Funding arb · Price arb /

MEGA

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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: KuCoin against Phoenix−0.068%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 KuCoin

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. KuCoin is 0.068% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.068% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.3 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	0.04430	0	get 0.0000% / 1h	47m 30s	$20K	$7K	5x
Short	KuCoin MEGAUSDTM	0.04427	0.0100	get 0.0050% / 4h	2h 47m	$228K	$112K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.068%Rate

Funding earned: $21
Price spread: −0.068% → 0.000%: −$6.77
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$4.77
Costs to cover: 0.190%
Break-even: 8.6 days

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 32 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 KuCoin live order book, 32 min ago	12.32 bp	242.1 bp −$242	doesn't fit	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	−0.0288%	1h	0.04400	−0.670%	$5K	$11K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04423	−0.150%	$12K	—	150x	as long as short
Phoenix MEGAlong	0.0000%	1h	0.04430	long leg	$20K	$7K	5x
BloFin MEGA-USDT	+0.0051%	4h	0.04428	−0.045%	$197K	$75K	50x	as long as short
Nado MEGA-PERP	+0.0076%	1h	0.04426	−0.102%	$191K	$151K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0097%	4h	0.04424	−0.135%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04424	−0.129%	$19K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04427	−0.074%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04425	−0.113%	$4.0M	$12.7M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04423	−0.158%	$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	0.04424	−0.135%	$906K	$2.8M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04450	+0.451%	$131K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04423	−0.158%	$189K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04424	−0.135%	$779K	$350K	50x	as long as short
KuCoin MEGAUSDTMshort	+0.0100%	4h	0.04427	−0.068%	$228K	$112K	50x
Bitget MEGAUSDT	+0.0100%	4h	0.04426	−0.090%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04423	−0.158%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04428	−0.045%	$15K	$39K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04427	−0.079%	$236K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04427	−0.075%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04425	−0.113%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04427	−0.068%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04425	−0.110%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04426	−0.099%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04422	−0.185%	$3K	—	45x	as long as short
Hyperliquid MEGA	+0.1384%	1h	0.04436	+0.140%	$7.5M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1445%	1h	0.04432	+0.052%	$107	$15	25x	as long as short
Lighter MEGA	+0.1600%	1h	0.04445	+0.339%	$598K	$299K	3x	as long as short