Funding arb · Price arb /

MET

all MET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0129%/8h= +14.1% APRpaid last 24h +0.126%

Price spread now: KuCoin against Phoenix+0.055%63s7-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 KuCoin

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 KuCoin is 0.055% 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). The two prices were read 63 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	0.2727	−0.0029	get 0.0004% / 1h	22m 33s	$13K	$14K	5x
Short	KuCoin METUSDTM	0.2728	0.0100	get 0.0050% / 4h	1h 22m	$1.3M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.055%Rate

Funding earned: $27.12
Price spread: +0.055% → 0.000%: $5.5
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $13.62
Costs to cover: 0.190%
Break-even: 3.5 days

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	5.51 bp	86.3 bp −$86	310.8 bp −$3,108	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 −0.0599% / S +0.0178%	1h	0.2726	−0.018%	$4K	—	50x	as long as short
Phoenix METlong	−0.0029%	1h	0.2727	long leg	$13K	$14K	5x
Lighter MET	+0.0096%	1h	0.2731	+0.150%	$166K	$433K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2728	+0.051%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2729	+0.095%	$51K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2728	+0.055%	$4.6M	$12.7M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2727	+0.026%	$4.7M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2729	+0.092%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2725	−0.055%	$170K	$195K	50x	as long as short
MEXC MET_USDT	+0.0100%	4h	0.2728	+0.055%	$840K	$291K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin METUSDTMshort	+0.0100%	4h	0.2728	+0.055%	$1.3M	$2.7M	50x
Bitget METUSDT	+0.0100%	4h	0.2728	+0.055%	$667K	$961K	25x	as long as short
Backpack MET_USDC_PERP	+0.0100%	1h	0.2728	+0.051%	$308K	$278K	5x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2713	−0.495%	$34K	$120K	50x	as long as short
SunX MET-USDT	+0.0100%	4h	0.2725	−0.055%	$2K	$1.6M	20x	as long as short
BloFin MET-USDT	+0.0160%	4h	0.2726	−0.018%	$273K	$90K	50x	as long as short