Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: ApeX Omni against Hyperliquid−0.260%7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$681as in the Funding arb table

Net, price: spread back to 7d avg − costs−$701as in the Price arb table

costs, in and out, $10k−$6916.913% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 3 days (all we have)+0.117%+$12 · spread now −0.260%, 7d avg −0.158%

Together, before fees+0.223%+ Points / potential airdropHyperliquid: Season 2 · farm board+$22 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: ApeX Omni is 0.101% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.158%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MET	0.2849	0.0100	pay 0.0013% / 1h	28m 37s	$4.3M	$1.3M	3x
Short	ApeX Omni METUSDT	0.2842	0.0100	get 0.0013% / 1h	28m 37s	$37K	$111K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Hyperliquid. 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 HyperliquidbpFee ApeX OmnibpOrdersPrice spread, now −0.260%Rate

Funding earned: $0
Price spread: −0.260% → −0.158%: −$10.14
Slippage, 4 orders: −$672.34
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$701.48
Costs to cover: 6.913%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; ApeX Omni: live order book, 52 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 Hyperliquid live order book, 3 min ago	1.23 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 52 min ago	37.07 bp	331.6 bp −$332	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 −0.1723% / S +0.0247%	1h	0.2846	−0.129%	$10K	—	50x	as long as short
Phoenix MET	−0.0114%	1h	0.2842	−0.260%	$14K	$13K	5x	as long as short
BloFin MET-USDT	+0.0057%	4h	0.2838	−0.400%	$292K	$79K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2854	+0.147%	$265K	$245K	5x	as long as short
Hyperliquid METlong	+0.0100%	1h	0.2849	long leg	$4.3M	$1.3M	3x
Aster METUSDT	+0.0100%	4h	0.2849	−0.005%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2848	−0.053%	$5.0M	$11.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2846	−0.119%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2848	−0.049%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2845	−0.154%	$193K	$188K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MET_USDT	+0.0100%	4h	0.2848	−0.049%	$967K	$269K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2847	−0.084%	$1.3M	$2.5M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2847	−0.084%	$675K	$854K	25x	as long as short
ApeX Omni METUSDTshort	+0.0100%	1h	0.2842	−0.260%	$37K	$111K	50x
SunX MET-USDT	+0.0100%	4h	0.2845	−0.154%	$2K	$1.6M	20x	as long as short
Backpack MET_USDC_PERP	+0.0563%	1h	0.2849	−0.014%	$331K	$257K	5x	as long as short