Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.036%

Price spread now: Binance against Lighter+0.021%7-day average −0.182% · you sell dearer than you buy

Net, funding: paid 7d − costs−$346as in the Funding arb table

Net, price: spread back to 7d avg − costs−$316as in the Price arb table

costs, in and out, $10k−$3363.363% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 4 days (all we have)−0.360%−$36 · spread now +0.021%, 7d avg −0.182%

Together, before fees−0.458%+ Points / potential airdropLighter: Season 3 · farm board−$46 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: Binance is 0.203% dearer against Lighter than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.182%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MET	0.2786	0.0096	pay 0.0012% / 1h	8m 48s	$169K	$424K	5x
Short	Binance METUSDT	0.2786	0.0100	get 0.0050% / 4h	1h 08m	$4.8M	$12.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now +0.021%Rate

Funding earned: $0.84
Price spread: +0.021% → −0.182%: $20.33
Slippage, 4 orders: −$326.25
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$315.08
Costs to cover: 3.363%
Break-even: 2632.7 days

Slippage from Lighter: live order book, 37 min ago; Binance: live order book, 1 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 Lighter live order book, 37 min ago	32.57 bp	132.4 bp −$132	220.4 bp −$2,204	doesn't fit	doesn't fit
Sell Binance live order book, 1 min ago	1.79 bp	21.0 bp −$21	81.8 bp −$818	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 −0.0599% / S +0.0206%	1h	0.2789	+0.101%	$4K	—	50x	as long as short
BloFin MET-USDT	+0.0059%	4h	0.2788	+0.075%	$285K	$90K	50x	as long as short
Bybit METUSDT	+0.0069%	4h	0.2785	−0.036%	$4.8M	$3.2M	25x	as long as short
Lighter METlong	+0.0096%	1h	0.2786	long leg	$169K	$424K	5x
Hyperliquid MET	+0.0100%	1h	0.2785	−0.039%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2788	+0.092%	$53K	$11K	5x	as long as short
Binance METUSDTshort	+0.0100%	4h	0.2786	+0.021%	$4.8M	$12.2M	50x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2787	+0.039%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2787	+0.039%	$180K	$175K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2786	+0.004%	$937K	$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	0.2788	+0.075%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2787	+0.039%	$652K	$887K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2785	−0.032%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2787	+0.039%	$1K	$1.6M	20x	as long as short
Phoenix MET	+0.0173%	1h	0.2791	+0.172%	$14K	$15K	5x	as long as short
Backpack MET_USDC_PERP	+0.0399%	1h	0.2788	+0.093%	$315K	$310K	5x	as long as short