Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0746%/8h= −81.7% APRpaid last 24h −0.204%

Price spread now: BloFin against Lighter−1.142%90s7-day average −0.175% · you buy dearer than you sell

Net, funding: paid 7d − costs−$269as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2362.365% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.327%−$33 on $10k

Price spread, last 3 days (all we have)+2.736%+$274 · spread now −1.142%, 7d avg −0.175%

Together, before fees+2.409%+ Points / potential airdropLighter: Season 3 · farm board+$241 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and BloFin is 0.967% cheaper against Lighter than usual: you would sell low and buy high (−$97 if the spread goes back to its 7-day average of −0.175%). Swap the legs. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.327% in total (about -17.1% 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	Lighter MEGA	0.04553	0.0824	pay 0.0103% / 1h	41m 31s	$640K	$320K	3x
Short	BloFin MEGA-USDT	0.04501	0.0078	get 0.0039% / 4h	3h 41m	$196K	$76K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −1.142%Rate

Funding earned: −$156.72
Price spread: −1.142% → −0.175%: −$96.72
Slippage, 4 orders: −$224.48
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$489.92
Costs to cover: 2.365%
Break-even: never at this rate

Slippage from Lighter: live order book, 24 min ago; BloFin: live order book, 23 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, 24 min ago	26.48 bp	126.0 bp −$126	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 23 min ago	1.11 bp	23.9 bp −$24	82.2 bp −$822	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	−0.0048%	1h	0.04490	−1.375%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04532	−0.457%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04503	−1.098%	$21K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0064%	1h	0.04535	−0.384%	$197K	$136K	2x	as long as short
BloFin MEGA-USDTshort	+0.0078%	4h	0.04501	−1.142%	$196K	$76K	50x
Aster MEGAUSDT	+0.0100%	4h	0.04536	−0.384%	$20K	$86K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04535	−0.393%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04534	−0.424%	$4.0M	$13.1M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04535	−0.395%	$3.5M	$5.2M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04535	−0.395%	$924K	$3.0M	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	0.04510	−0.944%	$133K	$4K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04530	−0.505%	$198K	$312K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04531	−0.483%	$839K	$359K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04536	−0.373%	$239K	$115K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04531	−0.483%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04532	−0.461%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04542	−0.242%	$18K	$41K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04503	−1.103%	$317K	$227K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04526	−0.603%	$28K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04502	−1.120%	$25K	$231K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04532	−0.461%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04525	−0.615%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04531	−0.482%	$129K	$730K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04535	−0.399%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04532	−0.466%	$3K	—	45x	as long as short
Lighter MEGAlong	+0.0824%	1h	0.04553	long leg	$640K	$320K	3x
Hyperliquid MEGA	+0.0970%	1h	0.04545	−0.171%	$7.8M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.2772%	1h	0.04546	−0.143%	$110	$15	25x	as long as short