Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.009%

Price spread now: SunX against Phoenix−0.348%69s7-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 SunX

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. SunX is 0.348% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.348% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 12 days of funding at the current rate (+$3 a day). The two prices were read 69 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	Phoenix MEGA	0.04598	0	get 0.0000% / 1h	55m 54s	$21K	$7K	5x
Short	SunX MEGA-USDT	0.04582	0.0100	get 0.0050% / 4h	2h 55m	$2K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.348%Rate

Funding earned: $21
Price spread: −0.348% → 0.000%: −$34.8
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$28.8
Costs to cover: 0.150%
Break-even: 16.6 days

Slippage unknown: Phoenix: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	501.24 bp	doesn't fit	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	−0.0432%	1h	0.04490	−2.340%	$5K	$12K	50x	as long as short
Phoenix MEGAlong	0.0000%	1h	0.04598	long leg	$21K	$7K	5x
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04580	−0.395%	$1K	—	150x	as long as short
BloFin MEGA-USDT	+0.0043%	4h	0.04586	−0.261%	$202K	$89K	50x	as long as short
Nado MEGA-PERP	+0.0078%	1h	0.04581	−0.370%	$198K	$138K	2x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04582	−0.348%	$18K	$90K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04582	−0.339%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04580	−0.382%	$4.1M	$13.4M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04575	−0.500%	$3.6M	$5.4M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04574	−0.522%	$943K	$3.1M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MEGA_USDT	+0.0100%	4h	0.04580	−0.391%	$201K	$317K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04580	−0.391%	$849K	$358K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04583	−0.326%	$241K	$116K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04581	−0.370%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04577	−0.457%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04585	−0.283%	$18K	$43K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04575	−0.494%	$323K	$227K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04603	+0.111%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04601	+0.065%	$25K	$231K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04578	−0.435%	$3K	$2K	10x	as long as short
SunX MEGA-USDTshort	+0.0100%	4h	0.04582	−0.348%	$2K	$1.9M	10x
Bulk MEGA-USD	+0.0100%	1h	0.04600	+0.040%	$136K	$4K	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04579	−0.414%	$130K	$820K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04581	−0.364%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04578	−0.426%	$3K	—	45x	as long as short
Lighter MEGA	+0.1200%	1h	0.04604	+0.130%	$647K	$324K	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.2326%	1h	0.04592	−0.133%	$111	$15	25x	as long as short
Hyperliquid MEGA	+0.2861%	1h	0.04600	+0.037%	$7.9M	$2.5M	3x	as long as short