Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0796%/8h= −87.2% APRpaid last 24h −0.246%

Price spread now: Bitget against Lighter−0.430%7-day average −0.280% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$150as in the Price arb table

costs, in and out, $10k−$1351.354% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

Price spread, last 4 days (all we have)+0.456%+$46 · spread now −0.430%, 7d avg −0.280%

Together, before fees+0.117%+ Points / potential airdropLighter: Season 3 · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Bitget is 0.150% cheaper against Lighter than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.280%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.339% in total (about -17.7% 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	Lighter MEGA	0.04647	0.0896	pay 0.0112% / 1h	15m 02s	$621K	$387K	3x
Short	Bitget MEGAUSDT	0.04627	0.0100	get 0.0050% / 4h	3h 15m	$1.1M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now −0.430%Rate

Funding earned: −$167.16
Price spread: −0.430% → −0.280%: −$15.02
Slippage, 4 orders: −$123.41
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$317.59
Costs to cover: 1.354%
Break-even: never at this rate

Slippage from Lighter: live order book, 10 min ago; Bitget: live order book, 2 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 Lighter live order book, 10 min ago	13.07 bp	59.1 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	8.66 bp	30.7 bp −$31	171.2 bp −$1,712	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
Bybit MEGAUSDT	−0.0146%	4h	0.04625	−0.473%	$3.6M	$5.8M	20x	as long as short
Phoenix MEGA	0.0000%	1h	0.04614	−0.710%	$21K	$7K	5x	as long as short
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04626	−0.457%	$1K	—	150x	as long as short
Nado MEGA-PERP	+0.0055%	1h	0.04627	−0.441%	$199K	$139K	2x	as long as short
BloFin MEGA-USDT	+0.0072%	4h	0.04627	−0.430%	$203K	$96K	50x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04627	−0.430%	$21K	$96K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04630	−0.374%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04627	−0.429%	$4.1M	$13.6M	50x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04625	−0.473%	$929K	$3.2M	20x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04627	−0.430%	$208K	$333K	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	0.04628	−0.409%	$764K	$404K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04627	−0.430%	$246K	$124K	50x	as long as short
Bitget MEGAUSDTshort	+0.0100%	4h	0.04627	−0.430%	$1.1M	$1.4M	50x
BingX MEGA-USDT	+0.0100%	4h	0.04626	−0.452%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04613	−0.725%	$324K	$219K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04605	−0.904%	$30K	$2.0M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04610	−0.796%	$24K	$226K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04626	−0.452%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04627	−0.430%	$2K	$1.9M	10x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04610	−0.796%	$136K	−$0	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04627	−0.435%	$129K	$802K	5x	as long as short
Backpack MEGA_USDC_PERP	+0.0123%	1h	0.04632	−0.323%	$17K	$51K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04625	−0.466%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0238% / S −0.5353%	1h	0.04625	−0.473%	$3K	—	45x	as long as short
Hyperliquid MEGA	+0.0295%	1h	0.04633	−0.303%	$8.0M	$2.6M	3x	as long as short
Lighter MEGAlong	+0.0896%	1h	0.04647	long leg	$621K	$387K	3x
Deribit MEGA_USDC-PERPETUAL	+0.1177%	1h	0.04633	−0.308%	$112	$15	25x	as long as short
Coinbase International MEGA-PERP-INTX	+0.1296%	1h	0.04589	−1.237%	$5K	$12K	50x	as long as short