Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.177%

Price spread now: Bitget against Phoenix+0.199%49s7-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 Bitget

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

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bitget is 0.199% dearer against Phoenix than usual: you sell high and buy low: +$20 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 49 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	0.2861	−0.0112	get 0.0014% / 1h	34m 44s	$15K	$13K	5x
Short	Bitget METUSDT	0.2867	0.0100	get 0.0050% / 4h	34m 44s	$690K	$868K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.199%Rate

Funding earned: $44.49
Price spread: +0.199% → 0.000%: $19.92
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $45.42
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 41 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 Bitget live order book, 41 min ago	7.00 bp	22.9 bp −$23	81.7 bp −$817	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 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	0.2864	+0.103%	$10K	—	50x	as long as short
Phoenix METlong	−0.0112%	1h	0.2861	long leg	$15K	$13K	5x
BloFin MET-USDT	+0.0050%	4h	0.2865	+0.129%	$299K	$83K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2869	+0.276%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2866	+0.173%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2866	+0.165%	$5.1M	$11.6M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2865	+0.129%	$5.0M	$3.0M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2867	+0.199%	$1.3M	$3.5M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2863	+0.059%	$193K	$189K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2865	+0.129%	$1.0M	$278K	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	0.2866	+0.164%	$1.3M	$2.5M	50x	as long as short
Bitget METUSDTshort	+0.0100%	4h	0.2867	+0.199%	$690K	$868K	25x
ApeX Omni METUSDT	+0.0100%	1h	0.2862	+0.024%	$37K	$115K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2862	+0.024%	$1K	$1.6M	20x	as long as short
Lighter MET	+0.0216%	1h	0.2873	+0.405%	$264K	$250K	5x	as long as short
Backpack MET_USDC_PERP	+0.0739%	1h	0.2868	+0.217%	$333K	$258K	5x	as long as short