Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.036%

Price spread now: Lighter against KuCoin−0.270%7-day average +0.132% · you buy dearer than you sell

Net, funding: paid 7d − costs−$504as in the Funding arb table

Net, price: spread back to 7d avg − costs−$574as in the Price arb table

costs, in and out, $10k−$5345.336% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.295%+$29 on $10k

Price spread, last 4 days (all we have)+0.825%+$83 · spread now −0.270%, 7d avg +0.132%

Together, before fees+1.120%+ Points / potential airdropLighter: Season 3 · farm board+$112 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 0.402% cheaper against KuCoin than usual: you would sell low and buy high, −$40 on $10k if it goes back to its 7-day average of +0.132%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin METUSDTM	0.2780	0.0100	pay 0.0050% / 4h	42m 29s	$1.3M	$2.6M	50x
Short	Lighter MET	0.2772	0.0096	get 0.0012% / 1h	42m 29s	$168K	$425K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.270%Rate

Funding earned: −$0.84
Price spread: −0.270% → +0.132%: −$40.22
Slippage, 4 orders: −$521.55
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$574.61
Costs to cover: 5.336%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Lighter: 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, 4 min ago	7.19 bp	102.1 bp −$102	505.1 bp −$5,051	doesn't fit	doesn't fit
Sell Lighter live order book, 63 min ago	32.57 bp	163.3 bp −$163	239.9 bp −$2,399	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 −0.0498% / S +0.0175%	1h	0.2782	+0.075%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2778	−0.072%	$14K	$15K	5x	as long as short
Bybit METUSDT	+0.0036%	4h	0.2779	−0.036%	$4.8M	$3.2M	25x	as long as short
BloFin MET-USDT	+0.0068%	4h	0.2786	+0.216%	$286K	$90K	50x	as long as short
Lighter METshort	+0.0096%	1h	0.2772	−0.270%	$168K	$425K	5x
Hyperliquid MET	+0.0100%	1h	0.2778	−0.068%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2779	−0.032%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2777	−0.095%	$4.8M	$12.2M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2777	−0.108%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2777	−0.108%	$178K	$171K	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	0.2777	−0.108%	$933K	$280K	20x	as long as short
KuCoin METUSDTMlong	+0.0100%	4h	0.2780	long leg	$1.3M	$2.6M	50x
Bitget METUSDT	+0.0100%	4h	0.2780	0.000%	$650K	$864K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2782	+0.083%	$315K	$310K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2772	−0.288%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2785	+0.180%	$2K	$1.6M	20x	as long as short