MEGA

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.025%

Price spread now: Backpack against Phoenix−0.023%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Backpack

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. Backpack is 0.023% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MEGA	0.04425	0	get 0.0000% / 1h	42m 39s	$20K	$7K	5x
Short	Backpack MEGA_USDC_PERP	0.04424	0.0100	get 0.0013% / 1h	42m 39s	$15K	$39K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.023%Rate

Funding earned: $21
Price spread: −0.023% → 0.000%: −$2.26
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $1.74
Costs to cover: 0.170%
Break-even: 6.4 days

Slippage unknown: Phoenix: no order-book sample; Backpack: 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 Phoenix no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Phoenix and Backpack: 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
Coinbase International MEGA-PERP-INTX	−0.0288%	1h	0.04400	−0.558%	$5K	$11K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04420	−0.124%	$12K	—	150x	as long as short
Phoenix MEGAlong	0.0000%	1h	0.04425	long leg	$20K	$7K	5x
Nado MEGA-PERP	+0.0077%	1h	0.04423	−0.034%	$191K	$151K	2x	as long as short
BloFin MEGA-USDT	+0.0094%	4h	0.04417	−0.181%	$198K	$75K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0097%	4h	0.04421	−0.090%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04422	−0.060%	$19K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04424	−0.011%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04423	−0.038%	$3.9M	$12.7M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04421	−0.090%	$3.4M	$4.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04422	−0.068%	$905K	$2.8M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04450	+0.565%	$131K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04420	−0.113%	$188K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04422	−0.068%	$771K	$351K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04424	−0.023%	$228K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04425	0.000%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04420	−0.113%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERPshort	+0.0100%	1h	0.04424	−0.023%	$15K	$39K	5x
Variational Omni MEGA	+0.0100%	4h	0.04419	−0.146%	$235K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04421	−0.096%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04416	−0.203%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04422	−0.068%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04422	−0.067%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04421	−0.082%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04418	−0.149%	$3K	—	45x	as long as short
Hyperliquid MEGA	+0.1261%	1h	0.04434	+0.199%	$7.5M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1311%	1h	0.04427	+0.054%	$107	$15	25x	as long as short
Lighter MEGA	+0.1712%	1h	0.04442	+0.384%	$597K	$299K	3x	as long as short