Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0530%/8h= +58.0% APRpaid last 24h +0.059%

Price spread now: Backpack against BloFin+0.119%66s7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$650.653% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.404%+$40 on $10k

Price spread, last 3 days (all we have)−0.529%−$53 · spread now +0.119%, 7d avg +0.054%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Backpack is 0.065% dearer against BloFin than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.054%. The two prices were read 66 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	BloFin MET-USDT	0.2866	0.0154	pay 0.0077% / 4h	31m 54s	$299K	$84K	50x
Short	Backpack MET_USDC_PERP	0.2869	0.0683	get 0.0085% / 1h	31m 54s	$334K	$258K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.119%Rate

Funding earned: $111.22
Price spread: +0.119% → +0.054%: $6.5
Slippage, 4 orders: −$43.26
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $52.47
Costs to cover: 0.653%
Break-even: 3.7 days

Slippage from BloFin: live order book, 40 min ago; Backpack: live order book, 47 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 BloFin live order book, 40 min ago	3.51 bp	17.2 bp −$17	58.6 bp −$586	doesn't fit	doesn't fit
Sell Backpack live order book, 47 min ago	0.70 bp	15.8 bp −$16	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 −0.1723% / S +0.0247%	1h	0.2865	−0.046%	$10K	—	50x	as long as short
Phoenix MET	−0.0112%	1h	0.2866	−0.003%	$15K	$13K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2869	+0.122%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2867	+0.047%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2868	+0.056%	$5.1M	$11.6M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2865	−0.021%	$5.0M	$3.0M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2869	+0.105%	$1.3M	$3.5M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2866	0.000%	$193K	$189K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2867	+0.035%	$1.0M	$278K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2867	+0.035%	$1.3M	$2.5M	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	0.2868	+0.070%	$690K	$869K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2863	−0.105%	$37K	$115K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2863	−0.105%	$2K	$1.6M	20x	as long as short
BloFin MET-USDTlong	+0.0154%	4h	0.2866	long leg	$299K	$84K	50x
Lighter MET	+0.0216%	1h	0.2872	+0.220%	$263K	$250K	5x	as long as short
Backpack MET_USDC_PERPshort	+0.0683%	1h	0.2869	+0.119%	$334K	$258K	5x