Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0945%/8hpaid last 24h −0.120%

Price spread now: Binance against Hyperliquid−0.271%7-day average −0.154% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$840.842% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.358%−$36 on $10k

Price spread, last 7 days+0.056%+$6 · spread now −0.271%, 7d avg −0.154%

Together, before fees−0.302%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Binance is 0.117% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.154%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.358% in total (about -18.7% 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	Hyperliquid MEGA	0.04461	0.1045	pay 0.0131% / 1h	15m 29s	$7.6M	$2.5M	3x
Short	Binance MEGAUSDT	0.04449	0.0100	get 0.0050% / 4h	15m 29s	$4.0M	$13.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.271%Rate

Funding earned: −$198.38
Price spread: −0.271% → −0.154%: −$11.73
Slippage, 4 orders: −$65.2
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$294.31
Costs to cover: 0.842%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 16 min ago; Binance: live order book, 14 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 Hyperliquid live order book, 16 min ago	0.79 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	1.13 bp	24.7 bp −$25	108.6 bp −$1,086	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	0.04449	−0.271%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04445	−0.361%	$20K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0016%	1h	0.04444	−0.372%	$192K	$163K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0095%	4h	0.04443	−0.406%	$3K	$2K	10x	as long as short
Lighter MEGA	+0.0096%	1h	0.04467	+0.132%	$599K	$295K	3x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04445	−0.364%	$23K	$79K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04446	−0.332%	$14K	$10K	3x	as long as short
Binance MEGAUSDTshort	+0.0100%	4h	0.04449	−0.271%	$4.0M	$13.0M	50x
Bybit MEGAUSDT	+0.0100%	4h	0.04442	−0.428%	$3.2M	$4.7M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04446	−0.338%	$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	0.04420	−0.921%	$131K	$4K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04443	−0.406%	$181K	$269K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04447	−0.316%	$789K	$358K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04447	−0.316%	$230K	$115K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04447	−0.316%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04446	−0.338%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04446	−0.338%	$14K	$41K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04431	−0.671%	$239K	$106K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04445	−0.357%	$24K	$1.6M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04435	−0.585%	$24K	$228K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04443	−0.406%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04445	−0.366%	$126K	$613K	5x	as long as short
BloFin MEGA-USDT	+0.0122%	4h	0.04443	−0.406%	$203K	$76K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04448	−0.300%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04449	−0.276%	$3K	—	45x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.0695%	1h	0.04450	−0.249%	$108	$15	25x	as long as short
Hyperliquid MEGAlong	+0.1045%	1h	0.04461	long leg	$7.6M	$2.5M	3x
Coinbase International MEGA-PERP-INTX	+0.1424%	1h	0.04400	−1.363%	$5K	$12K	50x	as long as short