Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.036%

Price spread now: Lighter against SunX+0.221%7-day average +0.136% · you sell dearer than you buy

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

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.466%−$47 · spread now +0.221%, 7d avg +0.136%

Together, before fees−0.457%+ Points / potential airdropLighter: Season 3 · farm board−$46 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: Lighter is 0.085% dearer against SunX than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.136%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MET-USDT	0.2714	0.0100	pay 0.0050% / 4h	1h 01m	$2K	$1.6M	20x
Short	Lighter MET	0.2720	0.0096	get 0.0012% / 1h	1m 19s	$165K	$438K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +0.221%Rate

Funding earned: −$0.84
Price spread: +0.221% → +0.136%: $8.51
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$0.33
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 4 min ago; Lighter: live order book, 24 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 SunX live order book, 4 min ago	500.64 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 24 min ago	16.30 bp	162.7 bp −$163	243.4 bp −$2,434	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 −0.0599% / S +0.0178%	1h	0.2713	−0.049%	$4K	—	50x	as long as short
Phoenix MET	−0.0029%	1h	0.2715	+0.052%	$13K	$14K	5x	as long as short
Lighter METshort	+0.0096%	1h	0.2720	+0.221%	$165K	$438K	5x
Hyperliquid MET	+0.0100%	1h	0.2713	−0.048%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2712	−0.058%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2712	−0.059%	$4.6M	$12.7M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2712	−0.074%	$4.7M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2715	+0.037%	$1.1M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2713	−0.037%	$170K	$195K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2712	−0.074%	$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	0.2714	0.000%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2715	+0.037%	$664K	$958K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2715	+0.026%	$307K	$275K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2721	+0.258%	$34K	$120K	50x	as long as short
SunX MET-USDTlong	+0.0100%	4h	0.2714	long leg	$2K	$1.6M	20x
BloFin MET-USDT	+0.0146%	4h	0.2726	+0.442%	$272K	$91K	50x	as long as short