Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.036%

Price spread now: Lighter against OKX−0.014%7-day average +0.167% · you buy dearer than you sell

Net, funding: paid 7d − costs−$353as in the Funding arb table

Net, price: spread back to 7d avg − costs−$376as in the Price arb table

costs, in and out, $10k−$3583.576% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 4 days (all we have)+0.199%+$20 · spread now −0.014%, 7d avg +0.167%

Together, before fees+0.249%+ Points / potential airdropLighter: Season 3 · farm board+$25 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: Lighter is 0.181% cheaper against OKX than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.167%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MET-USDT-SWAP	0.2789	0.0100	pay 0.0050% / 4h	3h 57m	$1.2M	$3.3M	20x
Short	Lighter MET	0.2789	0.0096	get 0.0012% / 1h	57m 01s	$168K	$422K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$0.84
Price spread: −0.014% → +0.167%: −$18.12
Slippage, 4 orders: −$347.57
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$376.53
Costs to cover: 3.576%
Break-even: never at this rate

Slippage from OKX: live order book, just now; Lighter: live order book, 43 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, just now	5.38 bp	26.0 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 43 min ago	31.66 bp	152.4 bp −$152	224.2 bp −$2,242	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	0.2789	−0.015%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2790	+0.022%	$14K	$15K	5x	as long as short
Lighter METshort	+0.0096%	1h	0.2789	−0.014%	$168K	$422K	5x
Hyperliquid MET	+0.0100%	1h	0.2789	−0.007%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2789	−0.011%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2788	−0.039%	$4.8M	$12.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2787	−0.072%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAPlong	+0.0100%	4h	0.2789	long leg	$1.2M	$3.3M	20x
Gate MET_USDT	+0.0100%	4h	0.2786	−0.108%	$178K	$167K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2788	−0.036%	$937K	$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	0.2789	0.000%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2792	+0.108%	$657K	$867K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2782	−0.251%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2788	−0.036%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0113%	4h	0.2789	0.000%	$285K	$89K	50x	as long as short
Backpack MET_USDC_PERP	+0.0329%	1h	0.2791	+0.082%	$318K	$305K	5x	as long as short