Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0446%/8h= +48.8% APRpaid last 24h +0.066%

Price spread now: Backpack against Bitget−0.107%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$840.844% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.379%+$38 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.107%, 7d avg +0.019%

Together, before fees+0.424%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.125% cheaper against Bitget than usual: you would sell low and buy high (spread −0.107% now, against its 7-day average of +0.019%). If the spread goes back, that is −$13 on $10k: about 22 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.379% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget METUSDT	0.2812	0.0100	pay 0.0050% / 4h	1h 57m	$661K	$845K	25x
Short	Backpack MET_USDC_PERP	0.2809	0.0546	get 0.0068% / 1h	57m 32s	$328K	$251K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now −0.107%Rate

Funding earned: $93.68
Price spread: −0.107% → +0.019%: −$12.54
Slippage, 4 orders: −$62.37
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$3.23
Costs to cover: 0.844%
Break-even: 7.2 days

Slippage from Bitget: live order book, 23 min ago; Backpack: live order book, 26 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 Bitget live order book, 23 min ago	8.81 bp	28.6 bp −$29	110.6 bp −$1,106	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	2.12 bp	16.6 bp −$17	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 −0.1531% / S +0.0227%	1h	0.2816	+0.139%	$9K	—	50x	as long as short
Phoenix MET	−0.0197%	1h	0.2816	+0.124%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0080%	4h	0.2807	−0.178%	$289K	$78K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2813	+0.032%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2812	+0.007%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2811	−0.036%	$4.9M	$11.0M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2809	−0.096%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2812	0.000%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2808	−0.142%	$192K	$187K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2814	+0.071%	$927K	$257K	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	0.2812	0.000%	$1.3M	$2.4M	50x	as long as short
Bitget METUSDTlong	+0.0100%	4h	0.2812	long leg	$661K	$845K	25x
ApeX Omni METUSDT	+0.0100%	1h	0.2803	−0.320%	$37K	$110K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2805	−0.249%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0392%	1h	0.2815	+0.121%	$260K	$244K	5x	as long as short
Backpack MET_USDC_PERPshort	+0.0546%	1h	0.2809	−0.107%	$328K	$251K	5x