MET

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0129%/8h= +14.1% APRnext payment +$0.16 per $10,000 · paid last 24h +0.197%

Price spread now: Backpack against Phoenix+0.324%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Backpack

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—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.324% dearer against Phoenix than usual: you sell high and buy low: +$32 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MET	0.2750	−0.0029	get 0.0004% / 1h	55m 18s	$13K	$14K	5x
Short	Backpack MET_USDC_PERP	0.2759	0.0100	get 0.0013% / 1h	55m 18s	$312K	$274K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.324%Rate

Funding earned: $27.02
Price spread: +0.324% → 0.000%: $32.37
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $42.39
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 58 min ago. 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 Backpack live order book, 58 min ago	1.60 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit

Phoenix: 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 −0.0637% / S +0.0188%	1h	0.2753	+0.137%	$4K	—	50x	as long as short
Phoenix METlong	−0.0029%	1h	0.2750	long leg	$13K	$14K	5x
BloFin MET-USDT	+0.0087%	4h	0.2761	+0.411%	$284K	$94K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2755	+0.193%	$168K	$423K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2753	+0.138%	$3.7M	$1.8M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2760	+0.368%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2756	+0.229%	$4.7M	$12.2M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2756	+0.211%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2756	+0.229%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2757	+0.265%	$183K	$179K	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	0.2756	+0.229%	$922K	$278K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2759	+0.338%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2759	+0.338%	$674K	$900K	25x	as long as short
Backpack MET_USDC_PERPshort	+0.0100%	1h	0.2759	+0.324%	$312K	$274K	5x
ApeX Omni METUSDT	+0.0100%	1h	0.2752	+0.084%	$35K	$119K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2753	+0.120%	$1K	$1.6M	20x	as long as short