Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1620%/8h= −177.4% APRpaid last 24h −0.141%

Price spread now: Binance against Lighter−0.478%7-day average −0.264% · you buy dearer than you sell

Net, funding: paid 7d − costs−$275as in the Funding arb table

Net, price: spread back to 7d avg − costs−$271as in the Price arb table

costs, in and out, $10k−$2502.501% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 4 days (all we have)+0.503%+$50 · spread now −0.478%, 7d avg −0.264%

Together, before fees+0.254%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$49 a day on $10k at the current rate, and Binance is 0.213% cheaper against Lighter than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.264%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.249% in total (about -13.0% 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	Lighter MEGA	0.04441	0.1720	pay 0.0215% / 1h	41m 02s	$597K	$299K	3x
Short	Binance MEGAUSDT	0.04420	0.0100	get 0.0050% / 4h	2h 41m	$3.9M	$12.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.478%Rate

Funding earned: −$340.2
Price spread: −0.478% → −0.264%: −$21.34
Slippage, 4 orders: −$240.06
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$611.6
Costs to cover: 2.501%
Break-even: never at this rate

Slippage from Lighter: live order book, 43 min ago; Binance: live order book, 14 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 Lighter live order book, 43 min ago	57.78 bp	97.4 bp −$97	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	2.25 bp	26.2 bp −$26	97.5 bp −$975	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	0.04400	−0.916%	$5K	$11K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04419	−0.504%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04427	−0.315%	$20K	$7K	5x	as long as short
BloFin MEGA-USDT	+0.0062%	4h	0.04420	−0.473%	$198K	$75K	50x	as long as short
Nado MEGA-PERP	+0.0078%	1h	0.04419	−0.484%	$191K	$151K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0097%	4h	0.04420	−0.473%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04421	−0.454%	$19K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04418	−0.511%	$14K	$10K	3x	as long as short
Binance MEGAUSDTshort	+0.0100%	4h	0.04420	−0.478%	$3.9M	$12.7M	50x
Bybit MEGAUSDT	+0.0100%	4h	0.04415	−0.585%	$3.4M	$4.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04416	−0.563%	$904K	$2.8M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04420	−0.473%	$130K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04419	−0.495%	$188K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04420	−0.473%	$770K	$351K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04420	−0.473%	$228K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04421	−0.450%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04417	−0.540%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04423	−0.405%	$15K	$39K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04419	−0.506%	$235K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04421	−0.456%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04416	−0.563%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04423	−0.405%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04421	−0.446%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04422	−0.428%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04418	−0.509%	$3K	—	45x	as long as short
Hyperliquid MEGA	+0.1245%	1h	0.04430	−0.250%	$7.5M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1379%	1h	0.04427	−0.313%	$107	$15	25x	as long as short
Lighter MEGAlong	+0.1720%	1h	0.04441	long leg	$597K	$299K	3x