Funding you earn now, next payment 04:00 UTC−0.0289%/8h= −31.7% APRnext payment −$0.36 per $10,000 · paid last 24h −0.012%
Price spread now: tradeXYZ against Phoenix−0.075%81s7-day average −0.034% · you buy dearer than you sell
Net, funding: paid 7d − costs−$55as 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−$370.370% of the position
Funding, last 7 days−0.185%−$18 on $10k
+Price spread, last 7 days−0.016%−$2 · spread now −0.075%, 7d avg −0.034%
=Together, before fees−0.201%+ Points / potential airdroptradeXYZ: Active · farm board−$20 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and tradeXYZ is 0.041% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.034%). Swap the legs. The two prices were read 81 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 -0.185% in total (about -9.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 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 | 746.93 | 0.0633 | pay 0.0079% / 1h | 37m 57s | $781K | $1.4M | 20x |
| Short | tradeXYZ xyz:META | 746.37 | 0.0344 | get 0.0043% / 1h | 37m 57s | $70.4M | $121.1M | 20x |
Phoenix META
tradeXYZ xyz:METAFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$60.75
- Price spread: −0.075% → −0.034%
- −$4.11
- Slippage, 4 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$101.85
- Costs to cover
- 0.370%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 5 min ago; tradeXYZ: live order book, 12 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 | 2.28 bp | 8.6 bp −$9 | 16.8 bp −$168 | doesn't fit | doesn't fit |
| Sell tradeXYZ live order book, 12 min ago | 0.27 bp | 9.6 bp −$10 | 11.8 bp −$118 | 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 | 745.46 | −0.197% | $328K | $1.1M | 20x | as long as short |
| Nado META-PERP | −0.0023% | 1h | 745.71 | −0.164% | $482K | $553K | 20x | as long as short |
| Aster METAUSDT | 0.0000% | 8h | 745.97 | −0.128% | $470K | $555K | 20x | as long as short |
| Extended META_24_5-USD | 0.0000% | 1h | 746.25 | −0.091% | $553K | $2.7M | 17x | as long as short |
| Binance METAUSDT | 0.0000% | 8h | 746.50 | −0.058% | $28.5M | $183.1M | 20x | as long as short |
| Bybit METAUSDT | 0.0000% | 8h | 746.64 | −0.039% | $7.5M | $14.5M | 100x | as long as short |
| OKX META-USDT-SWAP | 0.0000% | 8h | 746.32 | −0.082% | $6.0M | $13.7M | 20x | as long as short |
| Gate META_USDT | 0.0000% | 8h | 745.96 | −0.130% | $365K | $5.8M | 100x | as long as short |
| Bitget METAUSDT | 0.0000% | 8h | 746.25 | −0.091% | $5.5M | $11.8M | 100x | as long as short |
| Variational Omni META | 0.0000% | 8h | 746.02 | −0.121% | $2.4M | $3.2M | — | as long as short |
BloFin META-USDT
Nado META-PERP
Aster METAUSDT
Extended META_24_5-USD
Binance METAUSDT
Bybit METAUSDT
OKX META-USDT-SWAP
Gate META_USDT
Bitget METAUSDT
Variational Omni METAShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT META_USDT_Perp | 0.0000% | 8h | 746.21 | −0.097% | $12K | $453K | 10x | as long as short |
| SunX META-USDT | 0.0000% | 8h | 746.22 | −0.095% | $971 | $9.0M | 20x | as long as short |
| Deribit META_USDC-PERPETUAL | 0.0000% | 1h | 745.71 | −0.163% | $31K | $246K | 10x | as long as short |
| HTX META-USDT | 0.0000% | 8h | 746.01 | −0.123% | $106K | $302K | 30x | as long as short |
| Phemex METAUSDT | 0.0000% | 4h | 745.96 | −0.130% | $2.0M | $8K | 10x | as long as short |
| Lighter RH META | +0.0032% | 1h | 746.47 | −0.062% | $783K | $2.9M | 20x | as long as short |
| Arcus META-USD | +0.0040% | 1h | 745.36 | −0.210% | $111K | $330K | 10x | as long as short |
| Vest META-USD-PERP | +0.0046% | 1h | 746.21 | −0.096% | — | $10K | 25x | as long as short |
| Polymarket Perps META-USD | +0.0050% | 1h | 746.04 | −0.119% | $587K | $565K | 10x | as long as short |
| SoDEX META-USD | +0.0050% | 1h | 746.01 | −0.123% | $25K | $3K | 10x | as long as short |
| Ondo Perps META-USD.P | +0.0050% | 1h | 745.32 | −0.216% | $786K | $4.6M | 10x | as long as short |
| QFEX META-USD | +0.0058% | 1h | 746.14 | −0.106% | $2.2M | $13.7M | 10x | as long as short |
| Popdex METAUSDT | +0.0064% | 1h | 746.42 | −0.068% | $180K | $199K | 20x | as long as short |
| Aftermath Perps METAUSD | +0.0085% | 1h | 746.21 | −0.096% | $52K | $82K | 10x | as long as short |
| Paradex META-USD-PERP | +0.0093% | 8h | 746.12 | −0.108% | — | — | 5x | as long as short |
| KuCoin METAUSDTM | +0.0100% | 8h | 746.01 | −0.123% | $1.6M | $608K | 20x | as long as short |
| ApeX Omni METAUSDT | +0.0100% | 1h | 745.30 | −0.218% | $167K | $71K | 50x | as long as short |
| Orderly PERP_META_USDC_mythos | +0.0100% | 8h | 746.21 | −0.096% | $1K | $24 | 10x | as long as short |
| Aevo META-PERP | +0.0104% | 1h | 746.13 | −0.107% | $269 | — | 10x | as long as short |
| Coinbase International META-PERP-INTX | +0.0128% | 1h | 745.37 | −0.209% | $618K | $7.4M | 10x | as long as short |
| Injective META/USDC PERP | +0.0220% | 1h | 744.99 | −0.260% | $172K | $48K | 30x | as long as short |
| Lighter META | +0.0232% | 1h | 746.42 | −0.068% | $866K | $2.4M | 20x | as long as short |
| Hotstuff META-PERP | +0.0256% | 1h | 746.21 | −0.096% | $33K | $105 | 20x | as long as short |
| tradeXYZ xyz:METAshort | +0.0344% | 1h | 746.37 | −0.075% | $70.4M | $121.1M | 20x | |
| edgeX METAUSDC | +0.0482% | 4h | 746.22 | −0.095% | $62K | $337K | 10x | as long as short |
| Phoenix METAlong | +0.0633% | 1h | 746.93 | long leg | $781K | $1.4M | 20x |
GRVT META_USDT_Perp
SunX META-USDT
Deribit META_USDC-PERPETUAL
HTX META-USDT
Phemex METAUSDT
Lighter RH META
Arcus META-USD
Vest META-USD-PERP
Polymarket Perps META-USD
SoDEX META-USD
Ondo Perps META-USD.P
QFEX META-USD
Popdex METAUSDT
Aftermath Perps METAUSD
Paradex META-USD-PERP
KuCoin METAUSDTM
ApeX Omni METAUSDT
Orderly PERP_META_USDC_mythos
Aevo META-PERP
Coinbase International META-PERP-INTX
Injective META/USDC PERP
Lighter META
Hotstuff META-PERP
edgeX METAUSDC