Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0614%/8h= −67.2% APRpaid last 24h −0.058%

Price spread now: MEXC against Backpack−0.053%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$510.508% of the position

Long on Backpack Short on MEXC

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)+0.015%+$1 · spread now −0.053%, 7d avg −0.065%

Together, before fees−0.402%−$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.065%, so right now this pair is about funding alone: −$18 a day on $10k at the current rate.

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	0.2826	0.0714	pay 0.0089% / 1h	50m 55s	$330K	$251K	5x
Short	MEXC MET_USDT	0.2824	0.0100	get 0.0050% / 4h	1h 50m	$944K	$259K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$128.87
Price spread: −0.053% → −0.065%: $1.18
Slippage, 4 orders: −$36.79
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$178.48
Costs to cover: 0.508%
Break-even: never at this rate

Slippage from Backpack: live order book, 33 min ago; MEXC: live order book, 29 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, 33 min ago	2.12 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 29 min ago	1.76 bp	12.2 bp −$12	44.3 bp −$443	224.7 bp −$22.5K	802.3 bp −$401.2K

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	−0.059%	$9K	—	50x	as long as short
Phoenix MET	−0.0114%	1h	0.2834	+0.294%	$14K	$13K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2825	−0.032%	$4.3M	$1.2M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2824	−0.057%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2824	−0.059%	$4.9M	$11.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2824	−0.053%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2827	+0.053%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2826	+0.018%	$193K	$187K	50x	as long as short
MEXC MET_USDTshort	+0.0100%	4h	0.2824	−0.053%	$944K	$259K	20x
KuCoin METUSDTM	+0.0100%	4h	0.2825	−0.018%	$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	0.2826	+0.018%	$664K	$845K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2818	−0.265%	$36K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2823	−0.088%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0147%	4h	0.2824	−0.053%	$288K	$78K	50x	as long as short
Lighter MET	+0.0200%	1h	0.2829	+0.110%	$261K	$244K	5x	as long as short
Backpack MET_USDC_PERPlong	+0.0714%	1h	0.2826	long leg	$330K	$251K	5x