Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.039%

Price spread now: BloFin against Lighter−0.402%7-day average −0.159% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1181.183% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 3 days (all we have)+0.737%+$74 · spread now −0.402%, 7d avg −0.159%

Together, before fees+0.653%+ Points / potential airdropLighter: Season 3 · farm board+$65 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 BloFin is 0.243% cheaper against Lighter than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.159%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2859	0.0104	pay 0.0013% / 1h	50m 27s	$254K	$276K	5x
Short	BloFin MET-USDT	0.2848	0.0072	get 0.0036% / 4h	3h 50m	$293K	$83K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.402%Rate

Funding earned: −$6.78
Price spread: −0.402% → −0.159%: −$24.28
Slippage, 4 orders: −$106.29
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$149.35
Costs to cover: 1.183%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; BloFin: live order book, 16 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, 5 min ago	8.06 bp	68.0 bp −$68	221.0 bp −$2,210	doesn't fit	doesn't fit
Sell BloFin live order book, 16 min ago	1.76 bp	17.8 bp −$18	53.5 bp −$535	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	0.2847	−0.430%	$10K	—	50x	as long as short
BloFin MET-USDTshort	+0.0072%	4h	0.2848	−0.402%	$293K	$83K	50x
Hyperliquid MET	+0.0100%	1h	0.2851	−0.315%	$4.2M	$1.4M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2853	−0.244%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2850	−0.332%	$5.0M	$11.8M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2848	−0.402%	$5.0M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2850	−0.332%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2852	−0.262%	$193K	$185K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2850	−0.332%	$1.0M	$276K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2852	−0.262%	$1.3M	$2.6M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METUSDT	+0.0100%	4h	0.2852	−0.262%	$684K	$880K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2842	−0.612%	$36K	$116K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2847	−0.437%	$2K	$1.6M	20x	as long as short
Lighter METlong	+0.0104%	1h	0.2859	long leg	$254K	$276K	5x
Phoenix MET	+0.0197%	1h	0.2848	−0.385%	$15K	$15K	5x	as long as short
Backpack MET_USDC_PERP	+0.0522%	1h	0.2850	−0.346%	$333K	$263K	5x	as long as short