MET

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0407%/8h= +44.6% APRnext payment +$0.51 per $10,000 · paid last 24h +0.058%

Price spread now: Backpack against Hyperliquid−0.168%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.433%+$43 on $10k

Price spread, last 4 days (all we have)−0.233%−$23 · spread now −0.168%, 7d avg +0.006%

Together, before fees+0.200%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.174% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of +0.006%). If the spread goes back, that is −$17 on $10k: about 34 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MET	0.2856	0.0100	pay 0.0013% / 1h	24m 42s	$4.3M	$1.3M	3x
Short	Backpack MET_USDC_PERP	0.2852	0.0507	get 0.0063% / 1h	24m 42s	$331K	$257K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.168%Rate

Funding earned: $85.5
Price spread: −0.168% → +0.006%: −$17.37
Slippage, 4 orders: −$44.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $4.15
Costs to cover: 0.640%
Break-even: 6.7 days

Slippage from Hyperliquid: live order book, 7 min ago; Backpack: live order book, 59 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 Hyperliquid live order book, 7 min ago	1.23 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 59 min ago	2.12 bp	16.6 bp −$17	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	0.2848	−0.304%	$10K	—	50x	as long as short
Phoenix MET	−0.0114%	1h	0.2844	−0.420%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0070%	4h	0.2847	−0.329%	$292K	$79K	50x	as long as short
Hyperliquid METlong	+0.0100%	1h	0.2856	long leg	$4.3M	$1.3M	3x
Aster METUSDT	+0.0100%	4h	0.2856	−0.030%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2856	−0.028%	$5.0M	$11.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2853	−0.119%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2853	−0.119%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2854	−0.084%	$194K	$188K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2852	−0.154%	$968K	$269K	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	0.2851	−0.189%	$1.3M	$2.5M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2853	−0.119%	$677K	$854K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2841	−0.539%	$36K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2847	−0.329%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0112%	1h	0.2864	+0.259%	$265K	$246K	5x	as long as short
Backpack MET_USDC_PERPshort	+0.0507%	1h	0.2852	−0.168%	$331K	$257K	5x