Funding arb · Price arb /

MET

all MET markets

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: Bybit against Backpack−0.141%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$166as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1181.182% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.477%−$48 on $10k

Price spread, last 4 days (all we have)+0.506%+$51 · spread now −0.141%, 7d avg −0.026%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.116% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

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 07s	$330K	$251K	5x
Short	Bybit METUSDT	0.2824	0.0100	get 0.0050% / 4h	1h 52m	$4.9M	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$132.03
Price spread: −0.141% → −0.026%: −$11.56
Slippage, 4 orders: −$97.24
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$261.84
Costs to cover: 1.182%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	3.54 bp	42.9 bp −$43	190.6 bp −$1,906	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 METUSDT	+0.0100%	4h	0.2827	−0.033%	$4.9M	$11.1M	50x	as long as short
Bybit METUSDTshort	+0.0100%	4h	0.2824	−0.141%	$4.9M	$2.9M	25x
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