MET

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.018%

Price spread now: Backpack against Lighter−0.007%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$940.941% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.332%+$33 on $10k

Price spread, last 4 days (all we have)−0.237%−$24 · spread now −0.007%, 7d avg −0.116%

Together, before fees+0.095%+ Points / potential airdropLighter: Season 3 · farm board+$10 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 0.109% dearer against Lighter than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2773	0.0096	pay 0.0012% / 1h	9m 30s	$168K	$421K	5x
Short	Backpack MET_USDC_PERP	0.2773	0.0100	get 0.0013% / 1h	9m 30s	$315K	$283K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0.84
Price spread: −0.007% → −0.116%: $10.92
Slippage, 4 orders: −$84.08
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$82.31
Costs to cover: 0.941%
Break-even: 693.0 days

Slippage from Lighter: live order book, 41 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 Lighter live order book, 41 min ago	6.94 bp	58.4 bp −$58	211.3 bp −$2,113	doesn't fit	doesn't fit
Sell Backpack live order book, 59 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	0.2771	−0.075%	$9K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2786	+0.472%	$14K	$15K	5x	as long as short
Lighter METlong	+0.0096%	1h	0.2773	long leg	$168K	$421K	5x
Hyperliquid MET	+0.0100%	1h	0.2773	−0.004%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2774	+0.038%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2773	+0.009%	$4.8M	$12.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2771	−0.065%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2777	+0.144%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2773	0.000%	$179K	$183K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2773	0.000%	$921K	$285K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2774	+0.036%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2776	+0.108%	$649K	$894K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2773	−0.007%	$315K	$283K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2773	0.000%	$35K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2774	+0.036%	$2K	$1.6M	20x	as long as short