Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.165%

Price spread now: MEXC against Phoenix−0.146%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 MEXC

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. MEXC is 0.146% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.146% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 4.9 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	0.2809	0	get 0.0000% / 1h	49m 01s	$14K	$15K	5x
Short	MEXC MET_USDT	0.2805	0.0100	get 0.0050% / 4h	2h 49m	$971K	$278K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.146%Rate

Funding earned: $21
Price spread: −0.146% → 0.000%: −$14.6
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$4.6
Costs to cover: 0.110%
Break-even: 8.5 days

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 22 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 MEXC live order book, 22 min ago	3.51 bp	9.4 bp −$9	40.1 bp −$401	211.4 bp −$21.1K	756.6 bp −$378.3K

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	0.2805	−0.133%	$9K	—	50x	as long as short
Phoenix METlong	0.0000%	1h	0.2809	long leg	$14K	$15K	5x
BloFin MET-USDT	+0.0069%	4h	0.2803	−0.217%	$289K	$89K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2806	−0.110%	$3.9M	$1.6M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2807	−0.078%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2804	−0.172%	$4.8M	$12.0M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2805	−0.153%	$4.9M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2806	−0.110%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2806	−0.110%	$181K	$178K	50x	as long as short
MEXC MET_USDTshort	+0.0100%	4h	0.2805	−0.146%	$971K	$278K	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2805	−0.146%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2806	−0.110%	$656K	$884K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2807	−0.085%	$319K	$277K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2803	−0.217%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2807	−0.075%	$1K	$1.6M	20x	as long as short
Lighter MET	+0.0240%	1h	0.2805	−0.146%	$230K	$305K	5x	as long as short