	long leg	$438K	$1.1M	20x
edgeX METAUSDC	+0.0949%	4h	739.98	−0.118%	$62K	$336K	10x	as long as short