Funding you earn now, next payment 23:00 UTC−0.0679%/8h= −74.4% APRpaid last 24h −0.036%
Price spread now: Bybit against Backpack−0.201%45s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Bybit is 0.201% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 45 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 | Backpack MEGA_USDC_PERP | 0.04478 | 0.0779 | pay 0.0097% / 1h | 55m 17s | $18K | $41K | 5x |
| Short | Bybit MEGAUSDT | 0.04469 | 0.0100 | get 0.0050% / 4h | 1h 55m | $3.5M | $4.9M | 20x |
Backpack MEGA_USDC_PERP
Bybit MEGAUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$142.63
- Price spread: −0.201% → 0.000%
- −$20.1
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$183.73
- Costs to cover
- 0.210%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 2 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 Backpack no order-book sample | — | — | — | — | — |
| Sell Bybit live order book, 2 min ago | 1.12 bp | 40.2 bp −$40 | 149.7 bp −$1,497 | doesn't fit | doesn't fit |
Backpack: 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 | −0.0144% | 1h | 0.04490 | +0.277% | $5K | $12K | 50x | as long as short |
| gTrade (Gains Network) MEGA/USD | L −0.0018% / S +0.0023% | 1h | 0.04469 | −0.194% | $12K | — | 150x | as long as short |
| Phoenix MEGA | 0.0000% | 1h | 0.04474 | −0.089% | $20K | $7K | 5x | as long as short |
| Nado MEGA-PERP | +0.0055% | 1h | 0.04473 | −0.123% | $193K | $151K | 2x | as long as short |
| Orderly PERP_MEGA_USDC | +0.0098% | 4h | 0.04470 | −0.179% | $3K | $2K | 10x | as long as short |
| Aster MEGAUSDT | +0.0100% | 4h | 0.04471 | −0.161% | $20K | $80K | 5x | as long as short |
| Pacifica MEGA | +0.0100% | 1h | 0.04473 | −0.118% | $14K | $9K | 3x | as long as short |
| Binance MEGAUSDT | +0.0100% | 4h | 0.04474 | −0.089% | $4.0M | $12.8M | 50x | as long as short |
| Bybit MEGAUSDTshort | +0.0100% | 4h | 0.04469 | −0.201% | $3.5M | $4.9M | 20x | |
| OKX MEGA-USDT-SWAP | +0.0100% | 4h | 0.04469 | −0.201% | $915K | $2.9M | 20x | as long as short |
Coinbase International MEGA-PERP-INTX
gTrade (Gains Network) MEGA/USD
Phoenix MEGA
Nado MEGA-PERP
Orderly PERP_MEGA_USDC
Aster MEGAUSDT
Pacifica MEGA
Binance MEGAUSDT
OKX MEGA-USDT-SWAPShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bulk MEGA-USD | +0.0100% | 1h | 0.04471 | −0.149% | $132K | $5K | 10x | as long as short |
| Gate MEGA_USDT | +0.0100% | 4h | 0.04469 | −0.201% | $191K | $310K | 20x | as long as short |
| MEXC MEGA_USDT | +0.0100% | 4h | 0.04473 | −0.112% | $764K | $345K | 50x | as long as short |
| KuCoin MEGAUSDTM | +0.0100% | 4h | 0.04469 | −0.201% | $236K | $112K | 50x | as long as short |
| Bitget MEGAUSDT | +0.0100% | 4h | 0.04469 | −0.201% | $1.1M | $1.4M | 50x | as long as short |
| BingX MEGA-USDT | +0.0100% | 4h | 0.04470 | −0.179% | — | $1.7M | — | as long as short |
| Variational Omni MEGA | +0.0100% | 4h | 0.04473 | −0.109% | $238K | $109K | — | as long as short |
| GRVT MEGA_USDT_Perp | +0.0100% | 4h | 0.04471 | −0.158% | $21K | $1.7M | 10x | as long as short |
| ApeX Omni MEGAUSDT | +0.0100% | 1h | 0.04467 | −0.246% | $24K | $230K | 50x | as long as short |
| SunX MEGA-USDT | +0.0100% | 4h | 0.04471 | −0.156% | $2K | $1.9M | 10x | as long as short |
| Extended MEGA-USD | +0.0104% | 1h | 0.04470 | −0.183% | $127K | $613K | 5x | as long as short |
| BloFin MEGA-USDT | +0.0129% | 4h | 0.04472 | −0.134% | $197K | $76K | 50x | as long as short |
| Reya MEGARUSDPERP | +0.0159% | 1h | 0.04474 | −0.085% | $3 | — | 3x | as long as short |
| GMX MEGA/USD [ETH-USDC] | L +0.0236% / S −0.5353% | 1h | 0.04469 | −0.194% | $3K | — | 45x | as long as short |
| Backpack MEGA_USDC_PERPlong | +0.0779% | 1h | 0.04478 | long leg | $18K | $41K | 5x | |
| Lighter MEGA | +0.1536% | 1h | 0.04490 | +0.268% | $621K | $311K | 3x | as long as short |
| Hyperliquid MEGA | +0.1558% | 1h | 0.04483 | +0.118% | $7.6M | $2.4M | 3x | as long as short |
| Deribit MEGA_USDC-PERPETUAL | +0.1741% | 1h | 0.04479 | +0.025% | $108 | $15 | 25x | as long as short |
Bulk MEGA-USD
Gate MEGA_USDT
MEXC MEGA_USDT
KuCoin MEGAUSDTM
Bitget MEGAUSDT
BingX MEGA-USDT
Variational Omni MEGA
GRVT MEGA_USDT_Perp
ApeX Omni MEGAUSDT
SunX MEGA-USDT
Extended MEGA-USD
BloFin MEGA-USDT
Reya MEGARUSDPERP
GMX MEGA/USD [ETH-USDC]
Lighter MEGA
Hyperliquid MEGA
Deribit MEGA_USDC-PERPETUAL