Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0251%/8h= +27.5% APRpaid last 24h +0.174%

Price spread now: BloFin against Phoenix−0.161%106s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on BloFin

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

Funding pays, the price is against you. BloFin is 0.161% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.161% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 2.1 days of funding at the current rate (+$8 a day). The two prices were read 106 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	Phoenix MET	0.2859	−0.0114	get 0.0014% / 1h	5m 32s	$14K	$13K	5x
Short	BloFin MET-USDT	0.2854	0.0137	get 0.0069% / 4h	1h 05m	$293K	$79K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now −0.161%Rate

Funding earned: $52.77
Price spread: −0.161% → 0.000%: −$16.09
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $17.68
Costs to cover: 0.190%
Break-even: 4.7 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 6 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell BloFin live order book, 6 min ago	3.51 bp	16.9 bp −$17	55.5 bp −$555	doesn't fit	doesn't fit

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 −0.1723% / S +0.0247%	1h	0.2856	−0.077%	$10K	—	50x	as long as short
Phoenix METlong	−0.0114%	1h	0.2859	long leg	$14K	$13K	5x
Hyperliquid MET	+0.0100%	1h	0.2858	−0.003%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2856	−0.090%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2856	−0.084%	$5.0M	$11.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2854	−0.161%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2859	+0.014%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2855	−0.126%	$193K	$189K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2855	−0.126%	$980K	$274K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2855	−0.126%	$1.3M	$2.5M	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	0.2858	−0.021%	$679K	$855K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2849	−0.336%	$37K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2856	−0.091%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0136%	1h	0.2865	+0.213%	$265K	$247K	5x	as long as short
BloFin MET-USDTshort	+0.0137%	4h	0.2854	−0.161%	$293K	$79K	50x
Backpack MET_USDC_PERP	+0.0571%	1h	0.2858	−0.014%	$332K	$257K	5x	as long as short