Funding arb · Price arb /

MET

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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: OKX against Backpack−0.053%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$780.778% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.373%−$37 on $10k

Price spread, last 4 days (all we have)+0.329%+$33 · spread now −0.053%, 7d avg −0.056%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, 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 -0.373% in total (about -19.4% 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	51m 09s	$330K	$251K	5x
Short	OKX MET-USDT-SWAP	0.2824	0.0100	get 0.0050% / 4h	1h 51m	$1.3M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$128.87
Price spread: −0.053% → −0.056%: $0.32
Slippage, 4 orders: −$57.82
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$206.37
Costs to cover: 0.778%
Break-even: never at this rate

Slippage from Backpack: live order book, 32 min ago; OKX: 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, 32 min ago	2.12 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	3.54 bp	23.5 bp −$24	87.3 bp −$873	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	−0.059%	$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	−0.058%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2824	−0.058%	$4.9M	$11.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2822	−0.120%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAPshort	+0.0100%	4h	0.2824	−0.053%	$1.3M	$3.3M	20x
Gate MET_USDT	+0.0100%	4h	0.2826	+0.018%	$193K	$187K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2822	−0.124%	$943K	$259K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2824	−0.053%	$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