Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0730%/8h= +80.0% APRpaid last 24h +0.225%

Price spread now: BloFin against GMX−0.221%51s7-day average — · you buy dearer than you sell

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. BloFin is 0.221% cheaper against GMX than usual: you would sell low and buy high (spread −0.221% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 24 hours of funding at the current rate (+$22 a day). The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MET/USD [WBTC.b-USDC]	0.2719	L −0.0599% / S +0.0178%	get 0.0075% / 1h	52m 20s	$4K	—	50x
Short	BloFin MET-USDT	0.2713	0.0132	get 0.0066% / 4h	52m 20s	$271K	$89K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against GMX. 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 GMXbpFee BloFinbpOrdersPrice spread, now −0.221%Rate

Funding earned: $153.36
Price spread: −0.221% → 0.000%: −$22.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $107.25
Costs to cover: 0.240%
Break-even: 2.1 days

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 27 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 27 min ago	1.83 bp	16.0 bp −$16	51.3 bp −$513	doesn't fit	doesn't fit

GMX: 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]long	L −0.0599% / S +0.0178%	1h	0.2719	long leg	$4K	—	50x
Phoenix MET	−0.0059%	1h	0.2704	−0.552%	$13K	$14K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2720	+0.044%	$165K	$436K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2721	+0.081%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2720	+0.055%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2720	+0.041%	$4.6M	$12.8M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2717	−0.074%	$4.7M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2719	0.000%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2715	−0.147%	$170K	$190K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2719	0.000%	$808K	$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	0.2718	−0.037%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2719	0.000%	$676K	$971K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2712	−0.239%	$314K	$281K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2702	−0.626%	$33K	$120K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2720	+0.036%	$2K	$1.7M	20x	as long as short
BloFin MET-USDTshort	+0.0132%	4h	0.2713	−0.221%	$271K	$89K	50x