Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0130%/8h= −14.2% APRpaid last 24h −0.048%

Price spread now: KuCoin against Backpack−0.038%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$268as in the Funding arb table

Net, price: spread back to 7d avg − costs−$210as in the Price arb table

costs, in and out, $10k−$2082.080% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.596%−$60 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now −0.038%, 7d avg −0.018%

Together, before fees−0.477%−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.020% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2893	0.0230	pay 0.0029% / 1h	56m 54s	$328K	$243K	5x
Short	KuCoin METUSDTM	0.2892	0.0100	get 0.0050% / 4h	1h 56m	$1.3M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. 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 BackpackbpFee KuCoinbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$27.22
Price spread: −0.038% → −0.018%: −$2.02
Slippage, 4 orders: −$186.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$237.29
Costs to cover: 2.080%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; KuCoin: live order book, 3 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, 54 min ago	2.12 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	6.92 bp	91.0 bp −$91	296.0 bp −$2,960	doesn't fit	doesn't fit

MET on 16 exchanges

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
Phoenix MET	−0.0339%	1h	0.2895	+0.083%	$14K	$13K	5x	as long as short
GMX MET/USD [WBTC.b-USDC]	L −0.0050% / S +0.0185%	1h	0.2892	−0.039%	$9K	—	50x	as long as short
Lighter MET	+0.0096%	1h	0.2895	+0.062%	$176K	$432K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2895	+0.052%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2893	−0.003%	$54K	$13K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2892	−0.046%	$5.0M	$12.5M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2889	−0.142%	$5.0M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2893	−0.003%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2889	−0.142%	$186K	$165K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2894	+0.031%	$943K	$312K	20x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTMshort	+0.0100%	4h	0.2892	−0.038%	$1.3M	$2.7M	50x
Bitget METUSDT	+0.0100%	4h	0.2893	−0.003%	$722K	$815K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2891	−0.073%	$38K	$115K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2892	−0.038%	$2K	$1.5M	20x	as long as short
BloFin MET-USDT	+0.0154%	4h	0.2902	+0.308%	$299K	$126K	50x	as long as short
Backpack MET_USDC_PERPlong	+0.0230%	1h	0.2893	long leg	$328K	$243K	5x