Funding arb · Price arb /

MET

all MET markets

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: Binance against Lighter−0.007%7-day average −0.181% · you buy dearer than you sell

Net, funding: paid 7d − costs−$362as in the Funding arb table

Net, price: spread back to 7d avg − costs−$335as in the Price arb table

costs, in and out, $10k−$3523.521% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 4 days (all we have)−0.240%−$24 · spread now −0.007%, 7d avg −0.181%

Together, before fees−0.339%+ Points / potential airdropLighter: Season 3 · farm board−$34 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: Binance is 0.174% dearer against Lighter than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.181%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2785	0.0096	pay 0.0012% / 1h	2m 30s	$168K	$425K	5x
Short	Binance METUSDT	0.2785	0.0100	get 0.0050% / 4h	2m 30s	$4.8M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.007%Rate

Funding earned: $0.84
Price spread: −0.007% → −0.181%: $17.4
Slippage, 4 orders: −$342.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$333.91
Costs to cover: 3.521%
Break-even: 2789.6 days

Slippage from Lighter: live order book, 38 min ago; Binance: live order book, 8 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, 38 min ago	31.66 bp	158.8 bp −$159	232.7 bp −$2,327	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	1.80 bp	19.8 bp −$20	87.8 bp −$878	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	0.2785	−0.001%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2783	−0.083%	$14K	$15K	5x	as long as short
BloFin MET-USDT	+0.0077%	4h	0.2780	−0.183%	$284K	$89K	50x	as long as short
Bybit METUSDT	+0.0095%	4h	0.2783	−0.075%	$4.8M	$3.1M	25x	as long as short
Lighter METlong	+0.0096%	1h	0.2785	long leg	$168K	$425K	5x
Hyperliquid MET	+0.0100%	1h	0.2786	+0.032%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2781	−0.140%	$52K	$11K	5x	as long as short
Binance METUSDTshort	+0.0100%	4h	0.2785	−0.007%	$4.8M	$12.1M	50x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2789	+0.140%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2780	−0.183%	$178K	$173K	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	0.2784	−0.039%	$936K	$282K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2784	−0.039%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2784	−0.039%	$651K	$863K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2787	+0.083%	$317K	$305K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2774	−0.399%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2785	−0.004%	$2K	$1.6M	20x	as long as short