Funding arb · Price arb /

METIS

all METIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Gate−9.654%69s7-day average — · you buy dearer than you sell

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

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$2 a day on $10k at the current rate, and Injective is 9.654% cheaper against Gate than usual: you would sell low and buy high (−$965 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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	Gate METIS_USDT	3.5530	0.0100	pay 0.0050% / 4h	2h 30m	$155K	$142K	50x
Short	Injective METIS/USDC PERP	3.2100	0.0033	get 0.0004% / 1h	30m 08s	—	$40K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −9.654%Rate

Funding earned: −$14
Price spread: −9.654% → 0.000%: −$965.38
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$994.4
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 31 min ago; Injective: 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 Gate live order book, 31 min ago	15.56 bp	71.7 bp −$72	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

METIS on 12 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
Injective METIS/USDC PERPshort	+0.0033%	1h	3.2100	−9.654%	—	$40K	5.5x
Aster METISUSDT	+0.0100%	4h	3.5371	−0.448%	$11K	$22K	5x	as long as short
Binance METISUSDT	+0.0100%	4h	3.5543	+0.038%	$2.2M	$4.6M	50x	as long as short
Gate METIS_USDTlong	+0.0100%	4h	3.5530	long leg	$155K	$142K	50x
MEXC METIS_USDT	+0.0100%	4h	3.5530	0.000%	$658K	$245K	50x	as long as short
Bitget METISUSDT	+0.0100%	4h	3.5500	−0.084%	$222K	$456K	50x	as long as short
Kraken Futures PF_METISUSD	+0.0252%	1h	3.5570	+0.113%	$2K	$7K	10x	as long as short
Variational Omni METIS	+0.0401%	4h	3.5499	−0.086%	$41K	$26K	—	as long as short
KuCoin METISUSDTM	+0.0436%	4h	3.5600	+0.197%	$638K	$220K	30x	as long as short
OKX METIS-USDT-SWAP	+0.0470%	4h	3.5600	+0.197%	$399K	$1.1M	10x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX METIS-USDT	+0.0954%	4h	3.5500	−0.084%	—	$2.4M	—	as long as short
Bybit METISUSDT	+0.1026%	4h	3.5590	+0.169%	$715K	$633K	20x	as long as short