Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1441%/8h= −157.8% APRpaid last 24h −0.196%

Price spread now: BloFin against Lighter−0.507%7-day average −0.169% · you buy dearer than you sell

Net, funding: paid 7d − costs−$249as in the Funding arb table

Net, price: spread back to 7d avg − costs−$251as in the Price arb table

costs, in and out, $10k−$2172.168% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.321%−$32 on $10k

Price spread, last 3 days (all we have)+2.506%+$251 · spread now −0.507%, 7d avg −0.169%

Together, before fees+2.185%+ Points / potential airdropLighter: Season 3 · farm board+$219 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and BloFin is 0.338% cheaper against Lighter than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of −0.169%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.321% in total (about -16.7% 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	0.04534	0.1512	pay 0.0189% / 1h	24m 26s	$638K	$319K	3x
Short	BloFin MEGA-USDT	0.04511	0.0071	get 0.0036% / 4h	24m 26s	$196K	$77K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.507%Rate

Funding earned: −$302.56
Price spread: −0.507% → −0.169%: −$33.82
Slippage, 4 orders: −$204.84
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$553.21
Costs to cover: 2.168%
Break-even: never at this rate

Slippage from Lighter: live order book, 46 min ago; BloFin: live order book, 45 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, 46 min ago	31.08 bp	108.1 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 45 min ago	3.35 bp	15.7 bp −$16	62.3 bp −$623	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
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04511	−0.507%	$12K	—	150x	as long as short
BloFin MEGA-USDTshort	+0.0071%	4h	0.04511	−0.507%	$196K	$77K	50x
Nado MEGA-PERP	+0.0096%	1h	0.04515	−0.419%	$195K	$135K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04513	−0.463%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04504	−0.662%	$18K	$83K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04514	−0.434%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04515	−0.416%	$3.9M	$12.9M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04512	−0.485%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04511	−0.507%	$921K	$2.9M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04515	−0.423%	$133K	$2K	10x	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	0.04511	−0.507%	$194K	$311K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04516	−0.397%	$768K	$352K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04517	−0.375%	$238K	$114K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04516	−0.397%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04510	−0.529%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04508	−0.563%	$226K	$133K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04514	−0.448%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04511	−0.507%	$25K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04518	−0.353%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04511	−0.517%	$128K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04511	−0.500%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04511	−0.509%	$3K	—	45x	as long as short
Coinbase International MEGA-PERP-INTX	+0.0296%	1h	0.04490	−0.962%	$5K	$12K	50x	as long as short
Phoenix MEGA	+0.0355%	1h	0.04516	−0.397%	$21K	$7K	5x	as long as short
Backpack MEGA_USDC_PERP	+0.0502%	1h	0.04519	−0.331%	$18K	$41K	5x	as long as short
Hyperliquid MEGA	+0.1134%	1h	0.04522	−0.267%	$7.7M	$2.4M	3x	as long as short
Lighter MEGAlong	+0.1512%	1h	0.04534	long leg	$638K	$319K	3x
Deribit MEGA_USDC-PERPETUAL	+0.1700%	1h	0.04522	−0.273%	$109	$15	25x	as long as short