MET

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0466%/8h= +51.0% APRnext payment +$0.58 per $10,000 · paid last 24h +0.066%

Price spread now: Backpack against Hyperliquid+0.206%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$610.612% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.429%+$43 on $10k

Price spread, last 4 days (all we have)−1.373%−$137 · spread now +0.206%, 7d avg +0.005%

Together, before fees−0.944%+ Points / potential airdropHyperliquid: Season 2 · farm board−$94 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.201% dearer against Hyperliquid than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MET	0.2815	0.0100	pay 0.0013% / 1h	51m 37s	$4.3M	$1.2M	3x
Short	Backpack MET_USDC_PERP	0.2821	0.0566	get 0.0071% / 1h	51m 37s	$329K	$251K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.206%Rate

Funding earned: $97.8
Price spread: +0.206% → +0.005%: $20.13
Slippage, 4 orders: −$42.19
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $56.73
Costs to cover: 0.612%
Break-even: 2.9 days

Slippage from Hyperliquid: live order book, 10 min ago; Backpack: live order book, 37 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, 10 min ago	2.10 bp	13.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 37 min ago	2.29 bp	12.4 bp −$12	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 −0.0892% / S +0.0160%	1h	0.2819	+0.141%	$9K	—	50x	as long as short
Phoenix MET	−0.0197%	1h	0.2825	+0.366%	$14K	$13K	5x	as long as short
Hyperliquid METlong	+0.0100%	1h	0.2815	long leg	$4.3M	$1.2M	3x
Aster METUSDT	+0.0100%	4h	0.2816	+0.034%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2813	−0.064%	$4.9M	$11.0M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2816	+0.053%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2815	+0.007%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2818	+0.114%	$193K	$194K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2813	−0.064%	$909K	$256K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2817	+0.078%	$1.3M	$2.4M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METUSDT	+0.0100%	4h	0.2818	+0.114%	$662K	$838K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2823	+0.291%	$37K	$109K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2819	+0.149%	$2K	$1.6M	20x	as long as short
Lighter MET	+0.0120%	1h	0.2821	+0.227%	$260K	$243K	5x	as long as short
BloFin MET-USDT	+0.0158%	4h	0.2815	+0.007%	$293K	$80K	50x	as long as short
Backpack MET_USDC_PERPshort	+0.0566%	1h	0.2821	+0.206%	$329K	$251K	5x