Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.136%

Price spread now: Bybit against Phoenix−0.244%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 Bybit

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. Bybit is 0.244% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.244% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 8.1 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	0.2742	0	get 0.0000% / 1h	42m 56s	$13K	$14K	5x
Short	Bybit METUSDT	0.2736	0.0100	get 0.0050% / 4h	2h 42m	$4.7M	$3.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.244%Rate

Funding earned: $21
Price spread: −0.244% → 0.000%: −$24.43
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$21.43
Costs to cover: 0.180%
Break-even: 14.1 days

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	3.65 bp	33.5 bp −$33	172.5 bp −$1,725	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 −0.0680% / S +0.0200%	1h	0.2738	−0.153%	$4K	—	50x	as long as short
Phoenix METlong	0.0000%	1h	0.2742	long leg	$13K	$14K	5x
Lighter MET	+0.0096%	1h	0.2736	−0.241%	$167K	$423K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2736	−0.233%	$3.6M	$1.8M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2740	−0.106%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2738	−0.164%	$4.6M	$12.3M	50x	as long as short
Bybit METUSDTshort	+0.0100%	4h	0.2736	−0.244%	$4.7M	$3.2M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2741	−0.055%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2737	−0.201%	$179K	$183K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2737	−0.201%	$915K	$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	0.2739	−0.128%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2740	−0.091%	$676K	$911K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2738	−0.164%	$309K	$277K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2736	−0.237%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2738	−0.164%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0101%	4h	0.2738	−0.164%	$279K	$93K	50x	as long as short