Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0626%/8h= −68.5% APRpaid last 24h −0.066%

Price spread now: SunX against Backpack−0.095%7-day average −0.028% · you buy dearer than you sell

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

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.322%−$32 on $10k

Price spread, last 3 days (all we have)+0.989%+$99 · spread now −0.095%, 7d avg −0.028%

Together, before fees+0.667%+$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and SunX is 0.067% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.322% in total (about -16.8% 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	0.2841	0.0726	pay 0.0091% / 1h	54m 40s	$332K	$251K	5x
Short	SunX MET-USDT	0.2838	0.0100	get 0.0050% / 4h	1h 54m	$2K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$131.38
Price spread: −0.095% → −0.028%: −$6.66
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$156.04
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 29 min ago; SunX: live order book, 10 min ago. 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, 29 min ago	2.12 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	502.32 bp	doesn't fit	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 −0.1553% / S +0.0229%	1h	0.2838	−0.094%	$9K	—	50x	as long as short
Phoenix MET	−0.0197%	1h	0.2816	−0.887%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0043%	4h	0.2810	−1.081%	$290K	$78K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2841	+0.004%	$4.3M	$1.2M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2841	+0.011%	$53K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2838	−0.105%	$5.0M	$11.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2838	−0.102%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2837	−0.130%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2835	−0.201%	$193K	$187K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2840	−0.025%	$949K	$259K	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	0.2836	−0.165%	$1.3M	$2.4M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2838	−0.095%	$667K	$845K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2811	−1.046%	$36K	$110K	50x	as long as short
SunX MET-USDTshort	+0.0100%	4h	0.2838	−0.095%	$2K	$1.6M	20x
Lighter MET	+0.0496%	1h	0.2845	+0.144%	$262K	$244K	5x	as long as short
Backpack MET_USDC_PERPlong	+0.0726%	1h	0.2841	long leg	$332K	$251K	5x