Funding arb · Price arb / Crypto

MET

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LONGBackpack▾Phoenix −0.0411%Aster −0.0361%Hyperliquid −0.0325%TxFlow −0.0310%Gate −0.0306%MEXC −0.0244%Binance −0.0237%OKX −0.0170%GMX −0.0103%Bybit −0.0103%Bitget −0.0060%BingX −0.0050%BloFin −0.0005%Lighter +0.0096%Orderly +0.0097%KuCoin +0.0100%Backpack +0.0100%Variational Omni +0.0100%ApeX Omni +0.0100%SunX +0.0100%

⇄⇅

SHORTedgeX▾KuCoin +0.0100%Variational Omni +0.0100%ApeX Omni +0.0100%SunX +0.0100%Orderly +0.0097%Lighter +0.0096%BloFin −0.0005%BingX −0.0050%Bitget −0.0060%Bybit −0.0103%GMX +0.0135%OKX −0.0170%Binance −0.0237%MEXC −0.0244%edgeX −0.0259%Gate −0.0306%TxFlow −0.0310%Hyperliquid −0.0325%Aster −0.0361%Phoenix −0.0411%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	BackpackMET_USDC_PERP	0.3161	+0.0100	pay 0.0013% / 1h	21m 22s	$120K	$86K	5x	Long Backpack
SHORT	edgeXMETUSDC	0.3147	−0.0259	pay 0.0129% / 4h	2h 21m	$1K	$139K	10x	Short edgeX

Price gap−0.441%

Funding gap−0.0359% /8h

Both sides work against this direction now: funding costs $11 a day on $10k and the gap is 0.340% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid +0.221% in total, about +0.0105%/8h on average.

Price and funding

Entry / ExitPrice spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Entry / Exit?

Price spread?

Prices?

Funding?per 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−0.441%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

BackpackedgeX

MET on 21 exchanges

lowest funding first

Before you open

1 ok · 5 to watch

• !
  Watch: Thin at this size10.9 / 26.7 bp

  At $10k entering edgeX costs 26.7 bp, fee and slippage, 2.5× Backpack’s.
• i
  Note: Margin at max leverage$2,000 + $1,000

  Backpack 5x, edgeX 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• !
  Watch: Payment intervals differ1h / 4h

  Payments land at different times. Close right after the slower leg pays.

  Long Backpack · 1h−$3.00

  Short edgeX · 4h−$7.77

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$10.77Long Backpack: 24 payments, −$3.00; short edgeX: 6 payments, −$7.77.
• !
  Watch: Gap narrower than usual−0.441% vs −0.100%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Short leg is thinner$1K vs $120K OI

  edgeX sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legedgeX points

  Volume here counts toward the points program.
• !
  Watch: KYCBackpack Yes · edgeX No

  KYC (ID, face scan, residency and source of income) before any trading.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0105%/8h × 21 periods+$22.10

Price spread−0.441% → −0.100% (7d avg)−$34.05

Slippage, 4 orderslive order books−$55.89

Fee Backpack bp × 2 orders−$10.00

Fee edgeX bp × 2 orders−$9.00

Net · 7 days · $10k−$86.84

Costs to cover0.749%Break-even34.5 days

Slippage: Backpack: live order book, 3 min ago; edgeX: live order book, 1 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGBackpack1.7410.9 bp−$111877.4 bp−$18.8Kdoesn’t fitdoesn’t fit

SELL · SHORTedgeX6.3426.7 bp−$27doesn’t fitdoesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

FundingPrice spread

I'm in

MET news

posts that mention MET, from every exchangeSearch all news →

10-10 00:13	Orderly	Listing	new market PERP_MET_USDC_mythos ($MET) seen by our collector
10-09 09:44	edgeX	Listing	new market METUSDC ($MET) seen by our collector
10-09 08:46	edgeX	Listing	New Crypto Perp Listings on edgeX $STRK ZK rollup scaling network on Ethereum. $MET Liquidity and DEX protocol on Solana. Trade on Arc. Unlock Triple Rewards. @edgeX_exchange on X ↗
10-08 18:00	Binance	Contest	Nice to MET you. The MET Trading Tournament is live, with up to 400 BNB in token vouchers to share. Join now → @binance on X ↗
09-28 15:16	Phoenix	Contest	It’s Solana Ecosystem week on Frontier Traders. Trade SOL, JUP, PUMP, SKR, MET, ANSEM, STONK, JTO, and FARTCOIN perpetuals on Phoenix to compete for a $25,000 prize pool across Volume and PnL leaderboards. @PhoenixTrade on X ↗
09-25 14:48	Phoenix	Contest	$SOL went up, and so did the rewards. Earn an additional $25k in rewards for trading @solana ecosystem tokens on Phoenix this week, courtesy of @joinfrontier SOL, JUP, PUMP, SKR, MET, ANSEM, STONK, JTO, FART @PhoenixTrade on X ↗