Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.2716%/8h= −297.4% APRpaid last 24h −0.192%

Price spread now: GRVT against Lighter−0.842%7-day average −0.221% · you buy dearer than you sell

Net, funding: paid 7d − costs−$232as in the Funding arb table

Net, price: spread back to 7d avg − costs−$267as in the Price arb table

costs, in and out, $10k−$2052.054% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.262%−$26 on $10k

Price spread, last 3 days (all we have)+0.949%+$95 · spread now −0.842%, 7d avg −0.221%

Together, before fees+0.687%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$69 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$81 a day on $10k at the current rate, and GRVT is 0.621% cheaper against Lighter than usual: you would sell low and buy high (−$62 if the spread goes back to its 7-day average of −0.221%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.262% in total (about -13.7% 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	0.04500	0.2816	pay 0.0352% / 1h	21m 02s	$633K	$323K	3x
Short	GRVT MEGA_USDT_Perp	0.04462	0.0100	get 0.0050% / 4h	1h 21m	$27K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.842%Rate

Funding earned: −$570.36
Price spread: −0.842% → −0.221%: −$62.09
Slippage, 4 orders: −$196.36
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$837.81
Costs to cover: 2.054%
Break-even: never at this rate

Slippage from Lighter: live order book, 55 min ago; GRVT: live order book, 2 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, 55 min ago	28.79 bp	41.0 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	4.48 bp	47.9 bp −$48	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	−0.213%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04478	−0.489%	$12K	—	150x	as long as short
Nado MEGA-PERP	+0.0052%	1h	0.04476	−0.544%	$193K	$151K	2x	as long as short
BloFin MEGA-USDT	+0.0069%	4h	0.04465	−0.778%	$195K	$76K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0099%	4h	0.04478	−0.489%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04478	−0.499%	$18K	$82K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04476	−0.531%	$14K	$8K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04485	−0.331%	$3.9M	$12.8M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04477	−0.511%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04475	−0.556%	$913K	$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	0.04453	−1.036%	$131K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04477	−0.511%	$192K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04480	−0.444%	$761K	$350K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04478	−0.489%	$236K	$113K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04478	−0.489%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04486	−0.311%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04451	−1.079%	$224K	$133K	—	as long as short
GRVT MEGA_USDT_Perpshort	+0.0100%	4h	0.04462	−0.842%	$27K	$1.7M	10x
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04459	−0.911%	$24K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04480	−0.444%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04479	−0.475%	$127K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04479	−0.457%	$3	—	3x	as long as short
Phoenix MEGA	+0.0179%	1h	0.04467	−0.733%	$20K	$7K	5x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04477	−0.511%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERP	+0.0408%	1h	0.04485	−0.333%	$18K	$41K	5x	as long as short
Hyperliquid MEGA	+0.1335%	1h	0.04487	−0.280%	$7.6M	$2.3M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1894%	1h	0.04487	−0.284%	$109	$15	25x	as long as short
Lighter MEGAlong	+0.2816%	1h	0.04500	long leg	$633K	$323K	3x