Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h −0.127%

Price spread now: Phoenix against BloFin+0.088%7-day average — · you sell dearer than you buy

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

Long on BloFin 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

The price spread pays, funding is against you. Phoenix is 0.088% dearer against BloFin than usual: you sell high and buy low (spread +0.088% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MET-USDT	0.2721	0.0121	pay 0.0060% / 4h	1h 46m	$275K	$90K	50x
Short	Phoenix MET	0.2723	−0.0029	pay 0.0004% / 1h	46m 20s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$31.43
Price spread: +0.088% → 0.000%: $8.82
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.61
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 38 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 BloFin live order book, 38 min ago	3.69 bp	21.1 bp −$21	54.6 bp −$546	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	0.2720	−0.054%	$4K	—	50x	as long as short
Phoenix METshort	−0.0029%	1h	0.2723	+0.088%	$13K	$14K	5x
Bybit METUSDT	+0.0033%	4h	0.2721	−0.018%	$4.7M	$3.2M	25x	as long as short
Lighter MET	+0.0096%	1h	0.2728	+0.254%	$165K	$430K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2720	−0.022%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2721	0.000%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2719	−0.081%	$4.6M	$12.7M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2720	−0.037%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2723	+0.074%	$170K	$194K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2720	−0.037%	$837K	$289K	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	0.2721	0.000%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2723	+0.074%	$663K	$961K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2723	+0.092%	$307K	$278K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2719	−0.074%	$34K	$120K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2720	−0.037%	$1K	$1.6M	20x	as long as short
BloFin MET-USDTlong	+0.0121%	4h	0.2721	long leg	$275K	$90K	50x