Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.053%

Price spread now: Backpack against Bybit−0.091%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1000.998% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.453%+$45 on $10k

Price spread, last 4 days (all we have)−0.193%−$19 · spread now −0.091%, 7d avg +0.027%

Together, before fees+0.260%+$26 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: Backpack is 0.119% cheaper against Bybit than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METUSDT	0.2737	0.0100	pay 0.0050% / 4h	2h 16m	$4.7M	$3.2M	25x
Short	Backpack MET_USDC_PERP	0.2734	0.0100	get 0.0013% / 1h	16m 26s	$308K	$279K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → +0.027%: −$11.87
Slippage, 4 orders: −$78.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$111.68
Costs to cover: 0.998%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 32 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 Bybit live order book, 1 min ago	3.66 bp	32.5 bp −$32	272.1 bp −$2,721	doesn't fit	doesn't fit
Sell Backpack live order book, 32 min ago	0.18 bp	9.6 bp −$10	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 −0.0738% / S +0.0214%	1h	0.2736	−0.043%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2732	−0.186%	$13K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2737	+0.011%	$167K	$424K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2737	+0.018%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2740	+0.122%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2739	+0.063%	$4.6M	$12.6M	50x	as long as short
Bybit METUSDTlong	+0.0100%	4h	0.2737	long leg	$4.7M	$3.2M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2741	+0.153%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2735	−0.066%	$174K	$195K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2736	−0.029%	$842K	$292K	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	0.2739	+0.080%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2737	+0.007%	$687K	$969K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2734	−0.091%	$308K	$279K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2730	−0.248%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2736	−0.029%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0135%	4h	0.2731	−0.212%	$270K	$94K	50x	as long as short