Funding arb · Price arb /

MET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0306%/8h= −33.5% APRpaid last 24h −0.104%

Price spread now: Phoenix against SunX−0.581%69s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Phoenix

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 −$9 a day on $10k at the current rate, and Phoenix is 0.581% cheaper against SunX than usual: you would sell low and buy high (−$58 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 69 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	SunX MET-USDT	0.2755	0.0100	pay 0.0050% / 4h	3h 47m	$1K	$1.6M	20x
Short	Phoenix MET	0.2739	−0.0206	pay 0.0026% / 1h	47m 45s	$13K	$14K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.581%Rate

Funding earned: −$64.22
Price spread: −0.581% → 0.000%: −$58.08
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$137.3
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 8 min ago; Phoenix: no order-book sample. 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 SunX live order book, 8 min ago	502.57 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 −0.0738% / S +0.0214%	1h	0.2754	−0.021%	$4K	—	50x	as long as short
Phoenix METshort	−0.0206%	1h	0.2739	−0.581%	$13K	$14K	5x
BloFin MET-USDT	+0.0067%	4h	0.2728	−0.980%	$270K	$90K	50x	as long as short
Lighter MET	+0.0096%	1h	0.2758	+0.109%	$169K	$435K	5x	as long as short
Hyperliquid MET	+0.0100%	1h	0.2756	+0.044%	$3.6M	$1.9M	3x	as long as short
Aster METUSDT	+0.0100%	4h	0.2755	−0.006%	$52K	$11K	5x	as long as short
Binance METUSDT	+0.0100%	4h	0.2754	−0.027%	$4.6M	$12.6M	50x	as long as short
Bybit METUSDT	+0.0100%	4h	0.2754	−0.036%	$4.7M	$3.3M	25x	as long as short
OKX MET-USDT-SWAP	+0.0100%	4h	0.2758	+0.109%	$1.2M	$3.3M	20x	as long as short
Gate MET_USDT	+0.0100%	4h	0.2754	−0.036%	$174K	$168K	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	0.2754	−0.036%	$846K	$288K	20x	as long as short
KuCoin METUSDTM	+0.0100%	4h	0.2756	+0.036%	$1.3M	$2.7M	50x	as long as short
Bitget METUSDT	+0.0100%	4h	0.2758	+0.109%	$686K	$926K	25x	as long as short
ApeX Omni METUSDT	+0.0100%	1h	0.2723	−1.162%	$34K	$117K	50x	as long as short
SunX MET-USDTlong	+0.0100%	4h	0.2755	long leg	$1K	$1.6M	20x
Backpack MET_USDC_PERP	+0.0408%	1h	0.2756	+0.044%	$315K	$249K	5x	as long as short