Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h −0.013%

Price spread now: OKX against GMX−0.038%7-day average — · you buy dearer than you sell

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 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 −$4 a day on $10k at the current rate, and OKX is 0.038% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MEGA/USD [ETH-USDC]	0.04429	L +0.0235% / S −0.5353%	pay 0.0029% / 1h	50m 28s	$3K	—	45x
Short	OKX MEGA-USDT-SWAP	0.04427	0.0100	get 0.0050% / 4h	2h 50m	$906K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against GMX. 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 GMXbpFee OKXbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$28.42
Price spread: −0.038% → 0.000%: −$3.84
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$54.26
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 2 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	1.13 bp	41.3 bp −$41	167.4 bp −$1,674	doesn't fit	doesn't fit

GMX: 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	−0.0288%	1h	0.04400	−0.641%	$5K	$11K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04429	+0.005%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04441	+0.278%	$20K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0063%	1h	0.04433	+0.108%	$191K	$152K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0097%	4h	0.04429	+0.007%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04427	−0.027%	$19K	$79K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04429	+0.016%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04430	+0.029%	$4.0M	$12.7M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04426	−0.061%	$3.4M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAPshort	+0.0100%	4h	0.04427	−0.038%	$906K	$2.8M	20x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk MEGA-USD	+0.0100%	1h	0.04450	+0.481%	$131K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04429	+0.007%	$189K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04428	−0.016%	$781K	$350K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04430	+0.029%	$228K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04432	+0.075%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04428	−0.016%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04430	+0.029%	$15K	$40K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04427	−0.049%	$236K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04452	+0.523%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04436	+0.165%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04431	+0.052%	$1K	$1.9M	10x	as long as short
BloFin MEGA-USDT	+0.0102%	4h	0.04440	+0.255%	$198K	$76K	50x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04428	−0.013%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04433	+0.089%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]long	L +0.0235% / S −0.5353%	1h	0.04429	long leg	$3K	—	45x
Deribit MEGA_USDC-PERPETUAL	+0.1172%	1h	0.04437	+0.181%	$107	$15	25x	as long as short
Hyperliquid MEGA	+0.1380%	1h	0.04444	+0.357%	$7.6M	$2.3M	3x	as long as short
Lighter MEGA	+0.1512%	1h	0.04448	+0.436%	$598K	$299K	3x	as long as short