META

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −4.0% APRnext payment −$0.05 per $10,000 · paid last 24h −0.039%

Price spread now: Deribit against Phoenix+0.003%7-day average −0.042% · 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−$28as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.121%−$12 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now +0.003%, 7d avg −0.042%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.044% dearer against Phoenix than usual: you sell high and buy low (spread +0.003% now, against its 7-day average of −0.042%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 5 days (−0.121% in total) that is about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	740.16	0.0259	pay 0.0032% / 1h	49m 08s	$277K	$930K	20x
Short	Deribit META_USDC-PERPETUAL	740.18	0.0223	get 0.0028% / 1h	49m 08s	$30K	$253K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$7.6
Price spread: +0.003% → −0.042%: $4.44
Slippage, 4 orders: −$18.58
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$35.74
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Phoenix: live order book, 24 min ago; Deribit: live order book, 24 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, 24 min ago	2.02 bp	8.1 bp −$8	15.3 bp −$153	doesn't fit	doesn't fit
Sell Deribit live order book, 24 min ago	4.72 bp	8.2 bp −$8	12.4 bp −$124	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	740.33	+0.023%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.92	+0.103%	$463K	$546K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	740.10	−0.009%	$550K	$1.8M	17x	as long as short
Binance METAUSDT	0.0000%	8h	740.37	+0.028%	$27.4M	$178.9M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	740.09	−0.009%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.18	+0.003%	$6.0M	$13.2M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.98	−0.024%	$357K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.11	−0.007%	$5.6M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	739.73	−0.058%	$2.3M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.20	+0.005%	$12K	$486K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	740.16	0.000%	$899	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	740.17	+0.001%	$106K	$292K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.46	+0.041%	$2.0M	$7K	10x	as long as short
Nado META-PERP	+0.0029%	1h	739.75	−0.055%	$381K	$335K	20x	as long as short
Lighter RH META	+0.0032%	1h	740.51	+0.047%	$758K	$3.1M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.44	+0.038%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.10	−0.008%	$177K	$194K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	740.08	−0.011%	$557K	$857K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	740.16	0.000%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.38	−0.105%	$735K	$4.3M	10x	as long as short
QFEX META-USD	+0.0055%	1h	740.12	−0.005%	$2.2M	$14.2M	10x	as long as short
Arcus META-USD	+0.0063%	1h	739.72	−0.059%	$110K	$331K	10x	as long as short
Paradex META-USD-PERP	+0.0069%	8h	740.09	−0.009%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.52	+0.049%	$49K	$77K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.39	+0.031%	$1.6M	$415K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.43	−0.099%	$166K	$72K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.27	+0.015%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	740.17	+0.002%	$266	—	10x	as long as short
tradeXYZ xyz:META	+0.0113%	1h	740.16	0.000%	$67.7M	$121.2M	20x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	739.59	−0.077%	$601K	$7.3M	10x	as long as short
Hotstuff META-PERP	+0.0152%	1h	740.01	−0.020%	$33K	$105	20x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.93	+0.239%	$169K	$46K	30x	as long as short
Deribit META_USDC-PERPETUALshort	+0.0223%	1h	740.18	+0.003%	$30K	$253K	10x
Lighter META	+0.0256%	1h	740.58	+0.057%	$856K	$2.4M	20x	as long as short
Phoenix METAlong	+0.0259%	1h	740.16	long leg	$277K	$930K	20x
edgeX METAUSDC	+0.0474%	4h	740.08	−0.011%	$62K	$333K	10x	as long as short