Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1388%/8h= −152.0% APRpaid last 24h −0.147%

Price spread now: Bybit against Lighter−0.489%7-day average −0.289% · you buy dearer than you sell

Net, funding: paid 7d − costs−$217as in the Funding arb table

Net, price: spread back to 7d avg − costs−$199as in the Price arb table

costs, in and out, $10k−$1791.789% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.378%−$38 on $10k

Price spread, last 4 days (all we have)+0.476%+$48 · spread now −0.489%, 7d avg −0.289%

Together, before fees+0.098%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$42 a day on $10k at the current rate, and Bybit is 0.200% cheaper against Lighter than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.289%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.378% in total (about -19.7% 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	0.04496	0.1488	pay 0.0186% / 1h	56m 40s	$622K	$310K	3x
Short	Bybit MEGAUSDT	0.04474	0.0100	get 0.0050% / 4h	1h 56m	$3.5M	$4.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.489%Rate

Funding earned: −$291.48
Price spread: −0.489% → −0.289%: −$20.01
Slippage, 4 orders: −$167.91
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$490.4
Costs to cover: 1.789%
Break-even: never at this rate

Slippage from Lighter: live order book, 19 min ago; Bybit: live order book, 1 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, 19 min ago	28.79 bp	41.0 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.12 bp	40.2 bp −$40	149.7 bp −$1,497	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	−0.0144%	1h	0.04490	−0.125%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04468	−0.619%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04474	−0.489%	$20K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0024%	1h	0.04469	−0.589%	$193K	$150K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0098%	4h	0.04469	−0.601%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04473	−0.503%	$20K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04477	−0.418%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04477	−0.423%	$4.0M	$12.7M	50x	as long as short
Bybit MEGAUSDTshort	+0.0100%	4h	0.04474	−0.489%	$3.5M	$4.9M	20x
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04472	−0.534%	$916K	$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	0.04471	−0.549%	$132K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04473	−0.512%	$191K	$309K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04476	−0.445%	$765K	$345K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04477	−0.423%	$236K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04475	−0.467%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04475	−0.467%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04472	−0.526%	$238K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04476	−0.448%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04475	−0.467%	$24K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04470	−0.578%	$1K	$1.9M	10x	as long as short
BloFin MEGA-USDT	+0.0102%	4h	0.04472	−0.534%	$197K	$76K	50x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04476	−0.438%	$127K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04470	−0.574%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04467	−0.638%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERP	+0.0676%	1h	0.04473	−0.512%	$18K	$41K	5x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1003%	1h	0.04475	−0.478%	$108	$15	25x	as long as short
Lighter MEGAlong	+0.1488%	1h	0.04496	long leg	$622K	$310K	3x
Hyperliquid MEGA	+0.1516%	1h	0.04486	−0.220%	$7.6M	$2.4M	3x	as long as short