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 Gate+0.207%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1301.299% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.363%+$36 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.207%, 7d avg +0.059%

Together, before fees+0.210%+$21 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 0.148% dearer against Gate than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MET_USDT	0.2710	0.0100	pay 0.0050% / 4h	2h 23m	$177K	$192K	50x
Short	Backpack MET_USDC_PERP	0.2716	0.0100	get 0.0013% / 1h	23m 39s	$306K	$279K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.207%Rate

Funding earned: $0
Price spread: +0.207% → +0.059%: $14.81
Slippage, 4 orders: −$104.91
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$115.1
Costs to cover: 1.299%
Break-even: never at this rate

Slippage from Gate: live order book, 17 min ago; Backpack: 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 Gate live order book, 17 min ago	3.67 bp	39.2 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 25 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	0.2714	+0.135%	$4K	—	50x	as long as short
Phoenix MET	0.0000%	1h	0.2722	+0.428%	$13K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2710	0.000%	$165K	$424K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2710	−0.018%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2711	+0.036%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2710	+0.008%	$4.6M	$12.6M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2712	+0.066%	$4.7M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2709	−0.037%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDTlong	+0.0100%	4h	0.2710	long leg	$177K	$192K	50x
MEXC MET_USDT	+0.0100%	4h	0.2710	0.000%	$833K	$291K	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	0.2710	0.000%	$1.2M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2712	+0.074%	$663K	$962K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2716	+0.207%	$306K	$279K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2710	0.000%	$34K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2715	+0.185%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0134%	4h	0.2700	−0.369%	$273K	$92K	50x	as long as short