Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0860%/8h= −94.2% APRpaid last 24h −0.215%

Price spread now: Bybit against Lighter−0.454%7-day average −0.298% · you buy dearer than you sell

Net, funding: paid 7d − costs−$299as in the Funding arb table

Net, price: spread back to 7d avg − costs−$271as in the Price arb table

costs, in and out, $10k−$2552.555% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.432%−$43 on $10k

Price spread, last 4 days (all we have)+0.428%+$43 · spread now −0.454%, 7d avg −0.298%

Together, before fees−0.004%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Bybit is 0.155% cheaper against Lighter than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.298%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.432% in total (about -22.5% 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	Lighter MEGA	0.04629	0.0960	pay 0.0120% / 1h	11m 03s	$651K	$325K	3x
Short	Bybit MEGAUSDT	0.04608	0.0100	get 0.0050% / 4h	3h 11m	$3.6M	$5.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.454%Rate

Funding earned: −$180.6
Price spread: −0.454% → −0.298%: −$15.52
Slippage, 4 orders: −$244.48
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$451.6
Costs to cover: 2.555%
Break-even: never at this rate

Slippage from Lighter: live order book, 55 min ago; Bybit: live order book, 2 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 Lighter live order book, 55 min ago	26.48 bp	126.0 bp −$126	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.17 bp	29.2 bp −$29	135.6 bp −$1,356	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	−0.0048%	1h	0.04490	−2.994%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04605	−0.518%	$13K	—	150x	as long as short
Phoenix MEGA	0.0000%	1h	0.04597	−0.691%	$21K	$7K	5x	as long as short
Nado MEGA-PERP	+0.0038%	1h	0.04609	−0.432%	$199K	$136K	2x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04605	−0.514%	$20K	$87K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04613	−0.354%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04609	−0.440%	$4.1M	$13.3M	50x	as long as short
Bybit MEGAUSDTshort	+0.0100%	4h	0.04608	−0.454%	$3.6M	$5.3M	20x
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04607	−0.475%	$941K	$3.1M	20x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04605	−0.518%	$201K	$315K	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC MEGA_USDT	+0.0100%	4h	0.04606	−0.497%	$858K	$362K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04610	−0.410%	$242K	$116K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04610	−0.410%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04607	−0.475%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04606	−0.502%	$325K	$227K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04601	−0.604%	$21K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04593	−0.778%	$25K	$231K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04603	−0.562%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04607	−0.475%	$2K	$1.9M	10x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04565	−1.383%	$135K	$4K	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04609	−0.422%	$130K	$822K	5x	as long as short
BloFin MEGA-USDT	+0.0136%	4h	0.04614	−0.324%	$199K	$78K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04607	−0.469%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04606	−0.506%	$3K	—	45x	as long as short
Backpack MEGA_USDC_PERP	+0.0348%	1h	0.04610	−0.410%	$19K	$41K	5x	as long as short
Lighter MEGAlong	+0.0960%	1h	0.04629	long leg	$651K	$325K	3x
Hyperliquid MEGA	+0.1147%	1h	0.04620	−0.201%	$7.9M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.2031%	1h	0.04614	−0.328%	$112	$15	25x	as long as short