MET Funding Rate — live across 10 venues

Compared across 10 supported venues · net of estimated fees · updated every few minutes

Live annualized MET perpetual funding across all 10 venues Perpia tracks. Right now MET funding is positive on 10 and negative on 0, ranging from +181.5% on BackPack to +10.5% on Lighter — a spread of 171.0%. The widest delta-neutral trade is long Lighter / short BackPack at 166.6% net APR.

venues

paying positive

171.0%

funding spread

Best MET spread now

166.6%

net APR after fees

Long Lighter→Short BackPack

size depends on live venue depth — see the real cap in the scanner

MET funding trend & liquidity

168h of history

171.0%

current gross APR

87.5%

24h average

72.5%

7-day average

$91K

pair OI · lower leg

$66K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

MET funding rate history

30d · 6h buckets · 12 venues

354%0-165.6%

6 Aug5 Sep

MET — average across 12 venuesAsterBackPackHyperliquidBinance

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +14.4%. A break in a line means no data was recorded for that stretch, not a zero rate.

MET funding rate by venue

9 pairs scanned

Venue	Funding APR	Interval
BackPack ↗	+181.5%	1h
MEXC ↗	+10.9%	4h
Binance ↗	+10.9%	4h
OKX ↗	+10.9%	4h
Gate.io ↗	+10.9%	4h
Bybit ↗	+10.9%	4h
Bitget ↗	+10.9%	4h
KuCoin ↗	+10.9%	4h
Hyperliquid ↗	+10.9%	1h
Lighter ↗	+10.5%	8h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Lighter vs BackPack page.

MET arbitrage — 30-day backtest

long Lighter · short BackPack

28.7%

backtested APR

+$236

historical net P&L on $10,000

0.66%

max drawdown

$10,000$10,236

30 days agostarting capital $10,000today

Over the last 30 days, holding long Lighter / short BackPack would have produced 28.7% APR — versus the 166.6% the live spread implies right now (equity $10,000 → $10,236). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

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MET funding — FAQ

Is MET funding positive right now?

MET perpetual funding is positive on 10 of 10 venues Perpia tracks. The highest is +181.5% on BackPack; the lowest is +10.5% on Lighter.

What is the best MET funding arbitrage right now?

Go long Lighter and short BackPack for about 166.6% net APR after fees — the widest delta-neutral MET spread Perpia currently sees.

Which exchange has the highest MET funding rate?

BackPack, at +181.5% annualized. Funding shifts continuously, so check the live table above before trading.

How MET funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to MET

Markets also quoted on both BackPack and Lighter — the same two exchanges you would already have funded for the MET trade.

See every spread between them on the BackPack vs Lighter page.

Open the live scanner →All funding rates Funding by exchange How we calculate this