Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0461%/8h= −50.5% APRpaid last 24h −0.058%

Price spread now: KuCoin against Backpack−0.088%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$321as in the Funding arb table

Net, price: spread back to 7d avg − costs−$267as in the Price arb table

costs, in and out, $10k−$2602.599% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.611%−$61 on $10k

Price spread, last 4 days (all we have)+0.168%+$17 · spread now −0.088%, 7d avg −0.020%

Together, before fees−0.444%−$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and KuCoin is 0.068% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2856	0.0561	pay 0.0070% / 1h	8m 07s	$332K	$257K	5x
Short	KuCoin METUSDTM	0.2853	0.0100	get 0.0050% / 4h	1h 08m	$1.3M	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$96.81
Price spread: −0.088% → −0.020%: −$6.77
Slippage, 4 orders: −$237.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$363.53
Costs to cover: 2.599%
Break-even: never at this rate

Slippage from Backpack: live order book, 10 min ago; KuCoin: live order book, 4 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	0.70 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	7.02 bp	117.1 bp −$117	461.9 bp −$4,619	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	0.2853	−0.101%	$10K	—	50x	as long as short
Phoenix MET	−0.0114%	1h	0.2853	−0.098%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0086%	4h	0.2849	−0.228%	$293K	$79K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2855	−0.018%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2857	+0.052%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2854	−0.069%	$5.0M	$11.3M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2853	−0.105%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2855	−0.018%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2853	−0.088%	$193K	$189K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2854	−0.053%	$966K	$272K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTMshort	+0.0100%	4h	0.2853	−0.088%	$1.3M	$2.5M	50x
Bitget METUSDT	+0.0100%	4h	0.2856	+0.018%	$678K	$854K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2845	−0.368%	$36K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2852	−0.123%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0120%	1h	0.2862	+0.214%	$265K	$247K	5x	as long as short
Backpack MET_USDC_PERPlong	+0.0561%	1h	0.2856	long leg	$332K	$257K	5x