MET

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0328%/8h= +35.9% APRnext payment +$0.41 per $10,000 · paid last 24h +0.211%

Price spread now: Lighter against Phoenix+0.088%74s7-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 Lighter

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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Lighter is 0.088% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 74 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	0.2848	−0.0112	get 0.0014% / 1h	6m 11s	$15K	$13K	5x
Short	Lighter MET	0.2851	0.0216	get 0.0027% / 1h	6m 11s	$249K	$268K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.088%Rate

Funding earned: $68.85
Price spread: +0.088% → 0.000%: $8.78
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $70.63
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Lighter: live order book, 54 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 Lighter live order book, 54 min ago	11.17 bp	13.6 bp −$14	164.0 bp −$1,640	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	0.2845	−0.106%	$10K	—	50x	as long as short
Phoenix METlong	−0.0112%	1h	0.2848	long leg	$15K	$13K	5x
BloFin MET-USDT	+0.0062%	4h	0.2844	−0.154%	$294K	$83K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2847	−0.035%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2849	+0.036%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2845	−0.103%	$5.0M	$11.7M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2846	−0.098%	$5.0M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2848	−0.014%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2848	−0.014%	$193K	$190K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2847	−0.049%	$1.0M	$280K	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	0.2848	−0.014%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2849	+0.021%	$685K	$874K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2844	−0.154%	$36K	$116K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2845	−0.119%	$1K	$1.6M	20x	as long as short
Lighter METshort	+0.0216%	1h	0.2851	+0.088%	$249K	$268K	5x
Backpack MET_USDC_PERP	+0.0482%	1h	0.2849	+0.007%	$332K	$262K	5x	as long as short