Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.035%

Price spread now: Lighter against Bybit+0.105%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$334as in the Funding arb table

Net, price: spread back to 7d avg − costs−$346as in the Price arb table

costs, in and out, $10k−$3423.423% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$9 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now +0.105%, 7d avg +0.138%

Together, before fees+0.184%+ Points / potential airdropLighter: Season 3 · farm board+$18 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 0.033% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.138%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METUSDT	0.2758	0.0100	pay 0.0050% / 4h	3h 41m	$4.7M	$3.3M	25x
Short	Lighter MET	0.2761	0.0096	get 0.0012% / 1h	41m 38s	$170K	$435K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$0.84
Price spread: +0.105% → +0.138%: −$3.33
Slippage, 4 orders: −$331.29
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$346.46
Costs to cover: 3.423%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Lighter: live order book, 39 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 Bybit live order book, 1 min ago	1.82 bp	41.1 bp −$41	295.4 bp −$2,954	doesn't fit	doesn't fit
Sell Lighter live order book, 39 min ago	15.06 bp	149.0 bp −$149	246.3 bp −$2,463	doesn't fit	doesn't fit

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	0.2757	−0.027%	$4K	—	50x	as long as short
Phoenix MET	−0.0206%	1h	0.2752	−0.199%	$13K	$14K	5x	as long as short
BloFin MET-USDT	+0.0091%	4h	0.2752	−0.218%	$271K	$91K	50x	as long as short
Lighter METshort	+0.0096%	1h	0.2761	+0.105%	$170K	$435K	5x
Hyperliquid MET	+0.0100%	1h	0.2757	−0.018%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2758	−0.001%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2755	−0.109%	$4.6M	$12.6M	50x	as long as short
Bybit METUSDTlong	+0.0100%	4h	0.2758	long leg	$4.7M	$3.3M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2757	−0.036%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2756	−0.073%	$174K	$168K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2755	−0.109%	$846K	$288K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2757	−0.036%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2759	+0.036%	$686K	$927K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2750	−0.290%	$34K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2756	−0.073%	$2K	$1.6M	20x	as long as short
Backpack MET_USDC_PERP	+0.0342%	1h	0.2758	−0.004%	$315K	$249K	5x	as long as short