META

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0209%/8h= +22.9% APRnext payment +$0.26 per $10,000 · paid last 24h +0.019%

Price spread now: Phoenix against Polymarket Perps+0.138%59s7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$7as 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−$300.299% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.233%+$23 on $10k

Price spread, last 3 days (all we have)−0.154%−$15 · spread now +0.138%, 7d avg 0.000%

Together, before fees+0.079%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.138% dearer against Polymarket Perps than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of 0.000%. 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	Polymarket Perps META-USD	739.65	0.0050	pay 0.0006% / 1h	52m 12s	$557K	$857K	10x
Short	Phoenix META	740.67	0.0259	get 0.0032% / 1h	52m 12s	$287K	$930K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.138%Rate

Funding earned: $43.95
Price spread: +0.138% → 0.000%: $13.82
Slippage, 4 orders: −$14.86
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $27.91
Costs to cover: 0.299%
Break-even: 2.6 days

Slippage from Polymarket Perps: live order book, 21 min ago; Phoenix: live order book, 21 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 Polymarket Perps live order book, 21 min ago	1.42 bp	7.9 bp −$8	8.0 bp −$80	10.0 bp −$995	doesn't fit
Sell Phoenix live order book, 21 min ago	2.02 bp	8.1 bp −$8	15.3 bp −$153	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	740.22	+0.077%	$327K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	740.76	+0.150%	$461K	$546K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	739.69	+0.006%	$549K	$1.6M	17x	as long as short
Binance METAUSDT	0.0000%	8h	739.75	+0.014%	$27.4M	$179.0M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	739.83	+0.024%	$7.5M	$13.9M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	739.73	+0.011%	$6.0M	$13.3M	20x	as long as short
Gate META_USDT	0.0000%	8h	739.80	+0.020%	$357K	$5.6M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	740.02	+0.050%	$5.6M	$11.1M	100x	as long as short
Variational Omni META	0.0000%	8h	740.51	+0.116%	$2.3M	$3.2M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	740.74	+0.147%	$12K	$484K	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	740.15	+0.068%	$953	$9.4M	20x	as long as short
HTX META-USDT	0.0000%	8h	739.62	−0.004%	$106K	$285K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	740.85	+0.162%	$2.0M	$7K	10x	as long as short
Nado META-PERP	+0.0022%	1h	739.85	+0.027%	$384K	$334K	20x	as long as short
Lighter RH META	+0.0032%	1h	739.84	+0.026%	$757K	$3.1M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	740.23	+0.078%	—	$11K	25x	as long as short
Hotstuff META-PERP	+0.0048%	1h	739.91	+0.035%	$33K	$105	20x	as long as short
Popdex METAUSDT	+0.0048%	1h	740.24	+0.080%	$178K	$194K	20x	as long as short
Polymarket Perps META-USDlong	+0.0050%	1h	739.65	long leg	$557K	$857K	10x
SoDEX META-USD	+0.0050%	1h	739.68	+0.004%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	739.40	−0.034%	$746K	$4.3M	10x	as long as short
QFEX META-USD	+0.0055%	1h	740.15	+0.068%	$2.2M	$14.2M	10x	as long as short
Arcus META-USD	+0.0063%	1h	739.99	+0.046%	$110K	$331K	10x	as long as short
Paradex META-USD-PERP	+0.0071%	8h	740.01	+0.048%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0071%	1h	740.59	+0.127%	$49K	$77K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	740.09	+0.059%	$1.6M	$411K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	740.19	+0.073%	$166K	$73K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	739.92	+0.037%	$1K	$24	10x	as long as short
Deribit META_USDC-PERPETUAL	+0.0102%	1h	739.66	+0.001%	$30K	$253K	10x	as long as short
Aevo META-PERP	+0.0104%	1h	739.93	+0.037%	$266	—	10x	as long as short
tradeXYZ xyz:META	+0.0118%	1h	739.68	+0.004%	$67.6M	$121.2M	20x	as long as short
Coinbase International META-PERP-INTX	+0.0144%	1h	740.11	+0.062%	$602K	$7.3M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.31	+0.089%	$168K	$46K	30x	as long as short
Lighter META	+0.0240%	1h	739.88	+0.031%	$856K	$2.4M	20x	as long as short
Phoenix METAshort	+0.0259%	1h	740.67	+0.138%	$287K	$930K	20x
edgeX METAUSDC	+0.0751%	4h	740.87	+0.164%	$62K	$332K	10x	as long as short