Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0515%/8h= +56.4% APRpaid last 24h +0.054%

Price spread now: Backpack against Gate+0.063%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1571.568% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.353%+$35 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.063%, 7d avg +0.058%

Together, before fees+0.353%+$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.058%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.353% in total (about 18.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MET_USDT	0.2847	0.0100	pay 0.0050% / 4h	3h 11m	$193K	$186K	50x
Short	Backpack MET_USDC_PERP	0.2849	0.0615	get 0.0077% / 1h	11m 19s	$331K	$264K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.063%Rate

Funding earned: $108.07
Price spread: +0.063% → +0.058%: $0.51
Slippage, 4 orders: −$131.84
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$48.26
Costs to cover: 1.568%
Break-even: 10.1 days

Slippage from Gate: live order book, 55 min ago; Backpack: live order book, 62 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 Gate live order book, 55 min ago	8.79 bp	69.5 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 62 min ago	1.58 bp	12.7 bp −$13	doesn't fit	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 −0.1723% / S +0.0247%	1h	0.2844	−0.100%	$10K	—	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2843	−0.126%	$4.1M	$1.5M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2848	+0.052%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2846	−0.045%	$5.0M	$11.9M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2845	−0.056%	$4.9M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2845	−0.070%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDTlong	+0.0100%	4h	0.2847	long leg	$193K	$186K	50x
MEXC MET_USDT	+0.0100%	4h	0.2846	−0.035%	$991K	$284K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2848	+0.035%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2848	+0.035%	$682K	$867K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni METUSDT	+0.0100%	1h	0.2843	−0.140%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2848	+0.035%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0124%	4h	0.2847	0.000%	$293K	$87K	50x	as long as short
Phoenix MET	+0.0197%	1h	0.2850	+0.095%	$15K	$15K	5x	as long as short
Lighter MET	+0.0336%	1h	0.2854	+0.235%	$255K	$280K	5x	as long as short
Backpack MET_USDC_PERPshort	+0.0615%	1h	0.2849	+0.063%	$331K	$264K	5x