Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0297%/8h= +32.5% APRpaid last 24h +0.177%

Price spread now: SunX 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 SunX

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 +$9 a day on $10k at the current rate, and SunX 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	0.2808	−0.0197	get 0.0025% / 1h	58m 55s	$14K	$13K	5x
Short	SunX MET-USDT	0.2817	0.0100	get 0.0050% / 4h	1h 58m	$2K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.324%Rate

Funding earned: $62.29
Price spread: +0.324% → 0.000%: $32.41
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $79.7
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; SunX: 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 SunX live order book, 6 min ago	502.32 bp	doesn't fit	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 −0.1507% / S +0.0224%	1h	0.2817	+0.341%	$9K	—	50x	as long as short
Phoenix METlong	−0.0197%	1h	0.2808	long leg	$14K	$13K	5x
BloFin MET-USDT	+0.0080%	4h	0.2807	−0.032%	$289K	$78K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2816	+0.285%	$260K	$244K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2818	+0.349%	$4.3M	$1.3M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2818	+0.371%	$52K	$10K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2816	+0.296%	$4.9M	$11.0M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2813	+0.182%	$4.9M	$2.9M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2815	+0.253%	$1.3M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2813	+0.182%	$192K	$187K	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	0.2815	+0.253%	$927K	$256K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2812	+0.146%	$1.3M	$2.4M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2814	+0.217%	$661K	$845K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2803	−0.175%	$37K	$110K	50x	as long as short
SunX MET-USDTshort	+0.0100%	4h	0.2817	+0.324%	$2K	$1.6M	20x
Backpack MET_USDC_PERP	+0.0855%	1h	0.2820	+0.438%	$329K	$251K	5x	as long as short