Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h +0.035%

Price spread now: Lighter against BloFin+0.183%7-day average +0.156% · you sell dearer than you buy

Net, funding: paid 7d − costs−$332as in the Funding arb table

Net, price: spread back to 7d avg − costs−$336as in the Price arb table

costs, in and out, $10k−$3383.383% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.518%−$52 · spread now +0.183%, 7d avg +0.156%

Together, before fees−0.455%+ Points / potential airdropLighter: Season 3 · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.027% dearer against BloFin than usual: you sell high and buy low (spread +0.183% now, against its 7-day average of +0.156%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.063%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MET-USDT	0.2731	0.0135	pay 0.0068% / 4h	2h 17m	$270K	$94K	50x
Short	Lighter MET	0.2736	0.0096	get 0.0012% / 1h	17m 14s	$167K	$424K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.183%Rate

Funding earned: −$8.23
Price spread: +0.183% → +0.156%: $2.72
Slippage, 4 orders: −$326.3
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$343.8
Costs to cover: 3.383%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Lighter: live order book, 13 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, 7 min ago	3.69 bp	21.1 bp −$21	54.6 bp −$546	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	57.76 bp	162.7 bp −$163	243.8 bp −$2,438	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 −0.0738% / S +0.0214%	1h	0.2736	+0.169%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2732	+0.026%	$13K	$14K	5x	as long as short
Lighter METshort	+0.0096%	1h	0.2736	+0.183%	$167K	$424K	5x
Hyperliquid MET	+0.0100%	1h	0.2731	+0.004%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2739	+0.277%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2736	+0.178%	$4.6M	$12.6M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2732	+0.022%	$4.7M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2732	+0.037%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2732	+0.037%	$174K	$195K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2730	−0.037%	$840K	$292K	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	0.2734	+0.110%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2734	+0.110%	$686K	$969K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2734	+0.121%	$308K	$279K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2730	−0.037%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2736	+0.183%	$2K	$1.6M	20x	as long as short
BloFin MET-USDTlong	+0.0135%	4h	0.2731	long leg	$270K	$94K	50x