Funding you earn now, next payment 23:00 UTC−0.0629%/8h= −68.8% APRnext payment −$0.79 per $10,000 · paid last 24h −0.058%
Price spread now: ApeX Omni against Backpack−0.354%7-day average −0.179% · you buy dearer than you sell
Net, funding: paid 7d − costs−$720as in the Funding arb table
Net, price: spread back to 7d avg − costs−$704as in the Price arb table
costs, in and out, $10k−$6876.870% of the position
Funding, last 7 days−0.326%−$33 on $10k
+Price spread, last 3 days (all we have)+0.205%+$21 · spread now −0.354%, 7d avg −0.179%
=Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and ApeX Omni is 0.175% cheaper against Backpack than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.179%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.326% in total (about -17.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.79 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 | Backpack MET_USDC_PERP | 0.2828 | 0.0729 | pay 0.0091% / 1h | 51m 09s | $330K | $251K | 5x |
| Short | ApeX Omni METUSDT | 0.2818 | 0.0100 | get 0.0013% / 1h | 51m 09s | $36K | $111K | 50x |
Backpack MET_USDC_PERP
ApeX Omni METUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
ApeX Omni against Backpack. 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
- −$132.03
- Price spread: −0.354% → −0.179%
- −$17.48
- Slippage, 4 orders
- −$666.95
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee ApeX Omni: 5 bp × 2 orders
- −$10
- Net
- −$836.46
- Costs to cover
- 6.870%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 32 min ago; ApeX Omni: live order book, 29 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 Backpack live order book, 32 min ago | 2.12 bp | 13.2 bp −$13 | doesn't fit | doesn't fit | doesn't fit |
| Sell ApeX Omni live order book, 29 min ago | 37.07 bp | 331.6 bp −$332 | doesn't fit | doesn't fit | doesn't fit |
MET on 16 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 | |
|---|---|---|---|---|---|---|---|---|
| GMX MET/USD [WBTC.b-USDC] | L −0.1601% / S +0.0234% | 1h | 0.2824 | −0.148% | $9K | — | 50x | as long as short |
| Phoenix MET | −0.0114% | 1h | 0.2834 | +0.205% | $14K | $13K | 5x | as long as short |
| Hyperliquid MET | +0.0100% | 1h | 0.2823 | −0.177% | $4.3M | $1.2M | 3x | as long as short |
| Aster METUSDT | +0.0100% | 4h | 0.2824 | −0.144% | $52K | $10K | 5x | as long as short |
| Binance METUSDT | +0.0100% | 4h | 0.2823 | −0.177% | $4.9M | $11.1M | 50x | as long as short |
| Bybit METUSDT | +0.0100% | 4h | 0.2822 | −0.198% | $4.9M | $2.9M | 25x | as long as short |
| OKX MET-USDT-SWAP | +0.0100% | 4h | 0.2824 | −0.141% | $1.3M | $3.3M | 20x | as long as short |
| Gate MET_USDT | +0.0100% | 4h | 0.2827 | −0.035% | $193K | $187K | 50x | as long as short |
| MEXC MET_USDT | +0.0100% | 4h | 0.2822 | −0.212% | $943K | $259K | 20x | as long as short |
| KuCoin METUSDTM | +0.0100% | 4h | 0.2824 | −0.141% | $1.3M | $2.4M | 50x | as long as short |
GMX MET/USD [WBTC.b-USDC]
Phoenix MET
Hyperliquid MET
Aster METUSDT
Binance METUSDT
Bybit METUSDT
OKX MET-USDT-SWAP
Gate MET_USDT
MEXC MET_USDT
KuCoin METUSDTMShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget METUSDT | +0.0100% | 4h | 0.2826 | −0.071% | $664K | $845K | 25x | as long as short |
| ApeX Omni METUSDTshort | +0.0100% | 1h | 0.2818 | −0.354% | $36K | $111K | 50x | |
| SunX MET-USDT | +0.0100% | 4h | 0.2823 | −0.177% | $1K | $1.6M | 20x | as long as short |
| BloFin MET-USDT | +0.0147% | 4h | 0.2824 | −0.141% | $288K | $78K | 50x | as long as short |
| Lighter MET | +0.0200% | 1h | 0.2829 | +0.021% | $261K | $244K | 5x | as long as short |
| Backpack MET_USDC_PERPlong | +0.0729% | 1h | 0.2828 | long leg | $330K | $251K | 5x |
Bitget METUSDT
SunX MET-USDT
BloFin MET-USDT
Lighter MET