Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0314%/8h= −34.4% APRpaid last 24h −0.078%

Price spread now: GMX against Bybit+0.048%51s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 0.048% dearer against Bybit than usual: you sell high and buy low (spread +0.048% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 12 hours. The two prices were read 51 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	Bybit METUSDT	0.2722	0.0100	pay 0.0050% / 4h	11m 37s	$4.7M	$3.3M	25x
Short	GMX MET/USD [WBTC.b-USDC]	0.2724	L −0.0738% / S +0.0214%	pay 0.0027% / 1h	11m 37s	$4K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$66.03
Price spread: +0.048% → 0.000%: $4.78
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$84.26
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; GMX: 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 Bybit live order book, 1 min ago	1.84 bp	32.6 bp −$33	278.8 bp −$2,788	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0738% / S +0.0214%	1h	0.2724	+0.048%	$4K	—	50x
Phoenix MET	−0.0059%	1h	0.2720	−0.107%	$13K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2731	+0.301%	$166K	$438K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2723	+0.026%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2724	+0.055%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2721	−0.034%	$4.5M	$12.8M	50x	as long as short
Bybit METUSDTlong	+0.0100%	4h	0.2722	long leg	$4.7M	$3.3M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2724	+0.059%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2722	−0.015%	$171K	$191K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2721	−0.051%	$837K	$292K	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	0.2724	+0.059%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2725	+0.096%	$676K	$953K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2725	+0.103%	$311K	$253K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2720	−0.088%	$34K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2723	+0.022%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0130%	4h	0.2724	+0.059%	$269K	$89K	50x	as long as short