Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.053%

Price spread now: OKX against Backpack+0.059%46s7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as 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−$730.725% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.384%−$38 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now +0.059%, 7d avg −0.051%

Together, before fees−0.310%−$31 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: OKX is 0.110% dearer against Backpack than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.051%. The two prices were read 46 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	0.2712	0.0100	pay 0.0013% / 1h	31m 13s	$306K	$278K	5x
Short	OKX MET-USDT-SWAP	0.2714	0.0100	get 0.0050% / 4h	1h 31m	$1.1M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → −0.051%: $10.97
Slippage, 4 orders: −$52.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$61.55
Costs to cover: 0.725%
Break-even: never at this rate

Slippage from Backpack: live order book, 12 min ago; OKX: live order book, 1 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, 12 min ago	2.20 bp	17.0 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	3.69 bp	21.3 bp −$21	doesn't fit	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	+0.032%	$4K	—	50x	as long as short
Bybit METUSDT	−0.0039%	4h	0.2712	−0.022%	$4.7M	$3.2M	25x	as long as short
Phoenix MET	−0.0029%	1h	0.2715	+0.085%	$13K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2714	+0.070%	$165K	$432K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2713	+0.007%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2713	+0.023%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2713	+0.022%	$4.6M	$12.7M	50x	as long as short
OKX MET-USDT-SWAPshort	+0.0100%	4h	0.2714	+0.059%	$1.1M	$3.3M	20x
Gate MET_USDT	+0.0100%	4h	0.2711	−0.052%	$169K	$195K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2712	−0.015%	$835K	$291K	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	0.2712	−0.015%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2712	−0.015%	$663K	$961K	25x	as long as short
Backpack MET_USDC_PERPlong	+0.0100%	1h	0.2712	long leg	$306K	$278K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2707	−0.199%	$34K	$120K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2711	−0.052%	$1K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0131%	4h	0.2712	−0.015%	$272K	$90K	50x	as long as short