Funding arb · Price arb /

METIS

all METIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h −0.038%

Price spread now: Bitget against Kraken Futures−0.031%48s7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Bitget

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

Funding pays, the price is against you. Bitget is 0.031% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.031% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$3 a day). The two prices were read 48 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	Kraken Futures PF_METISUSD	3.5321	−0.0014	get 0.0002% / 1h	39m 30s	$2K	$5K	10x
Short	Bitget METISUSDT	3.5310	0.0100	get 0.0050% / 4h	1h 39m	$218K	$436K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.031%Rate

Funding earned: $24.03
Price spread: −0.031% → 0.000%: −$3.15
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1.11
Costs to cover: 0.220%
Break-even: 7.3 days

Slippage unknown: Kraken Futures: no order-book sample; Bitget: live order book, 20 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bitget live order book, 20 min ago	9.87 bp	30.9 bp −$31	168.0 bp −$1,680	doesn't fit	doesn't fit

Kraken Futures: 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
Kraken Futures PF_METISUSDlong	−0.0014%	1h	3.5321	long leg	$2K	$5K	10x
Injective METIS/USDC PERP	+0.0033%	1h	3.2100	−9.120%	—	$40K	5.5x	as long as short
Aster METISUSDT	+0.0100%	4h	3.5413	+0.260%	$12K	$22K	5x	as long as short
Binance METISUSDT	+0.0100%	4h	3.5327	+0.016%	$2.2M	$4.2M	50x	as long as short
Bybit METISUSDT	+0.0100%	4h	3.5330	+0.025%	$697K	$589K	20x	as long as short
Gate METIS_USDT	+0.0100%	4h	3.5310	−0.031%	$152K	$139K	50x	as long as short
MEXC METIS_USDT	+0.0100%	4h	3.5310	−0.031%	$654K	$236K	50x	as long as short
Bitget METISUSDTshort	+0.0100%	4h	3.5310	−0.031%	$218K	$436K	50x
Variational Omni METIS	+0.0100%	4h	3.5348	+0.076%	$33K	$33K	—	as long as short
OKX METIS-USDT-SWAP	+0.0184%	4h	3.5270	−0.145%	$395K	$989K	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	+0.0186%	4h	3.5320	−0.003%	—	$2.4M	—	as long as short
KuCoin METISUSDTM	+0.0438%	4h	3.5330	+0.025%	$633K	$199K	30x	as long as short