Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0062%/8h= +6.7% APRpaid last 24h +0.036%

Price spread now: Lighter against Bybit+0.093%7-day average +0.144% · you sell dearer than you buy

Net, funding: paid 7d − costs−$359as in the Funding arb table

Net, price: spread back to 7d avg − costs−$380as in the Price arb table

costs, in and out, $10k−$3753.753% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now +0.093%, 7d avg +0.144%

Together, before fees+0.270%+ Points / potential airdropLighter: Season 3 · farm board+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.051% cheaper against Bybit than usual: you would sell low and buy high (spread +0.093% now, against its 7-day average of +0.144%). If the spread goes back, that is −$5 on $10k: about 2.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit METUSDT	0.2783	0.0034	pay 0.0017% / 4h	1h 07m	$4.8M	$3.2M	25x
Short	Lighter MET	0.2786	0.0096	get 0.0012% / 1h	7m 15s	$169K	$424K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.093%Rate

Funding earned: $12.93
Price spread: +0.093% → +0.144%: −$5.1
Slippage, 4 orders: −$364.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$367.48
Costs to cover: 3.753%
Break-even: 206.0 days

Slippage from Bybit: live order book, just now; Lighter: live order book, 38 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, just now	5.39 bp	37.1 bp −$37	290.5 bp −$2,905	doesn't fit	doesn't fit
Sell Lighter live order book, 38 min ago	32.57 bp	163.3 bp −$163	239.9 bp −$2,399	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 −0.0599% / S +0.0206%	1h	0.2782	−0.030%	$4K	—	50x	as long as short
Bybit METUSDTlong	+0.0034%	4h	0.2783	long leg	$4.8M	$3.2M	25x
BloFin MET-USDT	+0.0059%	4h	0.2788	+0.183%	$285K	$90K	50x	as long as short
Lighter METshort	+0.0096%	1h	0.2786	+0.093%	$169K	$424K	5x
Hyperliquid MET	+0.0100%	1h	0.2782	−0.025%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2785	+0.061%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2782	−0.025%	$4.8M	$12.2M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2783	+0.004%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2784	+0.040%	$179K	$175K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2783	+0.004%	$936K	$285K	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	0.2784	+0.040%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2786	+0.111%	$652K	$878K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2782	−0.032%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2782	−0.032%	$2K	$1.6M	20x	as long as short
Phoenix MET	+0.0173%	1h	0.2787	+0.165%	$14K	$15K	5x	as long as short
Backpack MET_USDC_PERP	+0.0394%	1h	0.2787	+0.144%	$316K	$310K	5x	as long as short