Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0512%/8h= +56.1% APRpaid last 24h +0.066%

Price spread now: Backpack against SunX+0.305%7-day average +0.028% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.322%+$32 on $10k

Price spread, last 3 days (all we have)−1.199%−$120 · spread now +0.305%, 7d avg +0.028%

Together, before fees−0.876%−$88 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Backpack is 0.276% dearer against SunX than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.028%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.322% in total (about 16.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MET-USDT	0.2824	0.0100	pay 0.0050% / 4h	1h 56m	$1K	$1.6M	20x
Short	Backpack MET_USDC_PERP	0.2833	0.0612	get 0.0077% / 1h	56m 09s	$331K	$251K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.305%Rate

Funding earned: $107.58
Price spread: +0.305% → +0.028%: $27.61
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $117.19
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: SunX: live order book, 9 min ago; Backpack: live order book, 27 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 SunX live order book, 9 min ago	502.32 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	2.12 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit

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 −0.1542% / S +0.0228%	1h	0.2824	+0.002%	$9K	—	50x	as long as short
Phoenix MET	−0.0197%	1h	0.2816	−0.301%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0086%	4h	0.2810	−0.496%	$290K	$78K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2824	+0.011%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2823	−0.042%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2828	+0.150%	$4.9M	$11.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2828	+0.159%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2829	+0.177%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2819	−0.177%	$192K	$187K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2829	+0.177%	$932K	$257K	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	0.2826	+0.071%	$1.3M	$2.4M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2829	+0.177%	$665K	$845K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2803	−0.744%	$37K	$110K	50x	as long as short
SunX MET-USDTlong	+0.0100%	4h	0.2824	long leg	$1K	$1.6M	20x
Lighter MET	+0.0464%	1h	0.2833	+0.312%	$261K	$244K	5x	as long as short
Backpack MET_USDC_PERPshort	+0.0612%	1h	0.2833	+0.305%	$331K	$251K	5x