Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.036%

Price spread now: Lighter against Binance+0.009%7-day average +0.181% · you sell dearer than you buy

Net, funding: paid 7d − costs−$342as in the Funding arb table

Net, price: spread back to 7d avg − costs−$369as in the Price arb table

costs, in and out, $10k−$3523.521% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)+0.238%+$24 · spread now +0.009%, 7d avg +0.181%

Together, before fees+0.336%+ Points / potential airdropLighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.171% cheaper against Binance than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.181%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance METUSDT	0.2789	0.0100	pay 0.0050% / 4h	0m 56s	$4.8M	$12.1M	50x
Short	Lighter MET	0.2790	0.0096	get 0.0012% / 1h	0m 56s	$169K	$425K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$0.84
Price spread: +0.009% → +0.181%: −$17.15
Slippage, 4 orders: −$342.15
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$370.13
Costs to cover: 3.521%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Lighter: live order book, 40 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 Binance live order book, 9 min ago	1.80 bp	21.1 bp −$21	145.5 bp −$1,455	doesn't fit	doesn't fit
Sell Lighter live order book, 40 min ago	31.66 bp	152.4 bp −$152	224.2 bp −$2,242	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 −0.0498% / S +0.0175%	1h	0.2789	−0.002%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2786	−0.134%	$14K	$15K	5x	as long as short
Lighter METshort	+0.0096%	1h	0.2790	+0.009%	$169K	$425K	5x
Hyperliquid MET	+0.0100%	1h	0.2791	+0.041%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2789	−0.002%	$52K	$11K	5x	as long as short
Binance METUSDTlong	+0.0100%	4h	0.2789	long leg	$4.8M	$12.1M	50x
Bybit METUSDT	+0.0100%	4h	0.2789	−0.016%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2792	+0.092%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2787	−0.088%	$178K	$173K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2789	−0.016%	$937K	$282K	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	0.2792	+0.092%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2789	−0.016%	$652K	$863K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2792	+0.081%	$318K	$305K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2783	−0.231%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2789	−0.016%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0144%	4h	0.2789	−0.016%	$286K	$89K	50x	as long as short