META

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0263%/8h= −28.8% APRnext payment −$0.33 per $10,000 · paid last 24h −0.020%

Price spread now: Polymarket Perps against Phoenix−0.123%59s7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as 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−$290.294% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.231%−$23 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.123%, 7d avg −0.002%

Together, before fees−0.210%−$21 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 Polymarket Perps is 0.121% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.002%). Swap the legs. The two prices were read 59 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	Phoenix META	740.85	0.0313	pay 0.0039% / 1h	18m 26s	$429K	$1.1M	20x
Short	Polymarket Perps META-USD	739.94	0.0050	get 0.0006% / 1h	18m 26s	$557K	$847K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$55.23
Price spread: −0.123% → −0.002%: −$12.09
Slippage, 4 orders: −$14.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$96.69
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Polymarket Perps: live order book, 50 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, 5 min ago	2.02 bp	8.0 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 50 min ago	1.89 bp	7.3 bp −$7	8.1 bp −$81	8.9 bp −$893	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	−0.0122%	1h	739.93	−0.125%	$478K	$549K	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.59	−0.035%	$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	740.11	−0.100%	$27.3M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.98	−0.117%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	740.19	−0.089%	$5.9M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	740.00	−0.115%	$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	740.21	−0.086%	$2.3M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.46	−0.052%	$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	739.88	−0.131%	$752	$9.2M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	739.57	−0.173%	$31K	$244K	10x	as long as short
HTX META-USDT	0.0000%	8h	739.86	−0.134%	$105K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.79	−0.008%	$2.0M	$8K	10x	as long as short
QFEX META-USD	+0.0025%	1h	740.15	−0.094%	$2.2M	$14.0M	10x	as long as short
Lighter RH META	+0.0032%	1h	740.43	−0.057%	$750K	$3.0M	20x	as long as short
Arcus META-USD	+0.0040%	1h	739.80	−0.142%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.38	−0.063%	—	$11K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.16	−0.093%	$176K	$197K	20x	as long as short
Polymarket Perps META-USDshort	+0.0050%	1h	739.94	−0.123%	$557K	$847K	10x
SoDEX META-USD	+0.0050%	1h	740.20	−0.088%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.51	−0.181%	$697K	$4.3M	10x	as long as short
Paradex META-USD-PERP	+0.0057%	8h	740.00	−0.115%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0070%	1h	740.89	+0.005%	$49K	$80K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.25	−0.081%	$1.6M	$485K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	739.56	−0.174%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	740.10	−0.101%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.99	−0.116%	$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	740.36	−0.066%	$860K	$2.4M	20x	as long as short
Hotstuff META-PERP	+0.0136%	1h	740.16	−0.093%	$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	+0.0246%	1h	740.27	−0.078%	$68.3M	$120.0M	20x	as long as short
Phoenix METAlong	+0.0313%	1h	740.85	long leg	$429K	$1.1M	20x
edgeX METAUSDC	+0.0939%	4h	740.24	−0.082%	$62K	$335K	10x	as long as short