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: KuCoin against Lighter+0.278%7-day average −0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$563as in the Funding arb table

Net, price: spread back to 7d avg − costs−$493as in the Price arb table

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

Long on Lighter Short on KuCoin

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)−0.833%−$83 · spread now +0.278%, 7d avg −0.132%

Together, before fees−1.128%+ Points / potential airdropLighter: Season 3 · farm board−$113 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: KuCoin is 0.410% dearer against Lighter than usual: you sell high and buy low, +$41 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	Lighter MET	0.2772	0.0096	pay 0.0012% / 1h	41m 58s	$168K	$425K	5x
Short	KuCoin METUSDTM	0.2780	0.0100	get 0.0050% / 4h	41m 58s	$1.3M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.278%Rate

Funding earned: $0.84
Price spread: +0.278% → −0.132%: $41.01
Slippage, 4 orders: −$521.55
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$491.7
Costs to cover: 5.336%
Break-even: 4104.5 days

Slippage from Lighter: live order book, 64 min ago; KuCoin: live order book, 5 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, 64 min ago	32.57 bp	132.4 bp −$132	220.4 bp −$2,204	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	7.19 bp	135.8 bp −$136	493.5 bp −$4,935	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	0.2777	+0.170%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2778	+0.206%	$14K	$15K	5x	as long as short
Bybit METUSDT	+0.0036%	4h	0.2778	+0.202%	$4.8M	$3.2M	25x	as long as short
BloFin MET-USDT	+0.0068%	4h	0.2786	+0.494%	$286K	$90K	50x	as long as short
Lighter METlong	+0.0096%	1h	0.2772	long leg	$168K	$425K	5x
Hyperliquid MET	+0.0100%	1h	0.2778	+0.206%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2779	+0.247%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2778	+0.206%	$4.8M	$12.2M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2780	+0.278%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2777	+0.170%	$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	+0.170%	$933K	$280K	20x	as long as short
KuCoin METUSDTMshort	+0.0100%	4h	0.2780	+0.278%	$1.3M	$2.6M	50x
Bitget METUSDT	+0.0100%	4h	0.2780	+0.278%	$650K	$864K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2779	+0.242%	$315K	$310K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2772	−0.011%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2777	+0.170%	$2K	$1.6M	20x	as long as short