Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.177%

Price spread now: Phoenix against Bitget−0.199%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.199% cheaper against Bitget than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget METUSDT	0.2867	0.0100	pay 0.0050% / 4h	34m 50s	$690K	$868K	25x
Short	Phoenix MET	0.2861	−0.0112	pay 0.0014% / 1h	34m 50s	$15K	$13K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.199%Rate

Funding earned: −$44.49
Price spread: −0.199% → 0.000%: −$19.88
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$83.38
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 41 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 Bitget live order book, 41 min ago	7.00 bp	25.6 bp −$26	81.8 bp −$818	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 −0.1723% / S +0.0247%	1h	0.2864	−0.096%	$10K	—	50x	as long as short
Phoenix METshort	−0.0112%	1h	0.2861	−0.199%	$15K	$13K	5x
BloFin MET-USDT	+0.0050%	4h	0.2865	−0.070%	$299K	$83K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2868	+0.017%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2866	−0.027%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2866	−0.037%	$5.1M	$11.6M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2865	−0.070%	$5.0M	$3.0M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2867	0.000%	$1.3M	$3.5M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2863	−0.140%	$193K	$189K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2865	−0.070%	$1.0M	$278K	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	0.2866	−0.035%	$1.3M	$2.5M	50x	as long as short
Bitget METUSDTlong	+0.0100%	4h	0.2867	long leg	$690K	$868K	25x
ApeX Omni METUSDT	+0.0100%	1h	0.2862	−0.174%	$37K	$115K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2862	−0.174%	$1K	$1.6M	20x	as long as short
Lighter MET	+0.0216%	1h	0.2872	+0.171%	$263K	$250K	5x	as long as short
Backpack MET_USDC_PERP	+0.0739%	1h	0.2868	+0.017%	$333K	$258K	5x	as long as short