Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0516%/8h= −56.5% APRpaid last 24h −0.228%

Price spread now: Gate against Lighter−0.505%7-day average −0.284% · you buy dearer than you sell

Net, funding: paid 7d − costs−$558as in the Funding arb table

Net, price: spread back to 7d avg − costs−$546as in the Price arb table

costs, in and out, $10k−$5245.242% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.338%−$34 on $10k

Price spread, last 4 days (all we have)+0.505%+$50 · spread now −0.505%, 7d avg −0.284%

Together, before fees+0.167%+ Points / potential airdropLighter: Season 3 · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Gate is 0.221% cheaper against Lighter than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.284%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.338% in total (about -17.6% 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	0.04558	0.0616	pay 0.0077% / 1h	39m 57s	$645K	$330K	3x
Short	Gate MEGA_USDT	0.04535	0.0100	get 0.0050% / 4h	1h 39m	$200K	$317K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.505%Rate

Funding earned: −$108.36
Price spread: −0.505% → −0.284%: −$22.1
Slippage, 4 orders: −$509.18
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$654.65
Costs to cover: 5.242%
Break-even: never at this rate

Slippage from Lighter: live order book, 16 min ago; Gate: live order book, 17 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, 16 min ago	34.83 bp	55.0 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 17 min ago	7.66 bp	234.3 bp −$234	doesn't fit	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	−0.0800%	1h	0.04490	−1.483%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04536	−0.489%	$1K	—	150x	as long as short
Nado MEGA-PERP	+0.0061%	1h	0.04536	−0.483%	$196K	$141K	2x	as long as short
BloFin MEGA-USDT	+0.0079%	4h	0.04534	−0.527%	$202K	$90K	50x	as long as short
Hyperliquid MEGA	+0.0100%	1h	0.04543	−0.323%	$7.9M	$2.6M	3x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04537	−0.452%	$18K	$89K	5x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04533	−0.539%	$4.0M	$13.6M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04534	−0.527%	$3.5M	$5.5M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04534	−0.527%	$933K	$3.1M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04530	−0.612%	$134K	$4K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MEGA_USDTshort	+0.0100%	4h	0.04535	−0.505%	$200K	$317K	20x
MEXC MEGA_USDT	+0.0100%	4h	0.04535	−0.505%	$803K	$365K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04537	−0.461%	$226K	$117K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04536	−0.483%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04534	−0.527%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04538	−0.439%	$18K	$46K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04528	−0.656%	$319K	$226K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04543	−0.323%	$30K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04544	−0.307%	$24K	$230K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04534	−0.527%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04536	−0.483%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04532	−0.565%	$128K	$825K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04534	−0.522%	$3	—	3x	as long as short
Phoenix MEGA	+0.0175%	1h	0.04543	−0.329%	$21K	$7K	5x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04535	−0.505%	$3K	—	45x	as long as short
Pacifica MEGA	+0.0245%	1h	0.04538	−0.448%	$14K	$9K	3x	as long as short
Lighter MEGAlong	+0.0616%	1h	0.04558	long leg	$645K	$330K	3x
Deribit MEGA_USDC-PERPETUAL	+0.1911%	1h	0.04546	−0.270%	$110	$15	25x	as long as short