MET

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0843%/8h= −92.3% APRnext payment −$1.05 per $10,000 · paid last 24h −0.235%

Price spread now: Phoenix against Backpack+0.205%80s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.205% dearer against Backpack than usual: you sell high and buy low (spread +0.205% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 19 hours. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

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 02s	$330K	$251K	5x
Short	Phoenix MET	0.2834	−0.0114	pay 0.0014% / 1h	52m 02s	$14K	$13K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.205%Rate

Funding earned: −$176.96
Price spread: +0.205% → 0.000%: $20.51
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$173.45
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Backpack: live order book, 31 min ago; Phoenix: no order-book sample. Net counts fees only.

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 Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 METshort	−0.0114%	1h	0.2834	+0.205%	$14K	$13K	5x
Hyperliquid MET	+0.0100%	1h	0.2826	−0.071%	$4.3M	$1.2M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2830	+0.063%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2826	−0.071%	$4.9M	$11.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2824	−0.141%	$4.9M	$2.9M	25x	as long as short
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	0.2826	−0.071%	$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