Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0136%/8h= −14.9% APRpaid last 24h −0.018%

Price spread now: Variational Omni against GMX−0.509%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.509% cheaper against GMX than usual: you would sell low and buy high (−$51 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]	0.04503	L +0.0236% / S −0.5353%	pay 0.0029% / 1h	1m 18s	$3K	—	45x
Short	Variational Omni MEGA	0.04480	0.0100	get 0.0050% / 4h	1h 01m	$225K	$133K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.509%Rate

Funding earned: −$28.56
Price spread: −0.509% → 0.000%: −$50.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$91.42
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 18 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 Variational Omni RFQ quote, 18 min ago	4.47 bp	doesn't fit	138.7 bp −$1,387	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	−0.0144%	1h	0.04490	−0.286%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04503	−0.002%	$12K	—	150x	as long as short
BloFin MEGA-USDT	+0.0057%	4h	0.04500	−0.073%	$194K	$77K	50x	as long as short
Nado MEGA-PERP	+0.0060%	1h	0.04507	+0.093%	$195K	$136K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0099%	4h	0.04504	+0.016%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04506	+0.055%	$18K	$82K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04506	+0.060%	$14K	$8K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04506	+0.053%	$3.9M	$12.9M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04501	−0.051%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04505	+0.038%	$915K	$2.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk MEGA-USD	+0.0100%	1h	0.04484	−0.438%	$132K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04503	−0.007%	$193K	$311K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04505	+0.038%	$773K	$354K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04506	+0.060%	$237K	$113K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04505	+0.038%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04503	−0.007%	—	$1.7M	—	as long as short
Variational Omni MEGAshort	+0.0100%	4h	0.04480	−0.509%	$225K	$133K	—
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04496	−0.162%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04504	+0.016%	$25K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04509	+0.127%	$929	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04503	−0.004%	$128K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04503	−0.009%	$3	—	3x	as long as short
Phoenix MEGA	+0.0179%	1h	0.04510	+0.149%	$21K	$7K	5x	as long as short
GMX MEGA/USD [ETH-USDC]long	L +0.0236% / S −0.5353%	1h	0.04503	long leg	$3K	—	45x
Backpack MEGA_USDC_PERP	+0.0510%	1h	0.04513	+0.215%	$18K	$41K	5x	as long as short
Hyperliquid MEGA	+0.1172%	1h	0.04514	+0.235%	$7.7M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1370%	1h	0.04514	+0.244%	$109	$15	25x	as long as short
Lighter MEGA	+0.2352%	1h	0.04532	+0.637%	$637K	$323K	3x	as long as short