Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h −0.052%

Price spread now: Bybit against Backpack+0.123%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.478%−$48 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.123% dearer against Backpack than usual: you sell high and buy low (spread +0.123% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MNT_USDC_PERP	0.6480	0.0502	pay 0.0063% / 1h	22m 36s	$44K	$56K	10x
Short	Bybit MNTUSDT	0.6488	0.0100	get 0.0100% / 8h	5h 22m	$42.5M	$14.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee BybitbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$84.38
Price spread: +0.123% → 0.000%: $12.35
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$93.03
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 1 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 Backpack no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.54 bp	25.3 bp −$25	99.8 bp −$998	doesn't fit	doesn't fit

Backpack: 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.

MNT on 15 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6482	+0.037%	$19	—	100x	as long as short
Kraken Futures PF_MNTUSD	−0.0446%	1h	0.6484	+0.056%	$16K	$28K	20x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6483	+0.040%	$778	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+0.710%	$3K	$210K	12x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6495	+0.235%	$6.6M	$878K	5x	as long as short
Bybit MNTUSDTshort	+0.0100%	8h	0.6488	+0.123%	$42.5M	$14.8M	25x
Gate MNT_USDT	+0.0100%	4h	0.6464	−0.247%	$426K	$170K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6479	−0.015%	$2.4M	$105K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6482	+0.031%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6475	−0.082%	$287K	$173K	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni MNTUSDT	+0.0100%	1h	0.6480	0.000%	$11K	$644K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6482	+0.031%	$1K	—	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6483	+0.046%	$90K	$212K	25x	as long as short
Lighter MNT	+0.0336%	1h	0.6503	+0.350%	$143K	$75K	5x	as long as short
Backpack MNT_USDC_PERPlong	+0.0502%	1h	0.6480	long leg	$44K	$56K	10x