Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.037%

Price spread now: Lighter against BloFin+0.536%7-day average +0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$900.899% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 3 days (all we have)−1.065%−$106 · spread now +0.536%, 7d avg +0.159%

Together, before fees−0.986%+ Points / potential airdropLighter: Season 3 · farm board−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.376% dearer against BloFin than usual: you sell high and buy low (spread +0.536% now, against its 7-day average of +0.159%): +$38 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 21 days. Mind the row above: over the last 7 days funding on this pair paid +0.079%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MET-USDT	0.2819	0.0156	pay 0.0078% / 4h	1h 48m	$288K	$78K	50x
Short	Lighter MET	0.2834	0.0096	get 0.0012% / 1h	48m 35s	$261K	$244K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.536%Rate

Funding earned: −$12.6
Price spread: +0.536% → +0.159%: $37.64
Slippage, 4 orders: −$77.9
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.87
Costs to cover: 0.899%
Break-even: never at this rate

Slippage from BloFin: live order book, 28 min ago; Lighter: live order book, 25 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 BloFin live order book, 28 min ago	1.77 bp	34.1 bp −$34	94.2 bp −$942	doesn't fit	doesn't fit
Sell Lighter live order book, 25 min ago	9.91 bp	12.3 bp −$12	155.8 bp −$1,558	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 −0.1623% / S +0.0236%	1h	0.2821	+0.077%	$9K	—	50x	as long as short
Phoenix MET	−0.0114%	1h	0.2834	+0.525%	$14K	$13K	5x	as long as short
Lighter METshort	+0.0096%	1h	0.2834	+0.536%	$261K	$244K	5x
Hyperliquid MET	+0.0100%	1h	0.2823	+0.145%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2829	+0.355%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2828	+0.318%	$4.9M	$11.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2828	+0.333%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2828	+0.319%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2827	+0.284%	$193K	$187K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2828	+0.319%	$945K	$259K	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	0.2825	+0.213%	$1.3M	$2.4M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2829	+0.355%	$665K	$845K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2818	−0.035%	$36K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2821	+0.071%	$2K	$1.6M	20x	as long as short
BloFin MET-USDTlong	+0.0156%	4h	0.2819	long leg	$288K	$78K	50x
Backpack MET_USDC_PERP	+0.0648%	1h	0.2823	+0.138%	$330K	$251K	5x	as long as short