Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.145%

Price spread now: BloFin against Phoenix+0.065%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 BloFin

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 +$2 a day on $10k at the current rate, and BloFin is 0.065% dearer against Phoenix than usual: you sell high and buy low: +$6 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	0.2778	−0.0029	get 0.0004% / 1h	23m 12s	$14K	$15K	5x
Short	BloFin MET-USDT	0.2780	0.0041	get 0.0021% / 4h	3h 23m	$284K	$87K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.065%Rate

Funding earned: $14.7
Price spread: +0.065% → 0.000%: $6.48
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $2.18
Costs to cover: 0.190%
Break-even: 6.0 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 6 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 BloFin live order book, 6 min ago	1.80 bp	11.1 bp −$11	47.8 bp −$478	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 −0.0498% / S +0.0175%	1h	0.2781	+0.108%	$4K	—	50x	as long as short
Phoenix METlong	−0.0029%	1h	0.2778	long leg	$14K	$15K	5x
BloFin MET-USDTshort	+0.0041%	4h	0.2780	+0.065%	$284K	$87K	50x
Lighter MET	+0.0096%	1h	0.2781	+0.108%	$168K	$423K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2780	+0.072%	$3.7M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2780	+0.061%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2780	+0.061%	$4.8M	$12.1M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2779	+0.029%	$4.8M	$3.1M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2781	+0.101%	$1.2M	$3.2M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2777	−0.043%	$180K	$173K	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	0.2780	+0.065%	$934K	$281K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2780	+0.065%	$1.3M	$2.6M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2782	+0.137%	$653K	$857K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2781	+0.101%	$35K	$118K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2780	+0.065%	$2K	$1.6M	20x	as long as short
Backpack MET_USDC_PERP	+0.0235%	1h	0.2782	+0.126%	$317K	$269K	5x	as long as short