Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.034%

Price spread now: Binance against Lighter−0.282%7-day average −0.185% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$890.892% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.282%, 7d avg −0.185%

Together, before fees−0.001%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.097% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.185%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2862	0.0120	pay 0.0015% / 1h	8m 04s	$265K	$247K	5x
Short	Binance METUSDT	0.2854	0.0100	get 0.0050% / 4h	1h 08m	$5.0M	$11.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.282%Rate

Funding earned: −$4.2
Price spread: −0.282% → −0.185%: −$9.73
Slippage, 4 orders: −$79.19
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$103.11
Costs to cover: 0.892%
Break-even: never at this rate

Slippage from Lighter: live order book, 66 min ago; Binance: live order book, 2 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 Lighter live order book, 66 min ago	9.91 bp	35.1 bp −$35	208.2 bp −$2,082	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.75 bp	22.5 bp −$22	98.0 bp −$980	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	0.2853	−0.314%	$10K	—	50x	as long as short
Phoenix MET	−0.0114%	1h	0.2853	−0.311%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0086%	4h	0.2849	−0.440%	$293K	$79K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2855	−0.231%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2857	−0.161%	$54K	$11K	5x	as long as short
Binance METUSDTshort	+0.0100%	4h	0.2854	−0.282%	$5.0M	$11.3M	50x
Bybit METUSDT	+0.0100%	4h	0.2853	−0.318%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2855	−0.231%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2853	−0.301%	$193K	$189K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2854	−0.266%	$966K	$272K	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	0.2853	−0.301%	$1.3M	$2.5M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2856	−0.196%	$678K	$854K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2845	−0.580%	$36K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2852	−0.335%	$2K	$1.6M	20x	as long as short
Lighter METlong	+0.0120%	1h	0.2862	long leg	$265K	$247K	5x
Backpack MET_USDC_PERP	+0.0561%	1h	0.2856	−0.213%	$332K	$257K	5x	as long as short