Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.054%

Price spread now: Backpack against KuCoin+0.083%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$183as in the Funding arb table

Net, price: spread back to 7d avg − costs−$239as in the Price arb table

costs, in and out, $10k−$2462.458% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.627%+$63 on $10k

Price spread, last 4 days (all we have)−0.143%−$14 · spread now +0.083%, 7d avg +0.019%

Together, before fees+0.484%+$48 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: Backpack is 0.063% dearer against KuCoin than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin METUSDTM	0.2775	0.0100	pay 0.0050% / 4h	2h 05m	$1.3M	$2.6M	50x
Short	Backpack MET_USDC_PERP	0.2777	0.0100	get 0.0013% / 1h	5m 46s	$316K	$281K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.083%Rate

Funding earned: $0
Price spread: +0.083% → +0.019%: $6.34
Slippage, 4 orders: −$223.79
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$239.44
Costs to cover: 2.458%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Backpack: live order book, 63 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 KuCoin live order book, 6 min ago	7.20 bp	91.7 bp −$92	335.1 bp −$3,351	doesn't fit	doesn't fit
Sell Backpack live order book, 63 min ago	1.23 bp	13.5 bp −$14	doesn't fit	doesn't fit	doesn't fit

MET on 15 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 −0.1415% / S +0.0215%	1h	0.2777	+0.081%	$9K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2772	−0.126%	$13K	$15K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2777	+0.083%	$168K	$422K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2775	+0.014%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2778	+0.106%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2775	0.000%	$4.8M	$12.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2774	−0.025%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2776	+0.036%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2774	−0.036%	$179K	$183K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2774	−0.036%	$921K	$286K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTMlong	+0.0100%	4h	0.2775	long leg	$1.3M	$2.6M	50x
Bitget METUSDT	+0.0100%	4h	0.2776	+0.036%	$649K	$890K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2777	+0.083%	$316K	$281K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2770	−0.180%	$35K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2778	+0.108%	$1K	$1.6M	20x	as long as short