Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.136%

Price spread now: Phoenix against Bybit+0.280%7-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 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 0.280% dearer against Bybit than usual: you sell high and buy low (spread +0.280% now, against zero (this spread has no 7-day history yet)): +$28 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 9.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METUSDT	0.2714	0.0100	pay 0.0050% / 4h	2h 27m	$4.7M	$3.2M	25x
Short	Phoenix MET	0.2722	0	get 0.0000% / 1h	27m 18s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.280%Rate

Funding earned: −$21
Price spread: +0.280% → 0.000%: $28
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Bybit: live order book, just now; 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 Bybit live order book, just now	3.68 bp	30.7 bp −$31	325.4 bp −$3,254	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	0.2715	+0.038%	$4K	—	50x	as long as short
Phoenix METshort	0.0000%	1h	0.2722	+0.280%	$13K	$14K	5x
Lighter MET	+0.0096%	1h	0.2715	+0.037%	$165K	$424K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2715	+0.052%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2715	+0.054%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2714	0.000%	$4.6M	$12.4M	50x	as long as short
Bybit METUSDTlong	+0.0100%	4h	0.2714	long leg	$4.7M	$3.2M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2715	+0.037%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2717	+0.111%	$179K	$187K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2714	0.000%	$909K	$280K	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	0.2717	+0.111%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2718	+0.147%	$665K	$952K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2718	+0.151%	$308K	$279K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2720	+0.221%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2715	+0.037%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0157%	4h	0.2717	+0.111%	$273K	$93K	50x	as long as short