Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.004%

Price spread now: Binance against Phoenix−0.091%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 Binance

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. Binance is 0.091% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.091% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.0 days 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	0.04474	0	get 0.0000% / 1h	57m 20s	$20K	$7K	5x
Short	Binance MEGAUSDT	0.04470	0.0100	get 0.0050% / 4h	1h 57m	$4.0M	$12.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.091%Rate

Funding earned: $21
Price spread: −0.091% → 0.000%: −$9.15
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$5.15
Costs to cover: 0.170%
Break-even: 8.7 days

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 13 min ago. 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 Binance live order book, 13 min ago	1.12 bp	26.6 bp −$27	115.6 bp −$1,156	doesn't fit	doesn't fit

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
Coinbase International MEGA-PERP-INTX	−0.0144%	1h	0.04490	+0.367%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04468	−0.131%	$12K	—	150x	as long as short
Phoenix MEGAlong	0.0000%	1h	0.04474	long leg	$20K	$7K	5x
Nado MEGA-PERP	+0.0024%	1h	0.04469	−0.101%	$193K	$150K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0098%	4h	0.04469	−0.112%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04469	−0.122%	$20K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04472	−0.045%	$14K	$9K	3x	as long as short
Binance MEGAUSDTshort	+0.0100%	4h	0.04470	−0.091%	$4.0M	$12.7M	50x
Bybit MEGAUSDT	+0.0100%	4h	0.04468	−0.134%	$3.4M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04470	−0.089%	$915K	$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	0.04471	−0.060%	$132K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04468	−0.134%	$191K	$309K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04469	−0.112%	$764K	$345K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04472	−0.045%	$236K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04471	−0.067%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04468	−0.134%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04472	−0.037%	$238K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04476	+0.042%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04475	+0.022%	$24K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04470	−0.089%	$1K	$1.9M	10x	as long as short
BloFin MEGA-USDT	+0.0102%	4h	0.04472	−0.045%	$197K	$76K	50x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04470	−0.093%	$127K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04470	−0.085%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04467	−0.150%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERP	+0.0590%	1h	0.04473	−0.022%	$18K	$41K	5x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1003%	1h	0.04475	+0.011%	$108	$15	25x	as long as short
Hyperliquid MEGA	+0.1479%	1h	0.04481	+0.165%	$7.6M	$2.4M	3x	as long as short
Lighter MEGA	+0.1488%	1h	0.04490	+0.358%	$621K	$310K	3x	as long as short