Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.177%

Price spread now: Phoenix against SunX−0.070%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Phoenix

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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.070% cheaper against SunX than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MET-USDT	0.2850	0.0100	pay 0.0050% / 4h	8m 53s	$2K	$1.6M	20x
Short	Phoenix MET	0.2848	−0.0112	pay 0.0014% / 1h	8m 53s	$15K	$13K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$44.49
Price spread: −0.070% → 0.000%: −$7.02
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$66.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 6 min ago; Phoenix: no order-book sample. 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, 6 min ago	501.40 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	0.2851	+0.036%	$10K	—	50x	as long as short
Phoenix METshort	−0.0112%	1h	0.2848	−0.070%	$15K	$13K	5x
BloFin MET-USDT	+0.0098%	4h	0.2851	+0.035%	$295K	$83K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2852	+0.060%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2850	+0.001%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2850	0.000%	$5.0M	$11.7M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2850	0.000%	$5.0M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2851	+0.035%	$1.3M	$3.5M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2850	0.000%	$193K	$190K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2849	−0.035%	$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	0.2851	+0.035%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2852	+0.070%	$686K	$873K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2843	−0.246%	$36K	$116K	50x	as long as short
SunX MET-USDTlong	+0.0100%	4h	0.2850	long leg	$2K	$1.6M	20x
Lighter MET	+0.0216%	1h	0.2855	+0.175%	$249K	$268K	5x	as long as short
Backpack MET_USDC_PERP	+0.0474%	1h	0.2854	+0.130%	$332K	$262K	5x	as long as short