Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.052%

Price spread now: SunX against Backpack−0.092%7-day average −0.036% · you buy dearer than you sell

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

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.346%−$35 on $10k

Price spread, last 4 days (all we have)+0.344%+$34 · spread now −0.092%, 7d avg −0.036%

Together, before fees−0.002%$0 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: SunX is 0.057% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MET_USDC_PERP	0.2716	0.0100	pay 0.0013% / 1h	39m 05s	$310K	$285K	5x
Short	SunX MET-USDT	0.2713	0.0100	get 0.0050% / 4h	39m 05s	$1K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.092%Rate

Funding earned: $0
Price spread: −0.092% → −0.036%: −$5.65
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$23.65
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 64 min ago; SunX: live order book, 6 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 Backpack live order book, 64 min ago	2.20 bp	17.0 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	500.18 bp	doesn't fit	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	0.2715	−0.020%	$4K	—	50x	as long as short
Phoenix MET	−0.0059%	1h	0.2716	+0.026%	$13K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2724	+0.313%	$165K	$436K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2715	−0.022%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2715	−0.018%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2713	−0.076%	$4.5M	$12.8M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2713	−0.092%	$4.7M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2714	−0.055%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2715	−0.018%	$170K	$190K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2713	−0.092%	$806K	$286K	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	0.2715	−0.018%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2715	−0.018%	$675K	$962K	25x	as long as short
Backpack MET_USDC_PERPlong	+0.0100%	1h	0.2716	long leg	$310K	$285K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2711	−0.166%	$34K	$119K	50x	as long as short
SunX MET-USDTshort	+0.0100%	4h	0.2713	−0.092%	$1K	$1.6M	20x
BloFin MET-USDT	+0.0144%	4h	0.2715	−0.018%	$270K	$89K	50x	as long as short