Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0159%/8h= −17.4% APRpaid last 24h −0.113%

Price spread now: Phoenix against OKX−0.275%56s7-day average — · you buy dearer than you sell

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

Long on OKX 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—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.275% cheaper against OKX than usual: you would sell low and buy high (−$28 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 56 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	OKX MET-USDT-SWAP	0.2727	0.0100	pay 0.0050% / 4h	12m 29s	$1.2M	$3.3M	20x
Short	Phoenix MET	0.2720	−0.0059	pay 0.0007% / 1h	12m 29s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.275%Rate

Funding earned: −$33.36
Price spread: −0.275% → 0.000%: −$27.5
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$77.86
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 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 OKX live order book, 5 min ago	5.52 bp	25.2 bp −$25	158.9 bp −$1,589	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 −0.0738% / S +0.0214%	1h	0.2721	−0.226%	$4K	—	50x	as long as short
Phoenix METshort	−0.0059%	1h	0.2720	−0.275%	$13K	$14K	5x
Lighter MET	+0.0096%	1h	0.2725	−0.059%	$166K	$438K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2724	−0.117%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2725	−0.082%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2722	−0.176%	$4.5M	$12.8M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2723	−0.147%	$4.7M	$3.3M	25x	as long as short
OKX MET-USDT-SWAPlong	+0.0100%	4h	0.2727	long leg	$1.2M	$3.3M	20x
Gate MET_USDT	+0.0100%	4h	0.2722	−0.183%	$171K	$191K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2723	−0.147%	$837K	$292K	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	0.2724	−0.110%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2725	−0.073%	$676K	$954K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2726	−0.029%	$311K	$253K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2716	−0.403%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2725	−0.073%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0130%	4h	0.2724	−0.110%	$269K	$89K	50x	as long as short