Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0159%/8h= −17.4% APRpaid last 24h −0.113%

Price spread now: Phoenix against Binance−0.447%105s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.447% cheaper against Binance than usual: you would sell low and buy high (−$45 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance METUSDT	0.2718	0.0100	pay 0.0050% / 4h	19m 38s	$4.5M	$12.8M	50x
Short	Phoenix MET	0.2706	−0.0059	pay 0.0007% / 1h	19m 38s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.447%Rate

Funding earned: −$33.36
Price spread: −0.447% → 0.000%: −$44.73
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$95.09
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 6 min ago; Phoenix: no order-book sample. Net counts fees only.

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 Binance live order book, 6 min ago	1.85 bp	13.8 bp −$14	90.3 bp −$903	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0738% / S +0.0214%	1h	0.2719	+0.029%	$4K	—	50x	as long as short
Phoenix METshort	−0.0059%	1h	0.2706	−0.447%	$13K	$14K	5x
Lighter MET	+0.0096%	1h	0.2722	+0.141%	$165K	$438K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2719	+0.042%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2719	+0.028%	$51K	$11K	5x	as long as short
Binance METUSDTlong	+0.0100%	4h	0.2718	long leg	$4.5M	$12.8M	50x
Bybit METUSDT	+0.0100%	4h	0.2718	+0.009%	$4.7M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2720	+0.064%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2717	−0.046%	$170K	$190K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2718	−0.010%	$807K	$288K	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	0.2718	−0.010%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2723	+0.174%	$676K	$963K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2720	+0.075%	$311K	$254K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2702	−0.598%	$33K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2715	−0.120%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0132%	4h	0.2707	−0.414%	$269K	$89K	50x	as long as short