Funding you earn now, next payment 03:00 UTC+0.0308%/8h= +33.7% APRnext payment +$0.38 per $10,000 · paid last 24h +0.009%
Price spread now: Phoenix against tradeXYZ+0.128%81s7-day average +0.033% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as 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−$370.372% of the position
Funding, last 7 days+0.184%+$18 on $10k
+Price spread, last 7 days−0.037%−$4 · spread now +0.128%, 7d avg +0.033%
=Together, before fees+0.147%+ Points / potential airdroptradeXYZ: Active · farm board+$15 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.095% dearer against tradeXYZ than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.033%. 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 0.184% in total (about 9.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.38 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 | tradeXYZ xyz:META | 742.32 | 0.0283 | pay 0.0035% / 1h | 34m 09s | $69.4M | $120.3M | 20x |
| Short | Phoenix META | 743.27 | 0.0591 | get 0.0074% / 1h | 34m 09s | $656K | $1.2M | 20x |
tradeXYZ xyz:META
Phoenix METAFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against tradeXYZ. 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
- $64.67
- Price spread: +0.128% → +0.033%
- $9.47
- Slippage, 4 orders
- −$12.23
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $36.91
- Costs to cover
- 0.372%
- Break-even
- 3.0 days
Slippage from tradeXYZ: live order book, 6 min ago; Phoenix: live order book, 4 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 tradeXYZ live order book, 6 min ago | 0.47 bp | 10.1 bp −$10 | 11.7 bp −$117 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 4 min ago | 2.15 bp | 8.4 bp −$8 | 16.3 bp −$163 | 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 | 742.39 | +0.009% | $329K | $1.1M | 20x | as long as short |
| Nado META-PERP | −0.0030% | 1h | 741.72 | −0.081% | $479K | $553K | 20x | as long as short |
| Aster METAUSDT | 0.0000% | 8h | 742.32 | −0.001% | $466K | $551K | 20x | as long as short |
| Extended META_24_5-USD | 0.0000% | 1h | 742.01 | −0.041% | $548K | $2.7M | 17x | as long as short |
| Binance METAUSDT | 0.0000% | 8h | 742.28 | −0.006% | $27.5M | $180.5M | 20x | as long as short |
| Bybit METAUSDT | 0.0000% | 8h | 742.09 | −0.031% | $7.5M | $14.0M | 100x | as long as short |
| OKX META-USDT-SWAP | 0.0000% | 8h | 742.09 | −0.031% | $6.0M | $13.5M | 20x | as long as short |
| Gate META_USDT | 0.0000% | 8h | 741.83 | −0.066% | $363K | $5.7M | 100x | as long as short |
| Bitget METAUSDT | 0.0000% | 8h | 742.18 | −0.019% | $5.4M | $11.7M | 100x | as long as short |
| Variational Omni META | 0.0000% | 8h | 742.38 | +0.007% | $2.4M | $3.1M | — | 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 | 742.46 | +0.019% | $13K | $440K | 10x | as long as short |
| SunX META-USDT | 0.0000% | 8h | 742.36 | +0.005% | $766 | $9.1M | 20x | as long as short |
| Deribit META_USDC-PERPETUAL | 0.0000% | 1h | 741.71 | −0.082% | $31K | $245K | 10x | as long as short |
| HTX META-USDT | 0.0000% | 8h | 741.97 | −0.047% | $106K | $296K | 30x | as long as short |
| Phemex METAUSDT | 0.0000% | 4h | 742.45 | +0.018% | $2.0M | $8K | 10x | as long as short |
| Lighter RH META | +0.0032% | 1h | 742.40 | +0.011% | $767K | $3.0M | 20x | as long as short |
| QFEX META-USD | +0.0036% | 1h | 742.23 | −0.012% | $2.1M | $13.7M | 10x | as long as short |
| Arcus META-USD | +0.0040% | 1h | 741.99 | −0.044% | $110K | $330K | 10x | as long as short |
| Vest META-USD-PERP | +0.0046% | 1h | 742.35 | +0.004% | — | $10K | 25x | as long as short |
| Popdex METAUSDT | +0.0048% | 1h | 742.19 | −0.018% | $178K | $199K | 20x | as long as short |
| Polymarket Perps META-USD | +0.0050% | 1h | 741.95 | −0.050% | $559K | $540K | 10x | as long as short |
| SoDEX META-USD | +0.0050% | 1h | 742.19 | −0.018% | $24K | $3K | 10x | as long as short |
| Ondo Perps META-USD.P | +0.0050% | 1h | 741.77 | −0.074% | $709K | $4.3M | 10x | as long as short |
| Paradex META-USD-PERP | +0.0063% | 8h | 742.00 | −0.044% | — | — | 5x | as long as short |
| Aftermath Perps METAUSD | +0.0081% | 1h | 743.15 | +0.112% | $51K | $82K | 10x | as long as short |
| KuCoin METAUSDTM | +0.0100% | 8h | 742.44 | +0.016% | $1.6M | $543K | 20x | as long as short |
| ApeX Omni METAUSDT | +0.0100% | 1h | 741.70 | −0.084% | $166K | $71K | 50x | as long as short |
| Orderly PERP_META_USDC_mythos | +0.0100% | 8h | 742.20 | −0.016% | $1K | $24 | 10x | as long as short |
| Aevo META-PERP | +0.0104% | 1h | 742.05 | −0.037% | $267 | — | 10x | as long as short |
| Coinbase International META-PERP-INTX | +0.0104% | 1h | 742.02 | −0.040% | $614K | $7.2M | 10x | as long as short |
| Hotstuff META-PERP | +0.0152% | 1h | 742.43 | +0.015% | $33K | $105 | 20x | as long as short |
| Injective META/USDC PERP | +0.0220% | 1h | 744.47 | +0.290% | $172K | $48K | 30x | as long as short |
| Lighter META | +0.0248% | 1h | 742.40 | +0.011% | $858K | $2.4M | 20x | as long as short |
| tradeXYZ xyz:METAlong | +0.0283% | 1h | 742.32 | long leg | $69.4M | $120.3M | 20x | |
| edgeX METAUSDC | +0.0398% | 4h | 742.31 | −0.001% | $62K | $337K | 10x | as long as short |
| Phoenix METAshort | +0.0591% | 1h | 743.27 | +0.128% | $656K | $1.2M | 20x |
GRVT META_USDT_Perp
SunX META-USDT
Deribit META_USDC-PERPETUAL
HTX META-USDT
Phemex METAUSDT
Lighter RH META
QFEX META-USD
Arcus META-USD
Vest META-USD-PERP
Popdex METAUSDT
Polymarket Perps META-USD
SoDEX META-USD
Ondo Perps META-USD.P
Paradex META-USD-PERP
Aftermath Perps METAUSD
KuCoin METAUSDTM
ApeX Omni METAUSDT
Orderly PERP_META_USDC_mythos
Aevo META-PERP
Coinbase International META-PERP-INTX
Hotstuff META-PERP
Injective META/USDC PERP
Lighter META
edgeX METAUSDC