Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0255%/8h= +27.9% APRpaid last 24h +0.004%

Price spread now: Phoenix against MEXC−0.288%92s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.288% cheaper against MEXC than usual: you would sell low and buy high (spread −0.288% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$29 on $10k: about 3.8 days of funding at the current rate (+$8 a day). The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MEGA_USDT	0.04517	0.0100	pay 0.0050% / 4h	33m 52s	$772K	$350K	50x
Short	Phoenix MEGA	0.04504	0.0355	get 0.0044% / 1h	33m 52s	$21K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.288%Rate

Funding earned: $53.55
Price spread: −0.288% → 0.000%: −$28.78
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.77
Costs to cover: 0.070%
Break-even: 4.7 days

Slippage unknown: MEXC: live order book, 37 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 37 min ago	1.12 bp	9.7 bp −$10	38.7 bp −$387	231.2 bp −$23.1K	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04510	−0.147%	$12K	—	150x	as long as short
Nado MEGA-PERP	+0.0096%	1h	0.04516	−0.033%	$195K	$135K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04511	−0.133%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04515	−0.051%	$18K	$83K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04514	−0.055%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04518	+0.022%	$3.9M	$12.8M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04512	−0.111%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04511	−0.133%	$921K	$2.9M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04505	−0.266%	$133K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04513	−0.089%	$193K	$309K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MEGA_USDTlong	+0.0100%	4h	0.04517	long leg	$772K	$350K	50x
KuCoin MEGAUSDTM	+0.0100%	4h	0.04516	−0.022%	$238K	$114K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04515	−0.044%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04515	−0.044%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04497	−0.432%	$226K	$133K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04504	−0.291%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04499	−0.398%	$25K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04512	−0.111%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04516	−0.029%	$128K	$613K	5x	as long as short
BloFin MEGA-USDT	+0.0124%	4h	0.04504	−0.288%	$195K	$77K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04515	−0.044%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04509	−0.184%	$3K	—	45x	as long as short
Coinbase International MEGA-PERP-INTX	+0.0296%	1h	0.04490	−0.589%	$5K	$12K	50x	as long as short
Phoenix MEGAshort	+0.0355%	1h	0.04504	−0.288%	$21K	$7K	5x
Backpack MEGA_USDC_PERP	+0.0640%	1h	0.04518	+0.022%	$18K	$41K	5x	as long as short
Hyperliquid MEGA	+0.1158%	1h	0.04528	+0.237%	$7.7M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1369%	1h	0.04517	−0.004%	$109	$15	25x	as long as short
Lighter MEGA	+0.1552%	1h	0.04532	+0.332%	$637K	$319K	3x	as long as short