Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0073%/8h= −7.9% APRpaid last 24h +0.161%

Price spread now: Bybit against Phoenix+0.169%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 Bybit

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

The price spread pays, funding is against you. Bybit is 0.169% dearer against Phoenix than usual: you sell high and buy low (spread +0.169% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MET	0.2784	0.0173	pay 0.0022% / 1h	32m 50s	$14K	$15K	5x
Short	Bybit METUSDT	0.2789	0.0100	get 0.0050% / 4h	1h 32m	$4.8M	$3.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now +0.169%Rate

Funding earned: −$15.24
Price spread: +0.169% → 0.000%: $16.88
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.36
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	3.61 bp	36.2 bp −$36	184.1 bp −$1,841	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 −0.0560% / S +0.0195%	1h	0.2789	+0.189%	$4K	—	50x	as long as short
Lighter MET	+0.0096%	1h	0.2789	+0.169%	$169K	$422K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2789	+0.176%	$3.8M	$1.7M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2791	+0.242%	$53K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2789	+0.186%	$4.8M	$12.2M	50x	as long as short
Bybit METUSDTshort	+0.0100%	4h	0.2789	+0.169%	$4.8M	$3.2M	25x
OKX MET-USDT-SWAP	+0.0100%	4h	0.2791	+0.244%	$1.2M	$3.4M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2787	+0.101%	$180K	$175K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2789	+0.172%	$930K	$282K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2790	+0.208%	$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 METUSDT	+0.0100%	4h	0.2789	+0.172%	$653K	$890K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2777	−0.259%	$35K	$117K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2788	+0.136%	$1K	$1.6M	20x	as long as short
Backpack MET_USDC_PERP	+0.0143%	1h	0.2792	+0.266%	$315K	$311K	5x	as long as short
BloFin MET-USDT	+0.0151%	4h	0.2787	+0.101%	$285K	$89K	50x	as long as short
Phoenix METlong	+0.0173%	1h	0.2784	long leg	$14K	$15K	5x