Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1404%/8h= +153.7% APRpaid last 24h +0.172%

Price spread now: Lighter against Gate+0.471%7-day average +0.271% · you sell dearer than you buy

Net, funding: paid 7d − costs−$371as in the Funding arb table

Net, price: spread back to 7d avg − costs−$378as in the Price arb table

costs, in and out, $10k−$3983.984% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.270%+$27 on $10k

Price spread, last 4 days (all we have)−0.445%−$45 · spread now +0.471%, 7d avg +0.271%

Together, before fees−0.175%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$42 a day on $10k at the current rate, and Lighter is 0.201% dearer against Gate than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.271%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.270% in total (about 14.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MEGA_USDT	0.04455	0.0100	pay 0.0050% / 4h	1h 41m	$190K	$310K	20x
Short	Lighter MEGA	0.04476	0.1504	get 0.0188% / 1h	41m 03s	$620K	$312K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.471%Rate

Funding earned: $294.84
Price spread: +0.471% → +0.271%: $20.05
Slippage, 4 orders: −$383.41
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$83.51
Costs to cover: 3.984%
Break-even: 9.0 days

Slippage from Gate: live order book, 36 min ago; Lighter: live order book, 35 min ago.

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 Gate live order book, 36 min ago	7.82 bp	80.2 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 35 min ago	28.79 bp	65.4 bp −$65	doesn't fit	doesn't fit	doesn't fit

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	+0.795%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04453	−0.041%	$12K	—	150x	as long as short
Nado MEGA-PERP	+0.0043%	1h	0.04461	+0.135%	$193K	$152K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0098%	4h	0.04454	−0.022%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04458	+0.078%	$18K	$82K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04465	+0.233%	$14K	$8K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04458	+0.062%	$3.9M	$12.8M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04454	−0.022%	$3.4M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04453	−0.045%	$911K	$2.9M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04455	0.000%	$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_USDTlong	+0.0100%	4h	0.04455	long leg	$190K	$310K	20x
MEXC MEGA_USDT	+0.0100%	4h	0.04456	+0.022%	$761K	$346K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04459	+0.090%	$235K	$113K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04459	+0.090%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04456	+0.022%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04444	−0.245%	$223K	$135K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04453	−0.036%	$22K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04450	−0.112%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04456	+0.022%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04453	−0.042%	$126K	$613K	5x	as long as short
BloFin MEGA-USDT	+0.0137%	4h	0.04464	+0.202%	$196K	$76K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04457	+0.047%	$3	—	3x	as long as short
Phoenix MEGA	+0.0179%	1h	0.04461	+0.135%	$20K	$7K	5x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04453	−0.040%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERP	+0.0377%	1h	0.04460	+0.112%	$18K	$41K	5x	as long as short
Hyperliquid MEGA	+0.1417%	1h	0.04468	+0.290%	$7.6M	$2.4M	3x	as long as short
Lighter MEGAshort	+0.1504%	1h	0.04476	+0.471%	$620K	$312K	3x
Deribit MEGA_USDC-PERPETUAL	+0.1681%	1h	0.04461	+0.139%	$108	$15	25x	as long as short