MET

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0332%/8h= −36.4% APRnext payment −$0.42 per $10,000 · paid last 24h −0.021%

Price spread now: Lighter against Backpack−0.157%54s7-day average +0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$374as 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−$3403.401% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.335%−$34 on $10k

Price spread, last 4 days (all we have)+0.793%+$79 · spread now −0.157%, 7d avg +0.112%

Together, before fees+0.458%+ Points / potential airdropLighter: Season 3 · farm board+$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Lighter is 0.270% cheaper against Backpack than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of +0.112%). Swap the legs. The two prices were read 54 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	0.2798	0.0428	pay 0.0054% / 1h	54m 13s	$319K	$308K	5x
Short	Lighter MET	0.2794	0.0096	get 0.0012% / 1h	54m 13s	$169K	$423K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$69.78
Price spread: −0.157% → +0.112%: −$26.97
Slippage, 4 orders: −$330.07
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$436.82
Costs to cover: 3.401%
Break-even: never at this rate

Slippage from Backpack: live order book, 64 min ago; Lighter: live order book, 46 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, 64 min ago	1.26 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 46 min ago	31.66 bp	152.4 bp −$152	224.2 bp −$2,242	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 −0.0498% / S +0.0175%	1h	0.2792	−0.205%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2790	−0.307%	$14K	$15K	5x	as long as short
BloFin MET-USDT	+0.0065%	4h	0.2789	−0.329%	$285K	$89K	50x	as long as short
Lighter METshort	+0.0096%	1h	0.2794	−0.157%	$169K	$423K	5x
Hyperliquid MET	+0.0100%	1h	0.2794	−0.147%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2796	−0.062%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2794	−0.152%	$4.8M	$12.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2795	−0.122%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2791	−0.257%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2793	−0.186%	$178K	$167K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2795	−0.114%	$939K	$279K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2794	−0.150%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2798	−0.007%	$660K	$859K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2785	−0.472%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2791	−0.257%	$2K	$1.6M	20x	as long as short
Backpack MET_USDC_PERPlong	+0.0428%	1h	0.2798	long leg	$319K	$308K	5x