Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0073%/8h= −7.9% APRpaid last 24h +0.161%

Price spread now: Aster against Phoenix+0.253%105s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Aster

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 airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.253% dearer against Phoenix than usual: you sell high and buy low (spread +0.253% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 12 days. The two prices were read 105 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	Phoenix MET	0.2794	0.0173	pay 0.0022% / 1h	19m 44s	$14K	$15K	5x
Short	Aster METUSDT	0.2801	0.0100	get 0.0050% / 4h	1h 19m	$53K	$11K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.253%Rate

Funding earned: −$15.24
Price spread: +0.253% → 0.000%: $25.25
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$4.99
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Aster: 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 Phoenix no order-book sample	—	—	—	—	—
Sell Aster no order-book sample	—	—	—	—	—

Phoenix and Aster: 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 −0.0595% / S +0.0205%	1h	0.2799	+0.203%	$4K	—	50x	as long as short
Lighter MET	+0.0096%	1h	0.2799	+0.204%	$170K	$422K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2799	+0.193%	$3.8M	$1.7M	3x	as long as short
Aster METUSDTshort	+0.0100%	4h	0.2801	+0.253%	$53K	$11K	5x
Binance METUSDT	+0.0100%	4h	0.2799	+0.189%	$4.8M	$12.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2800	+0.211%	$4.8M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2801	+0.258%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2798	+0.150%	$180K	$175K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2799	+0.186%	$941K	$284K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2800	+0.222%	$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	0.2799	+0.186%	$655K	$887K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2788	−0.208%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2799	+0.186%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0117%	4h	0.2794	+0.007%	$285K	$90K	50x	as long as short
Phoenix METlong	+0.0173%	1h	0.2794	long leg	$14K	$15K	5x
Backpack MET_USDC_PERP	+0.0370%	1h	0.2801	+0.265%	$316K	$310K	5x	as long as short