Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.056%

Price spread now: Binance against Backpack+0.023%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$630.628% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.423%−$42 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now +0.023%, 7d avg −0.071%

Together, before fees−0.275%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.094% dearer against Backpack than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.071%): +$9 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2841	0.0260	pay 0.0032% / 1h	58m 31s	$331K	$262K	5x
Short	Binance METUSDT	0.2842	0.0100	get 0.0050% / 4h	3h 58m	$5.0M	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.023%Rate

Funding earned: −$33.58
Price spread: +0.023% → −0.071%: $9.42
Slippage, 4 orders: −$42.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$87
Costs to cover: 0.628%
Break-even: never at this rate

Slippage from Backpack: live order book, 15 min ago; Binance: live order book, 12 min ago.

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 Backpack live order book, 15 min ago	1.58 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	3.51 bp	18.9 bp −$19	87.5 bp −$875	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 −0.1723% / S +0.0247%	1h	0.2840	−0.029%	$10K	—	50x	as long as short
Phoenix MET	−0.0112%	1h	0.2846	+0.162%	$15K	$13K	5x	as long as short
BloFin MET-USDT	+0.0073%	4h	0.2843	+0.063%	$294K	$83K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2840	−0.028%	$4.2M	$1.4M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2842	+0.042%	$54K	$11K	5x	as long as short
Binance METUSDTshort	+0.0100%	4h	0.2842	+0.023%	$5.0M	$11.8M	50x
Bybit METUSDT	+0.0100%	4h	0.2840	−0.028%	$4.9M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2840	−0.042%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2841	−0.007%	$193K	$185K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2842	+0.028%	$1.0M	$276K	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	0.2843	+0.063%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2844	+0.099%	$681K	$877K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2843	+0.063%	$36K	$116K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2840	−0.042%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0128%	1h	0.2845	+0.130%	$248K	$268K	5x	as long as short
Backpack MET_USDC_PERPlong	+0.0260%	1h	0.2841	long leg	$331K	$262K	5x