MET

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.219%

Price spread now: Backpack against Phoenix−0.248%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Backpack

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—needs both histories

Funding pays, the price is against you. Backpack is 0.248% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.248% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$25 on $10k: about 8.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MET	0.2786	0	get 0.0000% / 1h	10m 44s	$14K	$15K	5x
Short	Backpack MET_USDC_PERP	0.2779	0.0100	get 0.0013% / 1h	10m 44s	$316K	$283K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.248%Rate

Funding earned: $21
Price spread: −0.248% → 0.000%: −$24.77
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.77
Costs to cover: 0.170%
Break-even: 13.9 days

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 58 min ago. 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 Backpack live order book, 58 min ago	1.23 bp	13.5 bp −$14	doesn't fit	doesn't fit	doesn't fit

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 15 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 −0.1415% / S +0.0215%	1h	0.2776	−0.348%	$9K	—	50x	as long as short
Phoenix METlong	0.0000%	1h	0.2786	long leg	$14K	$15K	5x
Bybit METUSDT	+0.0069%	4h	0.2775	−0.395%	$4.8M	$3.1M	25x	as long as short
Lighter MET	+0.0096%	1h	0.2778	−0.294%	$168K	$421K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2777	−0.309%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2779	−0.238%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2778	−0.302%	$4.8M	$12.2M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2775	−0.398%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2780	−0.219%	$179K	$183K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2778	−0.291%	$922K	$285K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2778	−0.291%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2779	−0.255%	$650K	$894K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2779	−0.248%	$316K	$283K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2781	−0.183%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2779	−0.255%	$2K	$1.6M	20x	as long as short