Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.054%

Price spread now: MEXC against Backpack−0.096%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

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

costs, in and out, $10k−$490.495% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.431%−$43 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.096%, 7d avg −0.064%

Together, before fees−0.385%−$39 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: MEXC is 0.032% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2807	0.0100	pay 0.0013% / 1h	48m 29s	$319K	$277K	5x
Short	MEXC MET_USDT	0.2804	0.0100	get 0.0050% / 4h	2h 48m	$970K	$278K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.096%Rate

Funding earned: $0
Price spread: −0.096% → −0.064%: −$3.21
Slippage, 4 orders: −$35.47
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$52.68
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from Backpack: live order book, 20 min ago; MEXC: live order book, 22 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, 20 min ago	1.23 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 22 min ago	3.51 bp	9.4 bp −$9	40.1 bp −$401	211.4 bp −$21.1K	756.6 bp −$378.3K

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	0.2805	−0.048%	$9K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2809	+0.086%	$14K	$15K	5x	as long as short
BloFin MET-USDT	+0.0069%	4h	0.2803	−0.132%	$289K	$89K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2802	−0.178%	$3.9M	$1.6M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2805	−0.063%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2804	−0.109%	$4.8M	$12.0M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2804	−0.100%	$4.9M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2801	−0.203%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2804	−0.096%	$181K	$178K	50x	as long as short
MEXC MET_USDTshort	+0.0100%	4h	0.2804	−0.096%	$970K	$278K	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2805	−0.061%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2804	−0.096%	$655K	$884K	25x	as long as short
Backpack MET_USDC_PERPlong	+0.0100%	1h	0.2807	long leg	$319K	$277K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2803	−0.132%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2807	+0.011%	$1K	$1.6M	20x	as long as short
Lighter MET	+0.0240%	1h	0.2804	−0.096%	$230K	$305K	5x	as long as short