Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0629%/8h= −68.8% APRpaid last 24h −0.058%

Price spread now: Binance against Backpack−0.033%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$650.652% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.416%−$42 on $10k

Price spread, last 4 days (all we have)+0.282%+$28 · spread now −0.033%, 7d avg −0.070%

Together, before fees−0.134%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.037% dearer against Backpack than usual: you sell high and buy low (spread −0.033% now, against its 7-day average of −0.070%): +$4 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.416% in total) that is about 15 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.416% in total (about -21.7% a year). A funding rate is set anew for every payment. 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	52m 05s	$330K	$251K	5x
Short	Binance METUSDT	0.2827	0.0100	get 0.0050% / 4h	1h 52m	$4.9M	$11.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.033%Rate

Funding earned: −$132.03
Price spread: −0.033% → −0.070%: $3.71
Slippage, 4 orders: −$45.17
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$193.49
Costs to cover: 0.652%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; Binance: live order book, 3 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, 31 min ago	2.12 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	1.76 bp	20.1 bp −$20	110.9 bp −$1,109	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 −0.1588% / S +0.0233%	1h	0.2827	−0.047%	$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	0.2829	+0.034%	$4.3M	$1.2M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2830	+0.067%	$52K	$10K	5x	as long as short
Binance METUSDTshort	+0.0100%	4h	0.2827	−0.033%	$4.9M	$11.1M	50x
Bybit METUSDT	+0.0100%	4h	0.2824	−0.141%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2827	−0.035%	$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	0.2827	−0.035%	$945K	$259K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2827	−0.035%	$1.3M	$2.4M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METUSDT	+0.0100%	4h	0.2828	0.000%	$664K	$845K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2833	+0.177%	$37K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2826	−0.071%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0141%	4h	0.2830	+0.071%	$292K	$78K	50x	as long as short
Lighter MET	+0.0200%	1h	0.2831	+0.110%	$261K	$244K	5x	as long as short
Backpack MET_USDC_PERPlong	+0.0729%	1h	0.2828	long leg	$330K	$251K	5x