MET

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0304%/8h= −33.3% APRnext payment −$0.38 per $10,000 · paid last 24h −0.211%

Price spread now: Phoenix against Lighter−0.060%7-day average — · you buy dearer than you sell

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

Long on Lighter 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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phoenix is 0.060% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2853	0.0192	pay 0.0024% / 1h	4m 25s	$249K	$268K	5x
Short	Phoenix MET	0.2851	−0.0112	pay 0.0014% / 1h	4m 25s	$15K	$13K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$63.81
Price spread: −0.060% → 0.000%: −$5.96
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$76.77
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 56 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 Lighter live order book, 56 min ago	11.17 bp	61.9 bp −$62	214.9 bp −$2,149	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 −0.1723% / S +0.0247%	1h	0.2846	−0.240%	$10K	—	50x	as long as short
Phoenix METshort	−0.0112%	1h	0.2851	−0.060%	$15K	$13K	5x
Hyperliquid MET	+0.0100%	1h	0.2851	−0.067%	$4.3M	$1.4M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2851	−0.063%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2850	−0.105%	$5.0M	$11.8M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2848	−0.175%	$5.0M	$3.0M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2851	−0.070%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2850	−0.105%	$193K	$190K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2850	−0.105%	$1.0M	$280K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2851	−0.070%	$1.3M	$2.6M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METUSDT	+0.0100%	4h	0.2852	−0.035%	$686K	$875K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2844	−0.315%	$36K	$116K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2845	−0.280%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0139%	4h	0.2844	−0.315%	$294K	$83K	50x	as long as short
Lighter METlong	+0.0192%	1h	0.2853	long leg	$249K	$268K	5x
Backpack MET_USDC_PERP	+0.0478%	1h	0.2848	−0.161%	$332K	$262K	5x	as long as short