Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0943%/8h= −103.3% APRpaid last 24h −0.130%

Price spread now: BingX against Hyperliquid−0.310%7-day average −0.179% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.332%−$33 on $10k

Price spread, last 7 days+0.103%+$10 · spread now −0.310%, 7d avg −0.179%

Together, before fees−0.229%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 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 BingX is 0.131% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.179%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.332% in total (about -17.3% 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	0.04449	0.1043	pay 0.0130% / 1h	57m 11s	$7.6M	$2.4M	3x
Short	BingX MEGA-USDT	0.04435	0.0100	get 0.0050% / 4h	2h 57m	—	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.310%Rate

Funding earned: −$198.12
Price spread: −0.310% → −0.179%: −$13.15
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$230.26
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; BingX: 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 Hyperliquid live order book, 5 min ago	1.79 bp	16.8 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	15.70 bp	36.6 bp −$37	94.2 bp −$942	652.3 bp −$65.2K	1253.2 bp −$626.6K

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	0.04400	−1.090%	$5K	$11K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04435	−0.319%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04458	+0.207%	$20K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0036%	1h	0.04437	−0.254%	$192K	$158K	2x	as long as short
BloFin MEGA-USDT	+0.0089%	4h	0.04435	−0.310%	$197K	$76K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0097%	4h	0.04435	−0.310%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04436	−0.279%	$20K	$81K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04439	−0.232%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04437	−0.254%	$4.0M	$12.8M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04435	−0.310%	$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-SWAP	+0.0100%	4h	0.04436	−0.288%	$908K	$2.9M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04460	+0.252%	$132K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04435	−0.310%	$189K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04437	−0.265%	$783K	$349K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04439	−0.220%	$229K	$112K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04440	−0.198%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDTshort	+0.0100%	4h	0.04435	−0.310%	—	$1.7M	—
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04441	−0.175%	$14K	$41K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04458	+0.208%	$241K	$107K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04452	+0.072%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04449	+0.004%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04437	−0.265%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04438	−0.242%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04437	−0.275%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04435	−0.321%	$3K	—	45x	as long as short
Lighter MEGA	+0.1032%	1h	0.04460	+0.252%	$600K	$299K	3x	as long as short
Hyperliquid MEGAlong	+0.1043%	1h	0.04449	long leg	$7.6M	$2.4M	3x
Deribit MEGA_USDC-PERPETUAL	+0.1418%	1h	0.04444	−0.097%	$108	$15	25x	as long as short