MET

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0125%/8h= −13.7% APRnext payment −$0.16 per $10,000 · paid last 24h −0.162%

Price spread now: Phoenix against Lighter−0.118%104s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter 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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.118% cheaper against Lighter than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 104 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2719	0.0096	pay 0.0012% / 1h	59m 46s	$165K	$436K	5x
Short	Phoenix MET	0.2715	−0.0029	pay 0.0004% / 1h	59m 46s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$26.28
Price spread: −0.118% → 0.000%: −$11.77
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$45.05
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 26 min ago; 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 Lighter live order book, 26 min ago	16.30 bp	147.2 bp −$147	222.0 bp −$2,220	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 −0.0599% / S +0.0178%	1h	0.2717	−0.070%	$4K	—	50x	as long as short
Phoenix METshort	−0.0029%	1h	0.2715	−0.118%	$13K	$14K	5x
Lighter METlong	+0.0096%	1h	0.2719	long leg	$165K	$436K	5x
Hyperliquid MET	+0.0100%	1h	0.2715	−0.129%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2715	−0.133%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2714	−0.169%	$4.6M	$12.8M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2716	−0.114%	$4.7M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2717	−0.059%	$1.1M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2717	−0.059%	$170K	$195K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2715	−0.132%	$840K	$293K	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	0.2718	−0.022%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2718	−0.022%	$671K	$959K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2718	−0.004%	$307K	$275K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2721	+0.088%	$34K	$120K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2714	−0.169%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0149%	4h	0.2726	+0.272%	$272K	$90K	50x	as long as short