METIS arbitrage explained
Right now Metis (METIS) trades on 9 venues we scan: 9 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $3.31 and the highest bid on Bybit perp at $3.31.
The widest METIS perpetual spread is between OKX and Bybit: long METIS on OKX at $3.31 and short on Bybit at $3.31 for +0.15% gross, or -0.01% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.009% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best METIS route is to buy spot on Gate and short the perpetual on Bybit: +0.06% gross, -0.14% net, with +0.030% a day of funding on the short leg.
Spot–spot METIS arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows -0.03% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small METIS gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: METIS funding rates · METIS spread charts · Metis price · arbitrage scanner for all coins.