META

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0557%/8h= +61.0% APRnext payment +$0.70 per $10,000 · paid last 24h +0.051%

Price spread now: Phoenix against Coinbase International+0.211%72s7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs+$11as 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−$330.332% of the position

Long on Coinbase International Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.439%+$44 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now +0.211%, 7d avg +0.093%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Phoenix is 0.118% dearer against Coinbase International than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.093%. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International META-PERP-INTX	745.40	0.0128	pay 0.0016% / 1h	5m 56s	$656K	$7.8M	10x
Short	Phoenix META	746.97	0.0685	get 0.0086% / 1h	5m 56s	$798K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Coinbase International. 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 Coinbase InternationalbpFee PhoenixbpOrdersPrice spread, now +0.211%Rate

Funding earned: $116.91
Price spread: +0.211% → +0.093%: $11.77
Slippage, 4 orders: −$16.19
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $95.48
Costs to cover: 0.332%
Break-even: 1.3 days

Slippage from Coinbase International: live order book, 3 min ago; Phoenix: live order book, 2 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 Coinbase International live order book, 3 min ago	1.95 bp	7.4 bp −$7	10.4 bp −$104	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	2.41 bp	8.9 bp −$9	17.4 bp −$174	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	745.99	+0.079%	$330K	$1.1M	20x	as long as short
Nado META-PERP	−0.0001%	1h	745.82	+0.057%	$483K	$558K	20x	as long as short
Aster METAUSDT	0.0000%	8h	745.79	+0.052%	$480K	$590K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	745.90	+0.067%	$549K	$2.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.11	+0.095%	$27.7M	$182.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.02	+0.083%	$7.3M	$15.1M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.14	+0.099%	$6.1M	$12.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.54	+0.019%	$433K	$6.0M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.24	+0.113%	$5.5M	$12.1M	100x	as long as short
Variational Omni META	0.0000%	8h	745.86	+0.062%	$2.4M	$3.3M	—	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	746.02	+0.083%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	746.01	+0.082%	$658	$8.3M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	745.88	+0.064%	$31K	$263K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.01	+0.082%	$106K	$306K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	745.84	+0.059%	$2.0M	$8K	10x	as long as short
Lighter RH META	+0.0032%	1h	746.50	+0.148%	$776K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	745.37	−0.004%	$110K	$331K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.37	+0.130%	—	$11K	25x	as long as short
QFEX META-USD	+0.0046%	1h	745.93	+0.071%	$2.2M	$13.8M	10x	as long as short
Popdex METAUSDT	+0.0048%	1h	746.26	+0.115%	$179K	$200K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	745.83	+0.058%	$587K	$562K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.25	+0.114%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.57	+0.023%	$752K	$4.9M	10x	as long as short
Paradex META-USD-PERP	+0.0067%	8h	746.02	+0.083%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0083%	1h	746.25	+0.114%	$52K	$81K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	745.92	+0.070%	$1.6M	$657K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.52	+0.016%	$167K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.16	+0.102%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	745.97	+0.077%	$269	—	10x	as long as short
Coinbase International META-PERP-INTXlong	+0.0128%	1h	745.40	long leg	$656K	$7.8M	10x
Injective META/USDC PERP	+0.0220%	1h	748.03	+0.353%	$172K	$46K	30x	as long as short
Lighter META	+0.0304%	1h	746.51	+0.149%	$1.1M	$2.7M	20x	as long as short
Hotstuff META-PERP	+0.0360%	1h	746.41	+0.135%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0453%	1h	746.47	+0.144%	$76.2M	$125.7M	20x	as long as short
Phoenix METAshort	+0.0685%	1h	746.97	+0.211%	$798K	$1.4M	20x
edgeX METAUSDC	+0.0903%	4h	745.78	+0.050%	$62K	$339K	10x	as long as short