Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.053%

Price spread now: Backpack against OKX+0.187%46s7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$790.786% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.384%+$38 on $10k

Price spread, last 4 days (all we have)−0.369%−$37 · spread now +0.187%, 7d avg +0.050%

Together, before fees+0.015%+$2 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 0.138% dearer against OKX than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.050%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MET-USDT-SWAP	0.2726	0.0100	pay 0.0050% / 4h	2h 40m	$1.2M	$3.2M	20x
Short	Backpack MET_USDC_PERP	0.2731	0.0100	get 0.0013% / 1h	40m 20s	$307K	$278K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.187%Rate

Funding earned: $0
Price spread: +0.187% → +0.050%: $13.76
Slippage, 4 orders: −$58.56
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$64.8
Costs to cover: 0.786%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Backpack: 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 OKX live order book, 2 min ago	9.14 bp	25.9 bp −$26	172.0 bp −$1,720	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	0.18 bp	9.6 bp −$10	doesn't fit	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 −0.0692% / S +0.0203%	1h	0.2727	+0.047%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2742	+0.605%	$13K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2726	−0.007%	$166K	$423K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2727	+0.023%	$3.6M	$1.8M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2728	+0.078%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2726	0.000%	$4.6M	$12.3M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2726	0.000%	$4.7M	$3.2M	25x	as long as short
OKX MET-USDT-SWAPlong	+0.0100%	4h	0.2726	long leg	$1.2M	$3.2M	20x
Gate MET_USDT	+0.0100%	4h	0.2727	+0.037%	$177K	$184K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2726	0.000%	$911K	$279K	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	0.2728	+0.073%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2729	+0.110%	$668K	$914K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2731	+0.187%	$307K	$278K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2732	+0.220%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2733	+0.257%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0137%	4h	0.2736	+0.367%	$279K	$93K	50x	as long as short