Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.151%

Price spread now: Phoenix against Gate−0.108%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.108% cheaper against Gate than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MET_USDT	0.2781	0.0100	pay 0.0050% / 4h	43m 31s	$178K	$171K	50x
Short	Phoenix MET	0.2778	0	get 0.0000% / 1h	43m 31s	$14K	$15K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$21
Price spread: −0.108% → 0.000%: −$10.79
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$53.79
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 7 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 7 min ago	7.19 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2787	+0.224%	$4K	—	50x	as long as short
Phoenix METshort	0.0000%	1h	0.2778	−0.108%	$14K	$15K	5x
Bybit METUSDT	+0.0055%	4h	0.2783	+0.083%	$4.8M	$3.2M	25x	as long as short
Lighter MET	+0.0096%	1h	0.2779	−0.054%	$168K	$425K	5x	as long as short
BloFin MET-USDT	+0.0099%	4h	0.2775	−0.216%	$285K	$89K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2783	+0.076%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2786	+0.171%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2784	+0.119%	$4.8M	$12.2M	50x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2784	+0.108%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDTlong	+0.0100%	4h	0.2781	long leg	$178K	$171K	50x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2784	+0.108%	$935K	$280K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2785	+0.144%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2785	+0.144%	$652K	$864K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2789	+0.277%	$316K	$310K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2772	−0.324%	$36K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2782	+0.036%	$2K	$1.6M	20x	as long as short