Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0271%/8h= +29.7% APRpaid last 24h +0.107%

Price spread now: BloFin against Phoenix+0.489%7-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 BloFin

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 +$8 a day on $10k at the current rate, and BloFin is 0.489% dearer against Phoenix than usual: you sell high and buy low: +$49 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MET	0.2759	−0.0206	get 0.0026% / 1h	22m 28s	$13K	$14K	5x
Short	BloFin MET-USDT	0.2773	0.0065	get 0.0033% / 4h	3h 22m	$275K	$92K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.489%Rate

Funding earned: $56.94
Price spread: +0.489% → 0.000%: $48.92
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $86.86
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 52 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 BloFin live order book, 52 min ago	1.84 bp	23.9 bp −$24	64.4 bp −$644	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 −0.0738% / S +0.0214%	1h	0.2775	+0.557%	$4K	—	50x	as long as short
Phoenix METlong	−0.0206%	1h	0.2759	long leg	$13K	$14K	5x
BloFin MET-USDTshort	+0.0065%	4h	0.2773	+0.489%	$275K	$92K	50x
Lighter MET	+0.0096%	1h	0.2782	+0.819%	$171K	$435K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2777	+0.638%	$3.7M	$1.8M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2776	+0.616%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2776	+0.590%	$4.6M	$12.5M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2776	+0.594%	$4.7M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2779	+0.707%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2773	+0.489%	$174K	$171K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2774	+0.525%	$844K	$290K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2776	+0.598%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2776	+0.598%	$690K	$880K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2778	+0.678%	$317K	$248K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2756	−0.127%	$34K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2775	+0.562%	$2K	$1.6M	20x	as long as short