Funding you earn now, next payment 23:00 UTC−0.0582%/8h= −63.7% APRpaid last 24h −0.061%
Price spread now: BloFin against Backpack−0.141%54s7-day average −0.054% · you buy dearer than you sell
Net, funding: paid 7d − costs−$112as 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−$720.723% of the position
Funding, last 7 days−0.398%−$40 on $10k
+Price spread, last 3 days (all we have)+0.756%+$76 · spread now −0.141%, 7d avg −0.054%
=Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and BloFin is 0.087% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.054%). Swap the legs. The two prices were read 54 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 -0.398% in total (about -20.7% 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 | 51m 10s | $330K | $251K | 5x |
| Short | BloFin MET-USDT | 0.2824 | 0.0147 | get 0.0074% / 4h | 1h 51m | $288K | $78K | 50x |
Backpack MET_USDC_PERP
BloFin MET-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- −$122.14
- Price spread: −0.141% → −0.054%
- −$8.71
- Slippage, 4 orders
- −$50.3
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$203.15
- Costs to cover
- 0.723%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 32 min ago; BloFin: live order book, 26 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 BloFin live order book, 26 min ago | 1.77 bp | 8.4 bp −$8 | 43.3 bp −$433 | 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 METUSDT | +0.0100% | 1h | 0.2818 | −0.354% | $36K | $111K | 50x | as long as short |
| SunX MET-USDT | +0.0100% | 4h | 0.2823 | −0.177% | $1K | $1.6M | 20x | as long as short |
| BloFin MET-USDTshort | +0.0147% | 4h | 0.2824 | −0.141% | $288K | $78K | 50x | |
| 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
ApeX Omni METUSDT
SunX MET-USDT
Lighter MET