Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.052%

Price spread now: Backpack against MEXC+0.109%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

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

costs, in and out, $10k−$460.455% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.397%+$40 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now +0.109%, 7d avg +0.062%

Together, before fees+0.276%+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Backpack is 0.047% dearer against MEXC than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MET_USDT	0.2840	0.0100	pay 0.0050% / 4h	3h 02m	$885K	$295K	20x
Short	Backpack MET_USDC_PERP	0.2843	0.0329	get 0.0041% / 1h	2m 35s	$325K	$248K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.109%Rate

Funding earned: $48.08
Price spread: +0.109% → +0.062%: $4.7
Slippage, 4 orders: −$31.51
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $7.27
Costs to cover: 0.455%
Break-even: 5.9 days

Slippage from MEXC: live order book, 33 min ago; Backpack: live order book, 31 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 MEXC live order book, 33 min ago	1.82 bp	10.1 bp −$10	28.0 bp −$280	175.1 bp −$17.5K	570.7 bp −$285.3K
Sell Backpack live order book, 31 min ago	1.81 bp	14.7 bp −$15	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 −0.0633% / S +0.0214%	1h	0.2841	+0.042%	$4K	—	50x	as long as short
Phoenix MET	−0.0206%	1h	0.2837	−0.106%	$14K	$14K	5x	as long as short
BloFin MET-USDT	+0.0046%	4h	0.2838	−0.070%	$277K	$94K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2843	+0.095%	$175K	$435K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2840	+0.014%	$3.8M	$1.8M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2840	+0.010%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2837	−0.106%	$4.7M	$12.3M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2839	−0.046%	$4.9M	$3.2M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2839	−0.035%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2840	0.000%	$179K	$178K	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_USDTlong	+0.0100%	4h	0.2840	long leg	$885K	$295K	20x
KuCoin METUSDTM	+0.0100%	4h	0.2840	0.000%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2842	+0.070%	$712K	$854K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2832	−0.282%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2842	+0.070%	$1K	$1.6M	20x	as long as short
Backpack MET_USDC_PERPshort	+0.0329%	1h	0.2843	+0.109%	$325K	$248K	5x