Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0786%/8h= −86.1% APRpaid last 24h −0.146%

Price spread now: OKX against Hyperliquid−0.323%7-day average −0.191% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1001.003% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.372%−$37 on $10k

Price spread, last 7 days+0.114%+$11 · spread now −0.323%, 7d avg −0.191%

Together, before fees−0.258%+ Points / potential airdropHyperliquid: Season 2 · farm board−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and OKX is 0.132% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.191%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.372% in total (about -19.4% 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	0.04521	0.0886	pay 0.0111% / 1h	56m 34s	$7.7M	$2.4M	3x
Short	OKX MEGA-USDT-SWAP	0.04506	0.0100	get 0.0050% / 4h	56m 34s	$916K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.323%Rate

Funding earned: −$165.09
Price spread: −0.323% → −0.191%: −$13.22
Slippage, 4 orders: −$81.27
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$278.58
Costs to cover: 1.003%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; OKX: live order book, 6 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, 6 min ago	1.88 bp	21.9 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	2.22 bp	36.8 bp −$37	170.6 bp −$1,706	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	0.04509	−0.252%	$12K	—	150x	as long as short
Orderly PERP_MEGA_USDC	+0.0099%	4h	0.04509	−0.257%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04509	−0.261%	$18K	$82K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04510	−0.232%	$14K	$8K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04508	−0.271%	$3.9M	$12.9M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04504	−0.367%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAPshort	+0.0100%	4h	0.04506	−0.323%	$916K	$2.9M	20x
Bulk MEGA-USD	+0.0100%	1h	0.04500	−0.456%	$133K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04510	−0.234%	$193K	$309K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04507	−0.301%	$774K	$348K	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MEGAUSDTM	+0.0100%	4h	0.04511	−0.212%	$238K	$113K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04511	−0.212%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04507	−0.301%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04498	−0.491%	$226K	$133K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04505	−0.340%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04510	−0.234%	$25K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04511	−0.212%	$1K	$1.9M	10x	as long as short
BloFin MEGA-USDT	+0.0100%	4h	0.04512	−0.190%	$195K	$77K	50x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04510	−0.243%	$128K	$613K	5x	as long as short
Nado MEGA-PERP	+0.0148%	1h	0.04506	−0.323%	$195K	$136K	2x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04510	−0.238%	$3	—	3x	as long as short
Phoenix MEGA	+0.0179%	1h	0.04510	−0.234%	$21K	$6K	5x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04510	−0.246%	$3K	—	45x	as long as short
Coinbase International MEGA-PERP-INTX	+0.0296%	1h	0.04490	−0.668%	$5K	$12K	50x	as long as short
Hyperliquid MEGAlong	+0.0886%	1h	0.04521	long leg	$7.7M	$2.4M	3x
Backpack MEGA_USDC_PERP	+0.0933%	1h	0.04514	−0.146%	$18K	$41K	5x	as long as short
Lighter MEGA	+0.1472%	1h	0.04530	+0.208%	$637K	$319K	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.2278%	1h	0.04522	+0.022%	$109	$15	25x	as long as short