Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.036%

Price spread now: Bybit against Lighter−0.190%7-day average −0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$389as in the Funding arb table

Net, price: spread back to 7d avg − costs−$382as in the Price arb table

costs, in and out, $10k−$3773.770% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.190%, 7d avg −0.140%

Together, before fees+0.011%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.051% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.140%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2731	0.0096	pay 0.0012% / 1h	44m 43s	$166K	$430K	5x
Short	Bybit METUSDT	0.2726	0.0026	get 0.0013% / 4h	1h 44m	$4.7M	$3.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$14.76
Price spread: −0.190% → −0.140%: −$5.08
Slippage, 4 orders: −$366.01
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$396.85
Costs to cover: 3.770%
Break-even: never at this rate

Slippage from Lighter: live order book, 46 min ago; Bybit: live order book, 3 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, 46 min ago	57.76 bp	140.1 bp −$140	216.6 bp −$2,166	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	5.51 bp	39.3 bp −$39	172.6 bp −$1,726	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 −0.0738% / S +0.0214%	1h	0.2726	−0.209%	$4K	—	50x	as long as short
Phoenix MET	−0.0029%	1h	0.2720	−0.410%	$13K	$14K	5x	as long as short
Bybit METUSDTshort	+0.0026%	4h	0.2726	−0.190%	$4.7M	$3.2M	25x
Lighter METlong	+0.0096%	1h	0.2731	long leg	$166K	$430K	5x
Hyperliquid MET	+0.0100%	1h	0.2727	−0.154%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2725	−0.222%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2727	−0.165%	$4.6M	$12.7M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2726	−0.190%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2724	−0.264%	$170K	$194K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2726	−0.190%	$839K	$289K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2725	−0.227%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2727	−0.154%	$667K	$962K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2726	−0.179%	$307K	$278K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2717	−0.520%	$34K	$120K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2727	−0.154%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0120%	4h	0.2721	−0.373%	$274K	$90K	50x	as long as short