Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1156%/8h= −126.6% APRpaid last 24h −0.172%

Price spread now: Gate against Lighter−0.625%7-day average −0.271% · you buy dearer than you sell

Net, funding: paid 7d − costs−$425as in the Funding arb table

Net, price: spread back to 7d avg − costs−$434as in the Price arb table

costs, in and out, $10k−$3983.984% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

Price spread, last 4 days (all we have)+0.599%+$60 · spread now −0.625%, 7d avg −0.271%

Together, before fees+0.329%+ Points / potential airdropLighter: Season 3 · 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 Gate is 0.354% cheaper against Lighter than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of −0.271%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.270% in total (about -14.1% 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	0.04483	0.1256	pay 0.0157% / 1h	41m 20s	$620K	$311K	3x
Short	Gate MEGA_USDT	0.04455	0.0100	get 0.0050% / 4h	1h 41m	$190K	$310K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.625%Rate

Funding earned: −$242.76
Price spread: −0.625% → −0.271%: −$35.37
Slippage, 4 orders: −$383.41
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$676.54
Costs to cover: 3.984%
Break-even: never at this rate

Slippage from Lighter: live order book, 34 min ago; Gate: live order book, 36 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, 34 min ago	28.79 bp	41.0 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 36 min ago	7.82 bp	211.7 bp −$212	doesn't fit	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	+0.165%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04453	−0.665%	$12K	—	150x	as long as short
Nado MEGA-PERP	+0.0043%	1h	0.04461	−0.491%	$193K	$152K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0098%	4h	0.04454	−0.647%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04461	−0.491%	$18K	$82K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04465	−0.393%	$14K	$8K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04457	−0.580%	$3.9M	$12.8M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04452	−0.692%	$3.4M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04454	−0.647%	$911K	$2.9M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04455	−0.625%	$131K	$5K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MEGA_USDTshort	+0.0100%	4h	0.04455	−0.625%	$190K	$310K	20x
MEXC MEGA_USDT	+0.0100%	4h	0.04456	−0.602%	$761K	$346K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04459	−0.535%	$235K	$113K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04459	−0.535%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04454	−0.647%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04444	−0.868%	$223K	$135K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04453	−0.661%	$22K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04450	−0.736%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04462	−0.468%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04462	−0.476%	$126K	$613K	5x	as long as short
BloFin MEGA-USDT	+0.0117%	4h	0.04455	−0.625%	$197K	$76K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04457	−0.577%	$3	—	3x	as long as short
Phoenix MEGA	+0.0179%	1h	0.04461	−0.491%	$20K	$7K	5x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04453	−0.665%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERP	+0.0353%	1h	0.04462	−0.468%	$18K	$41K	5x	as long as short
Lighter MEGAlong	+0.1256%	1h	0.04483	long leg	$620K	$311K	3x
Hyperliquid MEGA	+0.1411%	1h	0.04471	−0.279%	$7.6M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1859%	1h	0.04467	−0.355%	$108	$15	25x	as long as short