Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0245%/8h= +26.8% APRpaid last 24h +0.032%

Price spread now: Backpack against Binance−0.056%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.056% cheaper against Binance than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 18 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MEGAUSDT	0.04467	0.0100	pay 0.0050% / 4h	1h 24m	$3.9M	$12.8M	50x
Short	Backpack MEGA_USDC_PERP	0.04465	0.0345	get 0.0043% / 1h	24m 56s	$18K	$41K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.056%Rate

Funding earned: $51.45
Price spread: −0.056% → 0.000%: −$5.57
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $25.88
Costs to cover: 0.200%
Break-even: 3.5 days

Slippage unknown: Binance: live order book, 15 min ago; Backpack: 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 Binance live order book, 15 min ago	1.12 bp	14.5 bp −$15	100.9 bp −$1,009	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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.

MEGA on 28 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
Coinbase International MEGA-PERP-INTX	−0.0144%	1h	0.04490	+0.513%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04461	−0.140%	$12K	—	150x	as long as short
Nado MEGA-PERP	+0.0050%	1h	0.04463	−0.100%	$193K	$151K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0099%	4h	0.04462	−0.123%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04461	−0.144%	$18K	$82K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04462	−0.134%	$14K	$8K	3x	as long as short
Binance MEGAUSDTlong	+0.0100%	4h	0.04467	long leg	$3.9M	$12.8M	50x
Bybit MEGAUSDT	+0.0100%	4h	0.04464	−0.078%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04459	−0.190%	$910K	$2.9M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04453	−0.316%	$131K	$5K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MEGA_USDT	+0.0100%	4h	0.04460	−0.168%	$191K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04463	−0.100%	$762K	$347K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04461	−0.145%	$235K	$113K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04461	−0.145%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04467	−0.011%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04451	−0.359%	$224K	$133K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04458	−0.209%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04455	−0.280%	$24K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04463	−0.100%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04461	−0.142%	$126K	$613K	5x	as long as short
BloFin MEGA-USDT	+0.0139%	4h	0.04462	−0.123%	$195K	$76K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04463	−0.102%	$3	—	3x	as long as short
Phoenix MEGA	+0.0179%	1h	0.04460	−0.168%	$20K	$7K	5x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04461	−0.152%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERPshort	+0.0345%	1h	0.04465	−0.056%	$18K	$41K	5x
Hyperliquid MEGA	+0.1360%	1h	0.04470	+0.054%	$7.6M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1924%	1h	0.04471	+0.085%	$108	$15	25x	as long as short
Lighter MEGA	+0.2952%	1h	0.04483	+0.347%	$630K	$323K	3x	as long as short