Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h +0.174%

Price spread now: Bitget against Phoenix−0.060%109s7-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 Bitget

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 against this trade now: funding costs −$3 a day on $10k at the current rate, and Bitget is 0.060% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MET	0.2850	0.0197	pay 0.0025% / 1h	9m 38s	$15K	$15K	5x
Short	Bitget METUSDT	0.2848	0.0100	get 0.0050% / 4h	3h 09m	$682K	$867K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$20.32
Price spread: −0.060% → 0.000%: −$5.97
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$45.29
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 61 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 Bitget live order book, 61 min ago	8.75 bp	29.1 bp −$29	97.1 bp −$971	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 −0.1723% / S +0.0247%	1h	0.2845	−0.166%	$10K	—	50x	as long as short
BloFin MET-USDT	+0.0077%	4h	0.2846	−0.130%	$293K	$87K	50x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2846	−0.119%	$4.1M	$1.5M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2846	−0.124%	$54K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2848	−0.071%	$5.0M	$11.9M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2847	−0.091%	$4.9M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2851	+0.046%	$1.3M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2847	−0.095%	$193K	$186K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2846	−0.130%	$991K	$284K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2846	−0.130%	$1.3M	$2.6M	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget METUSDTshort	+0.0100%	4h	0.2848	−0.060%	$682K	$867K	25x
ApeX Omni METUSDT	+0.0100%	1h	0.2841	−0.305%	$36K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2843	−0.235%	$1K	$1.6M	20x	as long as short
Phoenix METlong	+0.0197%	1h	0.2850	long leg	$15K	$15K	5x
Lighter MET	+0.0304%	1h	0.2852	+0.067%	$255K	$280K	5x	as long as short
Backpack MET_USDC_PERP	+0.0589%	1h	0.2847	−0.109%	$331K	$264K	5x	as long as short