Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0075%/8h= +8.3% APRpaid last 24h +0.008%

Price spread now: Phoenix against MEXC−0.088%107s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.088% cheaper against MEXC than usual: you would sell low and buy high (spread −0.088% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.9 days of funding at the current rate (+$2 a day). The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC MEGA_USDT	0.04564	0.0100	pay 0.0050% / 4h	1h 31m	$808K	$365K	50x
Short	Phoenix MEGA	0.04560	0.0175	get 0.0022% / 1h	31m 34s	$21K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now −0.088%Rate

Funding earned: $15.83
Price spread: −0.088% → 0.000%: −$8.76
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $0.07
Costs to cover: 0.070%
Break-even: 7.0 days

Slippage unknown: MEXC: live order book, 24 min ago; Phoenix: no order-book sample. 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 MEXC live order book, 24 min ago	1.09 bp	9.1 bp −$9	44.0 bp −$440	229.1 bp −$22.9K	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−1.613%	$5K	$12K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04559	−0.110%	$1K	—	150x	as long as short
Nado MEGA-PERP	+0.0059%	1h	0.04564	0.000%	$197K	$141K	2x	as long as short
Hyperliquid MEGA	+0.0100%	1h	0.04572	+0.169%	$7.9M	$2.6M	3x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04563	−0.013%	$18K	$89K	5x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04565	+0.016%	$4.0M	$13.5M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04564	0.000%	$3.6M	$5.5M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04564	0.000%	$938K	$3.1M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04555	−0.197%	$134K	$4K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04563	−0.022%	$202K	$318K	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_USDTlong	+0.0100%	4h	0.04564	long leg	$808K	$365K	50x
KuCoin MEGAUSDTM	+0.0100%	4h	0.04563	−0.022%	$229K	$117K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04565	+0.022%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04562	−0.044%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04561	−0.066%	$18K	$46K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04552	−0.260%	$321K	$226K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04562	−0.033%	$30K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04559	−0.110%	$24K	$230K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04558	−0.131%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04560	−0.088%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04562	−0.051%	$128K	$825K	5x	as long as short
BloFin MEGA-USDT	+0.0147%	4h	0.04547	−0.372%	$201K	$91K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04559	−0.116%	$3	—	3x	as long as short
Phoenix MEGAshort	+0.0175%	1h	0.04560	−0.088%	$21K	$7K	5x
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04559	−0.099%	$3K	—	45x	as long as short
Pacifica MEGA	+0.0245%	1h	0.04564	−0.007%	$14K	$9K	3x	as long as short
Lighter MEGA	+0.0584%	1h	0.04586	+0.482%	$649K	$333K	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1373%	1h	0.04566	+0.042%	$110	$15	25x	as long as short