Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1153%/8h= −126.2% APRpaid last 24h −0.140%

Price spread now: Variational Omni against Hyperliquid−0.305%7-day average −0.179% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.321%−$32 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now −0.305%, 7d avg −0.179%

Together, before fees−0.332%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Variational Omni is 0.126% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.179%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.321% in total (about -36.2% 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	Hyperliquid MEGA	0.04507	0.1253	pay 0.0157% / 1h	19m 46s	$7.6M	$2.4M	3x
Short	Variational Omni MEGA	0.04493	0.0100	get 0.0050% / 4h	2h 19m	$239K	$109K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.305%Rate

Funding earned: −$242.1
Price spread: −0.305% → −0.179%: −$12.57
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$263.67
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 min ago; Variational Omni: RFQ quote, 4 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 Hyperliquid live order book, 3 min ago	1.77 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	8.94 bp	doesn't fit	160.9 bp −$1,609	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	−0.0288%	1h	0.04490	−0.368%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04494	−0.277%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04499	−0.178%	$21K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0051%	1h	0.04496	−0.233%	$194K	$150K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0098%	4h	0.04495	−0.266%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04495	−0.262%	$20K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04497	−0.229%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04494	−0.288%	$4.0M	$12.7M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04491	−0.355%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04494	−0.288%	$921K	$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	0.04500	−0.166%	$133K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04495	−0.266%	$191K	$311K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04493	−0.311%	$774K	$355K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04494	−0.288%	$237K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04495	−0.266%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04494	−0.288%	—	$1.7M	—	as long as short
Variational Omni MEGAshort	+0.0100%	4h	0.04493	−0.305%	$239K	$109K	—
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04490	−0.376%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04486	−0.466%	$25K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04496	−0.244%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04495	−0.275%	$127K	$613K	5x	as long as short
BloFin MEGA-USDT	+0.0127%	4h	0.04485	−0.488%	$196K	$76K	50x	as long as short
Backpack MEGA_USDC_PERP	+0.0145%	1h	0.04498	−0.200%	$18K	$41K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04495	−0.260%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04494	−0.288%	$3K	—	45x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.0862%	1h	0.04500	−0.151%	$109	$15	25x	as long as short
Hyperliquid MEGAlong	+0.1253%	1h	0.04507	long leg	$7.6M	$2.4M	3x
Lighter MEGA	+0.2800%	1h	0.04515	+0.178%	$624K	$327K	3x	as long as short