Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.036%

Price spread now: Lighter against Binance+0.025%7-day average +0.179% · you sell dearer than you buy

Net, funding: paid 7d − costs−$343as in the Funding arb table

Net, price: spread back to 7d avg − costs−$366as in the Price arb table

costs, in and out, $10k−$3513.510% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now +0.025%, 7d avg +0.179%

Together, before fees+0.238%+ Points / potential airdropLighter: Season 3 · farm board+$24 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: Lighter is 0.154% cheaper against Binance than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.179%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance METUSDT	0.2780	0.0100	pay 0.0050% / 4h	3h 26m	$4.8M	$12.1M	50x
Short	Lighter MET	0.2781	0.0096	get 0.0012% / 1h	26m 06s	$168K	$423K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$0.84
Price spread: +0.025% → +0.179%: −$15.36
Slippage, 4 orders: −$341.04
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$367.24
Costs to cover: 3.510%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Lighter: live order book, 9 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, 14 min ago	1.79 bp	18.8 bp −$19	139.8 bp −$1,398	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	49.09 bp	117.3 bp −$117	192.8 bp −$1,928	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	0.2783	+0.109%	$4K	—	50x	as long as short
Phoenix MET	−0.0029%	1h	0.2788	+0.288%	$14K	$15K	5x	as long as short
BloFin MET-USDT	+0.0065%	4h	0.2785	+0.180%	$286K	$87K	50x	as long as short
Lighter METshort	+0.0096%	1h	0.2781	+0.025%	$168K	$423K	5x
Hyperliquid MET	+0.0100%	1h	0.2782	+0.068%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2781	+0.031%	$52K	$11K	5x	as long as short
Binance METUSDTlong	+0.0100%	4h	0.2780	long leg	$4.8M	$12.1M	50x
Bybit METUSDT	+0.0100%	4h	0.2781	+0.036%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2782	+0.072%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2783	+0.108%	$180K	$173K	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	0.2780	0.000%	$934K	$281K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2784	+0.144%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2783	+0.108%	$653K	$857K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2783	+0.108%	$35K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2784	+0.144%	$2K	$1.6M	20x	as long as short
Backpack MET_USDC_PERP	+0.0301%	1h	0.2783	+0.104%	$317K	$269K	5x	as long as short