Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.057%

Price spread now: Bitget against Backpack+0.079%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$820.817% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.401%−$40 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.079%, 7d avg −0.022%

Together, before fees−0.419%−$42 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.101% dearer against Backpack than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2777	0.0100	pay 0.0013% / 1h	48m 31s	$315K	$310K	5x
Short	Bitget METUSDT	0.2779	0.0100	get 0.0050% / 4h	48m 31s	$650K	$865K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.079%Rate

Funding earned: $0
Price spread: +0.079% → −0.022%: $10.11
Slippage, 4 orders: −$59.68
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$71.57
Costs to cover: 0.817%
Break-even: never at this rate

Slippage from Backpack: live order book, 10 min ago; Bitget: live order book, 7 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, 10 min ago	1.26 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 7 min ago	7.18 bp	28.3 bp −$28	97.1 bp −$971	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 −0.0498% / S +0.0175%	1h	0.2775	−0.073%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2786	+0.317%	$14K	$15K	5x	as long as short
Bybit METUSDT	+0.0021%	4h	0.2775	−0.065%	$4.8M	$3.2M	25x	as long as short
BloFin MET-USDT	+0.0069%	4h	0.2777	+0.007%	$284K	$89K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2772	−0.180%	$168K	$425K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2778	+0.047%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2778	+0.027%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2777	+0.007%	$4.8M	$12.2M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2775	−0.065%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2776	−0.029%	$178K	$171K	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	0.2776	−0.029%	$933K	$280K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2777	+0.007%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDTshort	+0.0100%	4h	0.2779	+0.079%	$650K	$865K	25x
Backpack MET_USDC_PERPlong	+0.0100%	1h	0.2777	long leg	$315K	$310K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2778	+0.043%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2775	−0.065%	$2K	$1.6M	20x	as long as short