Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h +0.036%

Price spread now: Lighter against Bybit−0.029%7-day average +0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$369as in the Funding arb table

Net, price: spread back to 7d avg − costs−$397as in the Price arb table

costs, in and out, $10k−$3813.805% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.029%, 7d avg +0.140%

Together, before fees+0.210%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.169% cheaper against Bybit than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.140%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METUSDT	0.2722	0.0088	pay 0.0044% / 4h	2h 22m	$4.7M	$3.2M	25x
Short	Lighter MET	0.2721	0.0096	get 0.0012% / 1h	22m 12s	$166K	$424K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.029%Rate

Funding earned: $1.68
Price spread: −0.029% → +0.140%: −$16.93
Slippage, 4 orders: −$369.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$395.77
Costs to cover: 3.805%
Break-even: 1656.0 days

Slippage from Bybit: live order book, just now; Lighter: live order book, 8 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, just now	3.68 bp	34.8 bp −$35	297.2 bp −$2,972	doesn't fit	doesn't fit
Sell Lighter live order book, 8 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	0.2719	−0.127%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2714	−0.298%	$13K	$14K	5x	as long as short
BloFin MET-USDT	+0.0046%	4h	0.2709	−0.478%	$274K	$93K	50x	as long as short
Bybit METUSDTlong	+0.0088%	4h	0.2722	long leg	$4.7M	$3.2M	25x
Lighter METshort	+0.0096%	1h	0.2721	−0.029%	$166K	$424K	5x
Hyperliquid MET	+0.0100%	1h	0.2715	−0.276%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2722	−0.005%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2722	−0.002%	$4.6M	$12.6M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2723	+0.037%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2712	−0.367%	$177K	$192K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2720	−0.073%	$836K	$291K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2720	−0.073%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2723	+0.037%	$666K	$962K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2712	−0.367%	$306K	$279K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2710	−0.441%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2716	−0.220%	$2K	$1.6M	20x	as long as short