Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.054%

Price spread now: Backpack against MEXC+0.118%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$490.495% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.431%+$43 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now +0.118%, 7d avg +0.064%

Together, before fees+0.364%+$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.054% dearer against MEXC than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MET_USDT	0.2797	0.0100	pay 0.0050% / 4h	2h 46m	$968K	$278K	20x
Short	Backpack MET_USDC_PERP	0.2800	0.0100	get 0.0013% / 1h	46m 23s	$318K	$277K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.118%Rate

Funding earned: $0
Price spread: +0.118% → +0.064%: $5.39
Slippage, 4 orders: −$35.47
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$44.08
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from MEXC: live order book, 24 min ago; Backpack: live order book, 22 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 MEXC live order book, 24 min ago	3.51 bp	13.8 bp −$14	45.7 bp −$457	198.2 bp −$19.8K	653.7 bp −$326.8K
Sell Backpack live order book, 22 min ago	1.23 bp	13.5 bp −$14	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	0.2797	+0.001%	$9K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2809	+0.433%	$14K	$15K	5x	as long as short
BloFin MET-USDT	+0.0069%	4h	0.2803	+0.215%	$289K	$89K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2799	+0.072%	$3.9M	$1.6M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2799	+0.057%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2797	−0.001%	$4.8M	$12.0M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2797	0.000%	$4.9M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2799	+0.072%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2800	+0.107%	$181K	$178K	50x	as long as short
MEXC MET_USDTlong	+0.0100%	4h	0.2797	long leg	$968K	$278K	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2799	+0.072%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2800	+0.107%	$654K	$883K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2800	+0.118%	$318K	$277K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2804	+0.250%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2798	+0.036%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0128%	1h	0.2800	+0.122%	$229K	$306K	5x	as long as short