Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0788%/8h= +86.3% APRpaid last 24h +0.204%

Price spread now: Lighter against BloFin+0.906%90s7-day average +0.175% · you sell dearer than you buy

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2362.365% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.327%+$33 on $10k

Price spread, last 3 days (all we have)−2.500%−$250 · spread now +0.906%, 7d avg +0.175%

Together, before fees−2.173%+ Points / potential airdropLighter: Season 3 · farm board−$217 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Lighter is 0.731% dearer against BloFin than usual: you sell high and buy low: +$73 more if the spread goes back to its 7-day average of +0.175%. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.327% in total (about 17.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MEGA-USDT	0.04525	0.0044	pay 0.0022% / 4h	3h 33m	$196K	$77K	50x
Short	Lighter MEGA	0.04566	0.0832	get 0.0104% / 1h	33m 26s	$642K	$320K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.906%Rate

Funding earned: $165.46
Price spread: +0.906% → +0.175%: $73.12
Slippage, 4 orders: −$224.48
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $2.1
Costs to cover: 2.365%
Break-even: 6.9 days

Slippage from BloFin: live order book, 31 min ago; Lighter: live order book, 32 min ago.

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 BloFin live order book, 31 min ago	1.11 bp	11.1 bp −$11	65.1 bp −$651	doesn't fit	doesn't fit
Sell Lighter live order book, 32 min ago	26.48 bp	75.4 bp −$75	doesn't fit	doesn't fit	doesn't fit

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	0.04490	−0.765%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04534	+0.199%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04529	+0.088%	$21K	$7K	5x	as long as short
BloFin MEGA-USDTlong	+0.0044%	4h	0.04525	long leg	$196K	$77K	50x
Nado MEGA-PERP	+0.0057%	1h	0.04544	+0.420%	$197K	$136K	2x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04547	+0.480%	$20K	$87K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04546	+0.457%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04539	+0.302%	$4.0M	$13.2M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04536	+0.243%	$3.5M	$5.2M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04531	+0.133%	$925K	$3.0M	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	0.04535	+0.221%	$134K	$4K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04536	+0.243%	$198K	$313K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04540	+0.331%	$841K	$360K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04542	+0.376%	$239K	$115K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04545	+0.442%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04532	+0.155%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04549	+0.530%	$18K	$41K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04530	+0.117%	$320K	$227K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04538	+0.296%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04534	+0.199%	$25K	$231K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04535	+0.221%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04546	+0.464%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04537	+0.256%	$131K	$802K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04542	+0.383%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04532	+0.166%	$3K	—	45x	as long as short
Lighter MEGAshort	+0.0832%	1h	0.04566	+0.906%	$642K	$320K	3x
Hyperliquid MEGA	+0.1015%	1h	0.04554	+0.639%	$7.8M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1577%	1h	0.04552	+0.597%	$110	$15	25x	as long as short