Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bitget against Hyperliquid+0.102%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$930.932% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 7 days−0.162%−$16 · spread now +0.102%, 7d avg −0.022%

Together, before fees−0.112%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 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: Bitget is 0.124% dearer against Hyperliquid than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MET	0.2820	0.0100	pay 0.0013% / 1h	43m 55s	$4.3M	$1.2M	3x
Short	Bitget METUSDT	0.2823	0.0100	get 0.0050% / 4h	2h 43m	$663K	$845K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.102%Rate

Funding earned: $0
Price spread: +0.102% → −0.022%: $12.37
Slippage, 4 orders: −$72.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$80.88
Costs to cover: 0.932%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bitget: live order book, 41 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, 8 min ago	0.18 bp	19.5 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 41 min ago	5.30 bp	29.5 bp −$29	96.0 bp −$960	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 −0.0983% / S +0.0169%	1h	0.2820	−0.018%	$9K	—	50x	as long as short
Phoenix MET	−0.0197%	1h	0.2820	−0.004%	$14K	$13K	5x	as long as short
Lighter MET	+0.0096%	1h	0.2826	+0.194%	$260K	$243K	5x	as long as short
BloFin MET-USDT	+0.0099%	4h	0.2821	+0.031%	$293K	$81K	50x	as long as short
Hyperliquid METlong	+0.0100%	1h	0.2820	long leg	$4.3M	$1.2M	3x
Aster METUSDT	+0.0100%	4h	0.2820	−0.002%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2821	+0.047%	$4.9M	$11.0M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2820	−0.011%	$4.9M	$2.8M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2824	+0.138%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2820	−0.004%	$193K	$194K	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	0.2819	−0.040%	$928K	$258K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2820	−0.004%	$1.3M	$2.4M	50x	as long as short
Bitget METUSDTshort	+0.0100%	4h	0.2823	+0.102%	$663K	$845K	25x
ApeX Omni METUSDT	+0.0100%	1h	0.2819	−0.040%	$37K	$110K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2820	−0.004%	$2K	$1.6M	20x	as long as short
Backpack MET_USDC_PERP	+0.0317%	1h	0.2821	+0.045%	$330K	$251K	5x	as long as short