Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0262%/8h= −28.7% APRpaid last 24h −0.086%

Price spread now: GMX against Binance−0.366%180s7-day average — · you buy dearer than you sell

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.366% cheaper against Binance than usual: you would sell low and buy high (−$37 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 180 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	Binance METUSDT	0.2909	0.0100	pay 0.0050% / 4h	1h 08m	$5.0M	$12.6M	50x
Short	GMX MET/USD [WBTC.b-USDC]	0.2898	L −0.0034% / S +0.0162%	pay 0.0020% / 1h	8m 19s	$9K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.366%Rate

Funding earned: −$55.05
Price spread: −0.366% → 0.000%: −$36.61
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$113.66
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 10 min ago; GMX: no order-book sample. 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 Binance live order book, 10 min ago	1.73 bp	16.8 bp −$17	93.7 bp −$937	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0166%	1h	0.2905	−0.147%	$14K	$13K	5x	as long as short
GMX MET/USD [WBTC.b-USDC]short	L −0.0034% / S +0.0162%	1h	0.2898	−0.366%	$9K	—	50x
Lighter MET	+0.0096%	1h	0.2913	+0.152%	$176K	$435K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2912	+0.090%	$3.9M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2910	+0.028%	$55K	$14K	5x	as long as short
Binance METUSDTlong	+0.0100%	4h	0.2909	long leg	$5.0M	$12.6M	50x
Bybit METUSDT	+0.0100%	4h	0.2906	−0.092%	$5.1M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2912	+0.104%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2904	−0.171%	$188K	$171K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2909	+0.001%	$983K	$327K	20x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTM	+0.0100%	4h	0.2908	−0.034%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2910	+0.035%	$703K	$772K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2895	−0.481%	$38K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2905	−0.137%	$2K	$1.5M	20x	as long as short
BloFin MET-USDT	+0.0340%	4h	0.2905	−0.137%	$300K	$134K	50x	as long as short
Backpack MET_USDC_PERP	+0.0464%	1h	0.2908	−0.016%	$332K	$237K	5x	as long as short