Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0077%/8h= +8.5% APRpaid last 24h +0.011%

Price spread now: Phoenix against Bitget−0.045%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Phoenix

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. Phoenix is 0.045% cheaper against Bitget than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 46 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MEGAUSDT	0.04494	0.0100	pay 0.0050% / 4h	2h 23m	$1.0M	$1.5M	50x
Short	Phoenix MEGA	0.04492	0.0177	get 0.0022% / 1h	23m 11s	$20K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.045%Rate

Funding earned: $16.22
Price spread: −0.045% → 0.000%: −$4.45
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.23
Costs to cover: 0.190%
Break-even: 10.1 days

Slippage unknown: Bitget: live order book, 3 min ago; Phoenix: 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 Bitget live order book, 3 min ago	6.69 bp	29.0 bp −$29	190.3 bp −$1,903	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	−0.0048%	1h	0.04589	+2.125%	$5K	$12K	50x	as long as short
Bybit MEGAUSDT	−0.0046%	4h	0.04489	−0.111%	$3.4M	$5.9M	20x	as long as short
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04491	−0.071%	$1K	—	150x	as long as short
Nado MEGA-PERP	+0.0058%	1h	0.04489	−0.122%	$193K	$141K	2x	as long as short
BloFin MEGA-USDT	+0.0099%	4h	0.04491	−0.067%	$198K	$93K	50x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04491	−0.076%	$18K	$91K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04493	−0.024%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04497	+0.063%	$3.9M	$13.7M	50x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04490	−0.089%	$910K	$3.1M	20x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04490	−0.089%	$201K	$331K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MEGA_USDT	+0.0100%	4h	0.04495	+0.022%	$811K	$398K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04492	−0.045%	$227K	$120K	50x	as long as short
Bitget MEGAUSDTlong	+0.0100%	4h	0.04494	long leg	$1.0M	$1.5M	50x
BingX MEGA-USDT	+0.0100%	4h	0.04493	−0.022%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04492	−0.045%	$18K	$56K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04482	−0.261%	$316K	$226K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04492	−0.045%	$28K	$1.8M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04484	−0.223%	$23K	$228K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04490	−0.089%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04488	−0.134%	$1K	$1.9M	10x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04501	+0.146%	$133K	$111	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04487	−0.161%	$126K	$431K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04488	−0.139%	$3	—	3x	as long as short
Phoenix MEGAshort	+0.0177%	1h	0.04492	−0.045%	$20K	$7K	5x
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04490	−0.093%	$3K	—	45x	as long as short
Lighter MEGA	+0.0360%	1h	0.04510	+0.356%	$615K	$366K	3x	as long as short
Hyperliquid MEGA	+0.0420%	1h	0.04500	+0.140%	$7.8M	$2.6M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.0507%	1h	0.04493	−0.013%	$109	$15	25x	as long as short