Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1153%/8h= +126.2% APRpaid last 24h +0.140%

Price spread now: Hyperliquid against MEXC+0.312%7-day average +0.176% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$640.642% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.382%+$38 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.312%, 7d avg +0.176%

Together, before fees+0.329%+ Points / potential airdropHyperliquid: Season 2 · farm board+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Hyperliquid is 0.135% dearer against MEXC than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.176%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.382% in total (about 19.9% 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	MEXC MEGA_USDT	0.04493	0.0100	pay 0.0050% / 4h	2h 19m	$774K	$355K	50x
Short	Hyperliquid MEGA	0.04507	0.1253	get 0.0157% / 1h	19m 34s	$7.6M	$2.4M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.312%Rate

Funding earned: $242.1
Price spread: +0.312% → +0.176%: $13.52
Slippage, 4 orders: −$55.23
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $191.39
Costs to cover: 0.642%
Break-even: 1.5 days

Slippage from MEXC: live order book, 64 min ago; Hyperliquid: live order book, 3 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 MEXC live order book, 64 min ago	1.12 bp	9.4 bp −$9	59.2 bp −$592	212.9 bp −$21.3K	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.77 bp	27.1 bp −$27	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	−0.0288%	1h	0.04490	−0.058%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04494	+0.033%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04499	+0.134%	$21K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0051%	1h	0.04495	+0.045%	$194K	$150K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0098%	4h	0.04495	+0.045%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04496	+0.062%	$20K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04497	+0.082%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04493	+0.003%	$4.0M	$12.7M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04492	−0.022%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04493	0.000%	$921K	$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	0.04500	+0.145%	$133K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04495	+0.045%	$191K	$311K	20x	as long as short
MEXC MEGA_USDTlong	+0.0100%	4h	0.04493	long leg	$774K	$355K	50x
KuCoin MEGAUSDTM	+0.0100%	4h	0.04494	+0.022%	$237K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04493	0.000%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04493	0.000%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04493	+0.006%	$239K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04490	−0.066%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04493	0.000%	$25K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04496	+0.067%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04494	+0.013%	$127K	$613K	5x	as long as short
BloFin MEGA-USDT	+0.0127%	4h	0.04485	−0.178%	$196K	$76K	50x	as long as short
Backpack MEGA_USDC_PERP	+0.0145%	1h	0.04498	+0.111%	$18K	$41K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04495	+0.050%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04494	+0.022%	$3K	—	45x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.0862%	1h	0.04500	+0.160%	$109	$15	25x	as long as short
Hyperliquid MEGAshort	+0.1253%	1h	0.04507	+0.312%	$7.6M	$2.4M	3x
Lighter MEGA	+0.2800%	1h	0.04515	+0.490%	$624K	$327K	3x	as long as short