Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.136%

Price spread now: Phoenix against KuCoin−0.150%48s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.150% cheaper against KuCoin than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin METUSDTM	0.2726	0.0100	pay 0.0050% / 4h	2h 36m	$1.3M	$2.7M	50x
Short	Phoenix MET	0.2722	0	get 0.0000% / 1h	36m 33s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$21
Price spread: −0.150% → 0.000%: −$15.04
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$55.04
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 5 min ago	7.31 bp	66.7 bp −$67	301.5 bp −$3,015	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0703% / S +0.0205%	1h	0.2725	−0.026%	$4K	—	50x	as long as short
Phoenix METshort	0.0000%	1h	0.2722	−0.150%	$13K	$14K	5x
BloFin MET-USDT	+0.0086%	4h	0.2723	−0.110%	$276K	$93K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2726	0.000%	$166K	$424K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2727	+0.048%	$3.6M	$1.8M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2728	+0.079%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2727	+0.039%	$4.6M	$12.4M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2727	+0.033%	$4.7M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2728	+0.073%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2724	−0.073%	$177K	$184K	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	0.2726	0.000%	$913K	$279K	20x	as long as short
KuCoin METUSDTMlong	+0.0100%	4h	0.2726	long leg	$1.3M	$2.7M	50x
Bitget METUSDT	+0.0100%	4h	0.2730	+0.147%	$670K	$940K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2727	+0.048%	$307K	$278K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2713	−0.477%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2726	0.000%	$2K	$1.6M	20x	as long as short