Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.013%

Price spread now: SunX against Phoenix−0.242%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on SunX

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. SunX is 0.242% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.242% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 8.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MEGA	0.04542	0	get 0.0000% / 1h	2m 49s	$21K	$7K	5x
Short	SunX MEGA-USDT	0.04531	0.0100	get 0.0050% / 4h	3h 02m	$2K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Phoenix. 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 PhoenixbpFee SunXbpOrdersPrice spread, now −0.242%Rate

Funding earned: $21
Price spread: −0.242% → 0.000%: −$24.22
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$18.22
Costs to cover: 0.150%
Break-even: 13.1 days

Slippage unknown: Phoenix: no order-book sample; SunX: live order book, 3 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell SunX live order book, 3 min ago	500.27 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	−0.0680%	1h	0.04589	+1.046%	$5K	$12K	50x	as long as short
Bybit MEGAUSDT	−0.0035%	4h	0.04526	−0.352%	$3.5M	$5.8M	20x	as long as short
Phoenix MEGAlong	0.0000%	1h	0.04542	long leg	$21K	$7K	5x
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04532	−0.221%	$1K	—	150x	as long as short
Nado MEGA-PERP	+0.0082%	1h	0.04534	−0.165%	$196K	$143K	2x	as long as short
BloFin MEGA-USDT	+0.0093%	4h	0.04544	+0.044%	$201K	$94K	50x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04531	−0.250%	$19K	$91K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04535	−0.159%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04529	−0.295%	$4.0M	$13.7M	50x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04525	−0.374%	$925K	$3.1M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk MEGA-USD	+0.0100%	1h	0.04571	+0.641%	$135K	$111	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04532	−0.220%	$201K	$327K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04532	−0.220%	$809K	$380K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04529	−0.286%	$231K	$119K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04529	−0.286%	$1.0M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04525	−0.374%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04534	−0.176%	$18K	$53K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04548	+0.137%	$321K	$226K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04544	+0.045%	$25K	$1.8M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04549	+0.154%	$24K	$230K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04531	−0.242%	$3K	$2K	10x	as long as short
SunX MEGA-USDTshort	+0.0100%	4h	0.04531	−0.242%	$2K	$1.9M	10x
Extended MEGA-USD	+0.0104%	1h	0.04529	−0.290%	$128K	$428K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04531	−0.236%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0237% / S −0.5353%	1h	0.04532	−0.218%	$3K	—	45x	as long as short
Hyperliquid MEGA	+0.0389%	1h	0.04536	−0.128%	$7.8M	$2.6M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.0743%	1h	0.04537	−0.110%	$110	$15	25x	as long as short
Lighter MEGA	+0.0952%	1h	0.04551	+0.198%	$644K	$344K	3x	as long as short