Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1144%/8h= −125.3% APRpaid last 24h −0.140%

Price spread now: Bitget against Hyperliquid−0.183%7-day average −0.164% · you buy dearer than you sell

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$970.965% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$35 on $10k

Price spread, last 4 days (all we have)−0.037%−$4 · spread now −0.183%, 7d avg −0.164%

Together, before fees−0.382%+ Points / potential airdropHyperliquid: Season 2 · farm board−$38 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.164%, so right now this pair is about funding alone: −$34 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.345% in total (about -18.0% 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	0.04428	0.1244	pay 0.0156% / 1h	40m 41s	$7.5M	$2.4M	3x
Short	Bitget MEGAUSDT	0.04420	0.0100	get 0.0050% / 4h	2h 40m	$1.1M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$240.31
Price spread: −0.183% → −0.164%: −$1.93
Slippage, 4 orders: −$75.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$338.77
Costs to cover: 0.965%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Bitget: live order book, 1 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, 2 min ago	1.58 bp	18.3 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	5.65 bp	27.3 bp −$27	97.1 bp −$971	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
Coinbase International MEGA-PERP-INTX	−0.0288%	1h	0.04400	−0.628%	$5K	$11K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04419	−0.215%	$12K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04427	−0.025%	$20K	$7K	5x	as long as short
BloFin MEGA-USDT	+0.0062%	4h	0.04420	−0.183%	$198K	$75K	50x	as long as short
Nado MEGA-PERP	+0.0078%	1h	0.04419	−0.194%	$191K	$151K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0097%	4h	0.04420	−0.183%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04419	−0.204%	$19K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04420	−0.187%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04418	−0.223%	$3.9M	$12.6M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04417	−0.251%	$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	0.04415	−0.296%	$904K	$2.8M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04420	−0.183%	$130K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04417	−0.251%	$188K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04418	−0.228%	$769K	$351K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04420	−0.183%	$228K	$112K	50x	as long as short
Bitget MEGAUSDTshort	+0.0100%	4h	0.04420	−0.183%	$1.1M	$1.4M	50x
BingX MEGA-USDT	+0.0100%	4h	0.04417	−0.251%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04423	−0.115%	$15K	$39K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04419	−0.216%	$235K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04421	−0.166%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04416	−0.273%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04423	−0.115%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04418	−0.224%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04422	−0.138%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04418	−0.219%	$3K	—	45x	as long as short
Hyperliquid MEGAlong	+0.1244%	1h	0.04428	long leg	$7.5M	$2.4M	3x
Deribit MEGA_USDC-PERPETUAL	+0.1379%	1h	0.04427	−0.023%	$107	$15	25x	as long as short
Lighter MEGA	+0.1720%	1h	0.04439	+0.246%	$597K	$299K	3x	as long as short