Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Phoenix−0.148%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.148% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.148% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 4.9 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	0.04606	0	get 0.0000% / 1h	34m 13s	$21K	$7K	5x
Short	Variational Omni MEGA	0.04599	0.0100	get 0.0050% / 4h	3h 34m	$325K	$226K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.148%Rate

Funding earned: $21
Price spread: −0.148% → 0.000%: −$14.77
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.77
Costs to cover: 0.070%
Break-even: 7.3 days

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 20 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 Variational Omni RFQ quote, 20 min ago	5.45 bp	doesn't fit	127.6 bp −$1,276	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	−0.0680%	1h	0.04589	−0.358%	$5K	$12K	50x	as long as short
Bybit MEGAUSDT	−0.0154%	4h	0.04594	−0.261%	$3.5M	$5.8M	20x	as long as short
Phoenix MEGAlong	0.0000%	1h	0.04606	long leg	$21K	$7K	5x
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04593	−0.290%	$1K	—	150x	as long as short
Nado MEGA-PERP	+0.0077%	1h	0.04594	−0.250%	$198K	$144K	2x	as long as short
BloFin MEGA-USDT	+0.0088%	4h	0.04595	−0.239%	$203K	$95K	50x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04595	−0.248%	$19K	$91K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04599	−0.156%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04595	−0.240%	$4.1M	$13.7M	50x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04589	−0.369%	$936K	$3.2M	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	0.04595	−0.242%	$136K	$111	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04593	−0.282%	$204K	$326K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04593	−0.282%	$805K	$375K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04594	−0.261%	$234K	$119K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04594	−0.261%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04592	−0.304%	—	$1.7M	—	as long as short
Variational Omni MEGAshort	+0.0100%	4h	0.04599	−0.148%	$325K	$226K	—
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04590	−0.341%	$29K	$1.8M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04610	+0.087%	$24K	$230K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04593	−0.282%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04591	−0.326%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04591	−0.333%	$129K	$821K	5x	as long as short
Backpack MEGA_USDC_PERP	+0.0133%	1h	0.04596	−0.217%	$19K	$53K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04592	−0.309%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0238% / S −0.5353%	1h	0.04593	−0.291%	$3K	—	45x	as long as short
Hyperliquid MEGA	+0.0327%	1h	0.04600	−0.119%	$7.9M	$2.6M	3x	as long as short
Lighter MEGA	+0.0856%	1h	0.04616	+0.217%	$653K	$341K	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1013%	1h	0.04598	−0.169%	$111	$15	25x	as long as short