MET

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0407%/8h= −44.6% APRnext payment −$0.51 per $10,000 · paid last 24h −0.058%

Price spread now: Hyperliquid against Backpack+0.168%7-day average −0.006% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.433%−$43 on $10k

Price spread, last 4 days (all we have)+0.233%+$23 · spread now +0.168%, 7d avg −0.006%

Together, before fees−0.200%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.174% dearer against Backpack than usual: you sell high and buy low (spread +0.168% now, against its 7-day average of −0.006%): +$17 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2852	0.0507	pay 0.0063% / 1h	24m 42s	$331K	$257K	5x
Short	Hyperliquid MET	0.2856	0.0100	get 0.0013% / 1h	24m 42s	$4.3M	$1.3M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.168%Rate

Funding earned: −$85.5
Price spread: +0.168% → −0.006%: $17.4
Slippage, 4 orders: −$44.97
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$132.07
Costs to cover: 0.640%
Break-even: never at this rate

Slippage from Backpack: live order book, 59 min ago; Hyperliquid: live order book, 7 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, 59 min ago	2.12 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.23 bp	19.4 bp −$19	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 −0.1723% / S +0.0247%	1h	0.2848	−0.136%	$10K	—	50x	as long as short
Phoenix MET	−0.0114%	1h	0.2844	−0.252%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0070%	4h	0.2847	−0.161%	$292K	$79K	50x	as long as short
Hyperliquid METshort	+0.0100%	1h	0.2856	+0.168%	$4.3M	$1.3M	3x
Aster METUSDT	+0.0100%	4h	0.2856	+0.138%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2856	+0.140%	$5.0M	$11.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2853	+0.049%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2853	+0.049%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2854	+0.084%	$194K	$188K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2852	+0.014%	$968K	$269K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2851	−0.021%	$1.3M	$2.5M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2853	+0.049%	$677K	$854K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2841	−0.372%	$36K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2847	−0.161%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0112%	1h	0.2864	+0.428%	$265K	$246K	5x	as long as short
Backpack MET_USDC_PERPlong	+0.0507%	1h	0.2852	long leg	$331K	$257K	5x