Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.136%

Price spread now: Phoenix against Aster−0.075%65s7-day average — · you buy dearer than you sell

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

Long on Aster 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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.075% cheaper against Aster 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. The two prices were read 65 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	Aster METUSDT	0.2752	0.0100	pay 0.0050% / 4h	2h 12m	$52K	$11K	5x
Short	Phoenix MET	0.2750	0	get 0.0000% / 1h	12m 20s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$21
Price spread: −0.075% → 0.000%: −$7.48
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$43.48
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; 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 Aster no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Aster and 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 −0.0738% / S +0.0214%	1h	0.2752	+0.021%	$4K	—	50x	as long as short
Phoenix METshort	0.0000%	1h	0.2750	−0.075%	$13K	$14K	5x
BloFin MET-USDT	+0.0088%	4h	0.2737	−0.529%	$271K	$94K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2750	−0.075%	$168K	$424K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2749	−0.086%	$3.6M	$1.9M	3x	as long as short
Aster METUSDTlong	+0.0100%	4h	0.2752	long leg	$52K	$11K	5x
Binance METUSDT	+0.0100%	4h	0.2751	−0.020%	$4.7M	$12.6M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2750	−0.046%	$4.7M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2752	+0.016%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2748	−0.129%	$175K	$196K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2749	−0.093%	$846K	$293K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2750	−0.057%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2751	−0.020%	$690K	$966K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2750	−0.060%	$310K	$279K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2734	−0.638%	$34K	$120K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2748	−0.129%	$2K	$1.6M	20x	as long as short