Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0155%/8h= +17.0% APRpaid last 24h +0.052%

Price spread now: Backpack against Binance+0.330%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$630.631% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.397%+$40 on $10k

Price spread, last 4 days (all we have)−1.238%−$124 · spread now +0.330%, 7d avg +0.067%

Together, before fees−0.842%−$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.263% dearer against Binance than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance METUSDT	0.2792	0.0100	pay 0.0050% / 4h	3h 15m	$4.6M	$12.4M	50x
Short	Backpack MET_USDC_PERP	0.2801	0.0255	get 0.0032% / 1h	15m 21s	$320K	$248K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.330%Rate

Funding earned: $32.61
Price spread: +0.330% → +0.067%: $26.26
Slippage, 4 orders: −$43.06
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$4.19
Costs to cover: 0.631%
Break-even: 7.9 days

Slippage from Binance: live order book, 10 min ago; Backpack: live order book, 18 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 Binance live order book, 10 min ago	3.63 bp	17.6 bp −$18	105.7 bp −$1,057	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	1.81 bp	14.7 bp −$15	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 −0.0633% / S +0.0214%	1h	0.2796	+0.122%	$4K	—	50x	as long as short
Phoenix MET	−0.0206%	1h	0.2794	+0.082%	$14K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2802	+0.351%	$172K	$435K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2797	+0.154%	$3.7M	$1.8M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2795	+0.113%	$53K	$11K	5x	as long as short
Binance METUSDTlong	+0.0100%	4h	0.2792	long leg	$4.6M	$12.4M	50x
Bybit METUSDT	+0.0100%	4h	0.2795	+0.115%	$4.8M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2794	+0.064%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2797	+0.172%	$174K	$176K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2795	+0.100%	$850K	$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	0.2798	+0.208%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2796	+0.136%	$695K	$879K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2790	−0.079%	$35K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2795	+0.100%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0101%	4h	0.2796	+0.136%	$276K	$92K	50x	as long as short
Backpack MET_USDC_PERPshort	+0.0255%	1h	0.2801	+0.330%	$320K	$248K	5x