Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0426%/8h= +46.7% APRpaid last 24h +0.054%

Price spread now: Backpack against Bybit+0.102%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1071.069% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.488%+$49 on $10k

Price spread, last 4 days (all we have)−0.325%−$32 · spread now +0.102%, 7d avg +0.028%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Backpack is 0.074% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METUSDT	0.2847	0.0079	pay 0.0040% / 4h	3h 46m	$5.0M	$3.1M	25x
Short	Backpack MET_USDC_PERP	0.2850	0.0506	get 0.0063% / 1h	46m 54s	$332K	$264K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.102%Rate

Funding earned: $89.49
Price spread: +0.102% → +0.028%: $7.39
Slippage, 4 orders: −$85.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$10.04
Costs to cover: 1.069%
Break-even: 7.8 days

Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 27 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 Bybit live order book, 1 min ago	3.52 bp	45.6 bp −$46	348.3 bp −$3,483	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	1.58 bp	12.7 bp −$13	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	0.2847	+0.002%	$10K	—	50x	as long as short
Bybit METUSDTlong	+0.0079%	4h	0.2847	long leg	$5.0M	$3.1M	25x
Hyperliquid MET	+0.0100%	1h	0.2848	+0.038%	$4.2M	$1.4M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2847	+0.011%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2848	+0.019%	$5.0M	$11.8M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2847	0.000%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2846	−0.035%	$193K	$185K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2847	0.000%	$1.0M	$277K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2848	+0.035%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2849	+0.070%	$683K	$880K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni METUSDT	+0.0100%	1h	0.2845	−0.070%	$36K	$116K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2847	0.000%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0144%	4h	0.2849	+0.070%	$293K	$83K	50x	as long as short
Phoenix MET	+0.0197%	1h	0.2849	+0.060%	$15K	$15K	5x	as long as short
Lighter MET	+0.0368%	1h	0.2855	+0.295%	$256K	$278K	5x	as long as short
Backpack MET_USDC_PERPshort	+0.0506%	1h	0.2850	+0.102%	$332K	$264K	5x