META

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0306%/8h= +33.5% APRnext payment +$0.38 per $10,000 · paid last 24h +0.024%

Price spread now: Lighter against Deribit+0.097%7-day average +0.037% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.075%+$7 on $10k

Price spread, last 3 days (all we have)−0.135%−$13 · spread now +0.097%, 7d avg +0.037%

Together, before fees−0.060%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Lighter is 0.060% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.037%.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid 0.075% in total (about 5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.38 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	Deribit META_USDC-PERPETUAL	739.42	−0.0210	get 0.0026% / 1h	38m 41s	$31K	$244K	10x
Short	Lighter META	740.14	0.0096	get 0.0012% / 1h	38m 41s	$855K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now +0.097%Rate

Funding earned: $64.18
Price spread: +0.097% → +0.037%: $6.03
Slippage, 4 orders: −$9.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $54.14
Costs to cover: 0.161%
Break-even: 1.1 days

Slippage from Deribit: live order book, 30 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 Deribit live order book, 30 min ago	0.07 bp	10.5 bp −$11	12.4 bp −$124	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	0.81 bp	1.1 bp −$1	2.3 bp −$23	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
Deribit META_USDC-PERPETUALlong	−0.0210%	1h	739.42	long leg	$31K	$244K	10x
Nado META-PERP	−0.0148%	1h	739.74	+0.044%	$478K	$547K	20x	as long as short
BloFin META-USDT	−0.0120%	8h	739.99	+0.077%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.70	+0.173%	$466K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.65	+0.032%	$550K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.83	+0.056%	$27.3M	$179.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.92	+0.068%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.93	+0.069%	$5.9M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.59	+0.023%	$351K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.09	+0.091%	$5.5M	$11.3M	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	739.73	+0.042%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	739.92	+0.068%	$12K	$435K	10x	as long as short
SunX META-USDT	0.0000%	8h	739.97	+0.074%	$825	$9.2M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.35	+0.126%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.05	+0.085%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	739.87	+0.061%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.29	+0.118%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.54	+0.016%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.33	+0.123%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	739.90	+0.065%	$176K	$197K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	739.78	+0.049%	$557K	$855K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	739.92	+0.068%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.23	−0.026%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0056%	8h	739.72	+0.040%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0069%	1h	740.51	+0.148%	$49K	$80K	10x	as long as short
Lighter METAshort	+0.0096%	1h	740.14	+0.097%	$855K	$2.4M	20x
KuCoin METAUSDTM	+0.0100%	8h	739.94	+0.070%	$1.6M	$471K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.34	−0.011%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.99	+0.077%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.82	+0.055%	$266	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	739.45	+0.004%	$609K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0112%	1h	740.13	+0.096%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	739.58	+0.022%	$170K	$48K	30x	as long as short
tradeXYZ xyz:META	+0.0246%	1h	740.13	+0.096%	$68.3M	$120.3M	20x	as long as short
Phoenix META	+0.0313%	1h	740.70	+0.173%	$386K	$1.1M	20x	as long as short
edgeX METAUSDC	+0.0992%	4h	740.02	+0.081%	$62K	$334K	10x	as long as short