Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h +0.177%

Price spread now: Gate against Phoenix−0.416%92s7-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 Gate

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. Gate is 0.416% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.416% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$42 on $10k: about 6.5 days of funding at the current rate (+$6 a day). The two prices were read 92 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	0.2834	−0.0114	get 0.0014% / 1h	49m 46s	$14K	$13K	5x
Short	Gate MET_USDT	0.2822	0.0100	get 0.0050% / 4h	1h 49m	$192K	$187K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.416%Rate

Funding earned: $44.93
Price spread: −0.416% → 0.000%: −$41.64
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$18.71
Costs to cover: 0.220%
Break-even: 9.9 days

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 26 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 Gate live order book, 26 min ago	8.86 bp	57.8 bp −$58	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 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 −0.1613% / S +0.0235%	1h	0.2821	−0.465%	$9K	—	50x	as long as short
Phoenix METlong	−0.0114%	1h	0.2834	long leg	$14K	$13K	5x
Hyperliquid MET	+0.0100%	1h	0.2821	−0.455%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2822	−0.414%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2819	−0.522%	$4.9M	$11.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2819	−0.519%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2820	−0.487%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDTshort	+0.0100%	4h	0.2822	−0.416%	$192K	$187K	50x
MEXC MET_USDT	+0.0100%	4h	0.2819	−0.522%	$942K	$259K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2821	−0.452%	$1.3M	$2.4M	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	0.2824	−0.346%	$663K	$845K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2818	−0.558%	$36K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2821	−0.452%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0120%	1h	0.2827	−0.229%	$261K	$244K	5x	as long as short
BloFin MET-USDT	+0.0147%	4h	0.2824	−0.346%	$288K	$78K	50x	as long as short
Backpack MET_USDC_PERP	+0.0691%	1h	0.2822	−0.420%	$330K	$251K	5x	as long as short