Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.004%

Price spread now: OKX against Phoenix−0.357%76s7-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 OKX

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. OKX is 0.357% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.357% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$36 on $10k: about 12 days of funding at the current rate (+$3 a day). The two prices were read 76 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	0.04485	0	get 0.0000% / 1h	12m 08s	$20K	$7K	5x
Short	OKX MEGA-USDT-SWAP	0.04469	0.0100	get 0.0050% / 4h	2h 12m	$915K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.357%Rate

Funding earned: $21
Price spread: −0.357% → 0.000%: −$35.67
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$31.67
Costs to cover: 0.170%
Break-even: 17.6 days

Slippage unknown: Phoenix: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	1.12 bp	42.2 bp −$42	doesn't fit	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	−0.0288%	1h	0.04490	+0.120%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04467	−0.410%	$12K	—	150x	as long as short
Phoenix MEGAlong	0.0000%	1h	0.04485	long leg	$20K	$7K	5x
Nado MEGA-PERP	+0.0047%	1h	0.04469	−0.368%	$193K	$150K	2x	as long as short
BloFin MEGA-USDT	+0.0078%	4h	0.04474	−0.245%	$197K	$76K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0098%	4h	0.04467	−0.401%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04466	−0.415%	$20K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04470	−0.326%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04469	−0.352%	$4.0M	$12.7M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04467	−0.401%	$3.4M	$4.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MEGA-USDT-SWAPshort	+0.0100%	4h	0.04469	−0.357%	$915K	$2.9M	20x
Bulk MEGA-USD	+0.0100%	1h	0.04500	+0.324%	$133K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04467	−0.401%	$190K	$311K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04468	−0.379%	$770K	$356K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04471	−0.312%	$236K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04470	−0.334%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04467	−0.401%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04477	−0.183%	$238K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04487	+0.037%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04479	−0.134%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04469	−0.357%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04470	−0.332%	$127K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04468	−0.369%	$3	—	3x	as long as short
Backpack MEGA_USDC_PERP	+0.0216%	1h	0.04471	−0.312%	$18K	$41K	5x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04467	−0.399%	$3K	—	45x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.0824%	1h	0.04474	−0.252%	$108	$15	25x	as long as short
Hyperliquid MEGA	+0.1174%	1h	0.04480	−0.111%	$7.6M	$2.4M	3x	as long as short
Lighter MEGA	+0.2752%	1h	0.04489	+0.089%	$621K	$327K	3x	as long as short