META

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0464%/8h= −50.8% APRnext payment −$0.58 per $10,000 · paid last 24h −0.047%

Price spread now: QFEX against Phoenix−0.186%7-day average −0.020% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Phoenix Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.074%−$7 on $10k

Price spread, last 7 days+0.118%+$12 · spread now −0.186%, 7d avg −0.020%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and QFEX is 0.166% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.074% in total (about -7.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.58 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	Phoenix META	743.31	0.0496	pay 0.0062% / 1h	27m 10s	$544K	$1.1M	20x
Short	QFEX META-USD	741.93	0.0032	get 0.0004% / 1h	27m 10s	$2.1M	$13.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.186%Rate

Funding earned: −$97.47
Price spread: −0.186% → −0.020%: −$16.59
Slippage, 4 orders: −$12.76
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$143.82
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; QFEX: live order book, 7 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, 1 min ago	2.02 bp	8.0 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell QFEX live order book, 7 min ago	1.89 bp	6.9 bp −$7	8.3 bp −$83	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	742.22	−0.147%	$328K	$1.1M	20x	as long as short
Nado META-PERP	−0.0027%	1h	741.43	−0.253%	$479K	$550K	20x	as long as short
Aster METAUSDT	0.0000%	8h	741.75	−0.210%	$467K	$549K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	741.97	−0.180%	$548K	$2.7M	17x	as long as short
Binance METAUSDT	0.0000%	8h	742.15	−0.155%	$27.4M	$179.2M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	741.96	−0.182%	$7.5M	$13.8M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	742.10	−0.163%	$6.0M	$13.4M	20x	as long as short
Gate META_USDT	0.0000%	8h	741.81	−0.202%	$345K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	742.17	−0.153%	$5.5M	$11.5M	100x	as long as short
Variational Omni META	0.0000%	8h	742.15	−0.156%	$2.3M	$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	742.16	−0.155%	$12K	$431K	10x	as long as short
SunX META-USDT	0.0000%	8h	742.39	−0.124%	$1K	$9.1M	20x	as long as short
HTX META-USDT	0.0000%	8h	741.95	−0.183%	$106K	$296K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	742.60	−0.096%	$2.0M	$8K	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0020%	1h	741.58	−0.233%	$31K	$245K	10x	as long as short
Lighter RH META	+0.0032%	1h	742.20	−0.149%	$764K	$3.0M	20x	as long as short
QFEX META-USDshort	+0.0032%	1h	741.93	−0.186%	$2.1M	$13.7M	10x
Arcus META-USD	+0.0040%	1h	741.64	−0.225%	$110K	$330K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	742.25	−0.143%	—	$10K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	742.23	−0.145%	$178K	$199K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	741.94	−0.184%	$559K	$540K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	742.18	−0.152%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	741.34	−0.265%	$703K	$4.2M	10x	as long as short
Paradex META-USD-PERP	+0.0062%	8h	742.09	−0.164%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0078%	1h	742.63	−0.092%	$50K	$82K	10x	as long as short
edgeX METAUSDC	+0.0086%	4h	742.47	−0.113%	$62K	$334K	10x	as long as short
Coinbase International META-PERP-INTX	+0.0096%	1h	742.03	−0.172%	$624K	$7.2M	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	742.21	−0.148%	$1.6M	$519K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	741.72	−0.214%	$166K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	742.04	−0.171%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	741.91	−0.188%	$267	—	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	741.40	−0.257%	$171K	$48K	30x	as long as short
Hotstuff META-PERP	+0.0248%	1h	742.12	−0.160%	$33K	$105	20x	as long as short
Lighter META	+0.0264%	1h	742.15	−0.156%	$861K	$2.4M	20x	as long as short
tradeXYZ xyz:META	+0.0344%	1h	742.34	−0.130%	$69.3M	$120.2M	20x	as long as short
Phoenix METAlong	+0.0496%	1h	743.31	long leg	$544K	$1.1M	20x