MET

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.018%

Price spread now: Lighter against Backpack−0.204%7-day average +0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$940.941% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.332%−$33 on $10k

Price spread, last 4 days (all we have)+0.448%+$45 · spread now −0.204%, 7d avg +0.116%

Together, before fees+0.116%+ Points / potential airdropLighter: Season 3 · farm board+$12 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: Lighter is 0.320% cheaper against Backpack than usual: you would sell low and buy high, −$32 on $10k if it goes back to its 7-day average of +0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2794	0.0100	pay 0.0013% / 1h	21m 10s	$317K	$283K	5x
Short	Lighter MET	0.2788	0.0096	get 0.0012% / 1h	21m 10s	$169K	$421K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.204%Rate

Funding earned: −$0.84
Price spread: −0.204% → +0.116%: −$32.05
Slippage, 4 orders: −$84.08
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$126.97
Costs to cover: 0.941%
Break-even: never at this rate

Slippage from Backpack: live order book, 47 min ago; Lighter: live order book, 29 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, 47 min ago	1.23 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 29 min ago	6.94 bp	9.4 bp −$9	177.4 bp −$1,774	doesn't fit	doesn't fit

MET on 15 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 −0.1415% / S +0.0215%	1h	0.2795	+0.056%	$9K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2798	+0.161%	$14K	$15K	5x	as long as short
Bybit METUSDT	+0.0092%	4h	0.2796	+0.089%	$4.9M	$3.1M	25x	as long as short
Lighter METshort	+0.0096%	1h	0.2788	−0.204%	$169K	$421K	5x
Hyperliquid MET	+0.0100%	1h	0.2794	+0.029%	$3.9M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2796	+0.069%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2792	−0.057%	$4.8M	$12.1M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2793	−0.021%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2795	+0.050%	$180K	$182K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2793	−0.021%	$927K	$285K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2794	+0.014%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2796	+0.086%	$654K	$894K	25x	as long as short
Backpack MET_USDC_PERPlong	+0.0100%	1h	0.2794	long leg	$317K	$283K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2798	+0.158%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2794	+0.014%	$2K	$1.6M	20x	as long as short