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: SunX against Phoenix−0.122%69s7-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 SunX

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. SunX is 0.122% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.122% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day). The two prices were read 69 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	0.2791	0	get 0.0000% / 1h	27m 39s	$14K	$15K	5x
Short	SunX MET-USDT	0.2788	0.0100	get 0.0050% / 4h	2h 27m	$1K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.122%Rate

Funding earned: $21
Price spread: −0.122% → 0.000%: −$12.18
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$6.18
Costs to cover: 0.150%
Break-even: 9.1 days

Slippage unknown: Phoenix: no order-book sample; SunX: live order book, 7 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 SunX live order book, 7 min ago	501.79 bp	doesn't fit	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 15 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 −0.1415% / S +0.0215%	1h	0.2786	−0.178%	$9K	—	50x	as long as short
Phoenix METlong	0.0000%	1h	0.2791	long leg	$14K	$15K	5x
Lighter MET	+0.0096%	1h	0.2800	+0.308%	$169K	$416K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2801	+0.344%	$3.9M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2800	+0.294%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2806	+0.523%	$4.9M	$12.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2802	+0.362%	$4.9M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2804	+0.451%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2798	+0.236%	$181K	$182K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2802	+0.380%	$930K	$284K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2798	+0.236%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2802	+0.380%	$655K	$893K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2792	+0.007%	$318K	$281K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2789	−0.086%	$36K	$117K	50x	as long as short
SunX MET-USDTshort	+0.0100%	4h	0.2788	−0.122%	$1K	$1.6M	20x