META

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0559%/8h= +61.2% APRnext payment +$0.70 per $10,000 · paid last 24h +0.047%

Price spread now: Phoenix against Lighter RH+0.105%105s7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as 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−$210.209% of the position

Long on Lighter RH Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.291%+$29 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.105%, 7d avg +0.010%

Together, before fees+0.221%+ Points / potential airdropLighter RH: Points live · farm board+$22 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 0.095% dearer against Lighter RH than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.010%. The two prices were read 105 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 0.291% in total (about 15.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.70 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	Lighter RH META	742.57	0.0032	pay 0.0004% / 1h	35m 38s	$768K	$3.0M	20x
Short	Phoenix META	743.35	0.0591	get 0.0074% / 1h	35m 38s	$652K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter RH. 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 Lighter RHbpFee PhoenixbpOrdersPrice spread, now +0.105%Rate

Funding earned: $117.37
Price spread: +0.105% → +0.010%: $9.53
Slippage, 4 orders: −$13.94
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $105.96
Costs to cover: 0.209%
Break-even: 0.7 days

Slippage from Lighter RH: live order book, 3 min ago; Phoenix: 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 Lighter RH live order book, 3 min ago	1.14 bp	2.2 bp −$2	5.4 bp −$54	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	2.15 bp	8.4 bp −$8	16.3 bp −$163	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	742.41	−0.022%	$329K	$1.1M	20x	as long as short
Nado META-PERP	−0.0034%	1h	741.95	−0.084%	$480K	$553K	20x	as long as short
Aster METAUSDT	0.0000%	8h	742.33	−0.032%	$466K	$551K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	742.31	−0.034%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.50	−0.009%	$27.5M	$180.5M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	742.24	−0.044%	$7.5M	$14.0M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.51	−0.008%	$6.0M	$13.5M	20x	as long as short
Gate META_USDT	0.0000%	8h	742.17	−0.054%	$364K	$5.7M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.37	−0.027%	$5.4M	$11.7M	100x	as long as short
Variational Omni META	0.0000%	8h	742.38	−0.026%	$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	742.51	−0.008%	$12K	$440K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.62	+0.007%	$901	$9.1M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	741.90	−0.090%	$31K	$245K	10x	as long as short
HTX META-USDT	0.0000%	8h	742.30	−0.036%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.35	−0.030%	$2.0M	$8K	10x	as long as short
Lighter RH METAlong	+0.0032%	1h	742.57	long leg	$768K	$3.0M	20x
QFEX META-USD	+0.0036%	1h	742.40	−0.023%	$2.1M	$13.7M	10x	as long as short
Arcus META-USD	+0.0040%	1h	742.03	−0.073%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.52	−0.007%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.36	−0.028%	$179K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	742.20	−0.050%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.37	−0.027%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.77	−0.108%	$709K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0063%	8h	742.24	−0.045%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	743.15	+0.078%	$51K	$82K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.58	+0.001%	$1.6M	$541K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.72	−0.114%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.38	−0.026%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	742.27	−0.040%	$267	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	742.02	−0.074%	$614K	$7.2M	10x	as long as short
Hotstuff META-PERP	+0.0152%	1h	742.44	−0.018%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	744.47	+0.256%	$172K	$48K	30x	as long as short
Lighter META	+0.0240%	1h	742.53	−0.005%	$858K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0279%	1h	742.44	−0.018%	$69.5M	$120.3M	20x	as long as short
edgeX METAUSDC	+0.0506%	4h	742.22	−0.047%	$62K	$336K	10x	as long as short
Phoenix METAshort	+0.0591%	1h	743.35	+0.105%	$652K	$1.2M	20x