Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0451%/8h= −49.4% APRpaid last 24h −0.058%

Price spread now: BloFin against Backpack+0.021%66s7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$660.657% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.413%−$41 on $10k

Price spread, last 3 days (all we have)+0.291%+$29 · spread now +0.021%, 7d avg −0.052%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.073% dearer against Backpack than usual: you sell high and buy low (spread +0.021% now, against its 7-day average of −0.052%): +$7 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.413% in total) that is about 30 hours. The two prices were read 66 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	Backpack MET_USDC_PERP	0.2846	0.0568	pay 0.0071% / 1h	7m 27s	$331K	$264K	5x
Short	BloFin MET-USDT	0.2847	0.0117	get 0.0058% / 4h	3h 07m	$293K	$87K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee BloFinbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$94.67
Price spread: +0.021% → −0.052%: $7.32
Slippage, 4 orders: −$43.75
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$153.11
Costs to cover: 0.657%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; BloFin: live order book, 59 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 Backpack live order book, 1 min ago	1.23 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 59 min ago	1.76 bp	17.8 bp −$18	53.5 bp −$535	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	0.2844	−0.096%	$10K	—	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2849	+0.109%	$4.0M	$1.6M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2846	−0.031%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2851	+0.162%	$5.0M	$11.9M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2849	+0.098%	$5.0M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2853	+0.232%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2847	+0.021%	$193K	$186K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2850	+0.126%	$992K	$284K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2851	+0.162%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2852	+0.197%	$683K	$867K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni METUSDT	+0.0100%	1h	0.2844	−0.084%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2844	−0.084%	$1K	$1.6M	20x	as long as short
BloFin MET-USDTshort	+0.0117%	4h	0.2847	+0.021%	$293K	$87K	50x
Phoenix MET	+0.0197%	1h	0.2848	+0.056%	$15K	$15K	5x	as long as short
Lighter MET	+0.0264%	1h	0.2852	+0.179%	$255K	$280K	5x	as long as short
Backpack MET_USDC_PERPlong	+0.0568%	1h	0.2846	long leg	$331K	$264K	5x