Funding you earn now, next payment 01:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.009%
Price spread now: Orderly against Phoenix+0.022%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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
The price spread pays, funding is against you. Orderly is 0.022% dearer against Phoenix than usual: you sell high and buy low (spread +0.022% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 24 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MEGA | 0.04579 | 0.0173 | pay 0.0022% / 1h | 10m 48s | $21K | $7K | 5x |
| Short | Orderly PERP_MEGA_USDC | 0.04580 | 0.0100 | get 0.0050% / 4h | 2h 10m | $3K | $2K | 10x |
Phoenix MEGA
Orderly PERP_MEGA_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$15.43
- Price spread: +0.022% → 0.000%
- $2.18
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$26.24
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Orderly: 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 Orderly no order-book sample | — | — | — | — | — |
Phoenix and Orderly: 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 27 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 | −0.0432% | 1h | 0.04490 | −1.935% | $5K | $12K | 50x | as long as short |
| gTrade (Gains Network) MEGA/USD | L +0.0001% / S +0.0023% | 1h | 0.04572 | −0.157% | $1K | — | 150x | as long as short |
| Nado MEGA-PERP | +0.0062% | 1h | 0.04573 | −0.131% | $197K | $140K | 2x | as long as short |
| Aster MEGAUSDT | +0.0100% | 4h | 0.04583 | +0.091% | $18K | $90K | 5x | as long as short |
| Pacifica MEGA | +0.0100% | 1h | 0.04572 | −0.151% | $14K | $9K | 3x | as long as short |
| Binance MEGAUSDT | +0.0100% | 4h | 0.04583 | +0.087% | $4.1M | $13.5M | 50x | as long as short |
| Bybit MEGAUSDT | +0.0100% | 4h | 0.04579 | 0.000% | $3.6M | $5.5M | 20x | as long as short |
| OKX MEGA-USDT-SWAP | +0.0100% | 4h | 0.04578 | −0.022% | $942K | $3.1M | 20x | as long as short |
| Bulk MEGA-USD | +0.0100% | 1h | 0.04579 | +0.006% | $135K | $4K | 10x | as long as short |
| Gate MEGA_USDT | +0.0100% | 4h | 0.04580 | +0.022% | $203K | $319K | 20x | as long as short |
Coinbase International MEGA-PERP-INTX
gTrade (Gains Network) MEGA/USD
Nado MEGA-PERP
Aster MEGAUSDT
Pacifica MEGA
Binance MEGAUSDT
Bybit MEGAUSDT
OKX MEGA-USDT-SWAP
Bulk MEGA-USD
Gate MEGA_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC MEGA_USDT | +0.0100% | 4h | 0.04581 | +0.044% | $819K | $366K | 50x | as long as short |
| KuCoin MEGAUSDTM | +0.0100% | 4h | 0.04582 | +0.066% | $239K | $112K | 50x | as long as short |
| Bitget MEGAUSDT | +0.0100% | 4h | 0.04582 | +0.066% | $1.1M | $1.5M | 50x | as long as short |
| BingX MEGA-USDT | +0.0100% | 4h | 0.04580 | +0.022% | — | $1.7M | — | as long as short |
| Variational Omni MEGA | +0.0100% | 4h | 0.04572 | −0.159% | $322K | $226K | — | as long as short |
| GRVT MEGA_USDT_Perp | +0.0100% | 4h | 0.04574 | −0.116% | $18K | $1.7M | 10x | as long as short |
| ApeX Omni MEGAUSDT | +0.0100% | 1h | 0.04571 | −0.175% | $24K | $229K | 50x | as long as short |
| Orderly PERP_MEGA_USDCshort | +0.0100% | 4h | 0.04580 | +0.022% | $3K | $2K | 10x | |
| SunX MEGA-USDT | +0.0100% | 4h | 0.04568 | −0.240% | $2K | $1.9M | 10x | as long as short |
| Extended MEGA-USD | +0.0104% | 1h | 0.04578 | −0.015% | $131K | $829K | 5x | as long as short |
| Reya MEGARUSDPERP | +0.0159% | 1h | 0.04572 | −0.159% | $3 | — | 3x | as long as short |
| Phoenix MEGAlong | +0.0173% | 1h | 0.04579 | long leg | $21K | $7K | 5x | |
| GMX MEGA/USD [ETH-USDC] | L +0.0237% / S −0.5353% | 1h | 0.04572 | −0.144% | $3K | — | 45x | as long as short |
| Backpack MEGA_USDC_PERP | +0.0685% | 1h | 0.04590 | +0.240% | $18K | $46K | 5x | as long as short |
| Lighter MEGA | +0.1288% | 1h | 0.04609 | +0.655% | $651K | $329K | 3x | as long as short |
| Hyperliquid MEGA | +0.1841% | 1h | 0.04598 | +0.421% | $7.9M | $2.5M | 3x | as long as short |
| Deribit MEGA_USDC-PERPETUAL | +0.2019% | 1h | 0.04594 | +0.328% | $111 | $15 | 25x | as long as short |
MEXC MEGA_USDT
KuCoin MEGAUSDTM
Bitget MEGAUSDT
BingX MEGA-USDT
Variational Omni MEGA
GRVT MEGA_USDT_Perp
ApeX Omni MEGAUSDT
SunX MEGA-USDT
Extended MEGA-USD
Reya MEGARUSDPERP
GMX MEGA/USD [ETH-USDC]
Backpack MEGA_USDC_PERP
Lighter MEGA
Hyperliquid MEGA
Deribit MEGA_USDC-PERPETUAL