Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h +0.177%

Price spread now: Aster against Phoenix−0.080%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Aster is 0.080% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 30 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MET	0.2842	−0.0114	get 0.0014% / 1h	31m 24s	$14K	$13K	5x
Short	Aster METUSDT	0.2840	0.0100	get 0.0050% / 4h	1h 31m	$53K	$11K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.080%Rate

Funding earned: $44.93
Price spread: −0.080% → 0.000%: −$7.97
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $21.96
Costs to cover: 0.150%
Break-even: 3.6 days

Slippage unknown: Phoenix: no order-book sample; Aster: no order-book sample. Net counts fees only.

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 Phoenix no order-book sample	—	—	—	—	—
Sell Aster no order-book sample	—	—	—	—	—

Phoenix and Aster: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2843	+0.024%	$10K	—	50x	as long as short
Phoenix METlong	−0.0114%	1h	0.2842	long leg	$14K	$13K	5x
BloFin MET-USDT	+0.0080%	4h	0.2847	+0.176%	$291K	$79K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2848	+0.197%	$262K	$244K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2844	+0.084%	$4.3M	$1.3M	3x	as long as short
Aster METUSDTshort	+0.0100%	4h	0.2840	−0.080%	$53K	$11K	5x
Binance METUSDT	+0.0100%	4h	0.2840	−0.057%	$5.0M	$11.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2842	0.000%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2843	+0.035%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2840	−0.070%	$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	0.2841	−0.035%	$964K	$269K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2842	0.000%	$1.3M	$2.5M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2841	−0.035%	$674K	$854K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2842	0.000%	$37K	$111K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2843	+0.035%	$2K	$1.6M	20x	as long as short
Backpack MET_USDC_PERP	+0.0623%	1h	0.2842	−0.004%	$330K	$257K	5x	as long as short