Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0555%/8h= −60.7% APRpaid last 24h −0.037%

Price spread now: Orderly against Backpack+0.061%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 Orderly

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

The price spread pays, funding is against you. Orderly is 0.061% dearer against Backpack than usual: you sell high and buy low (spread +0.061% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MNT_USDC_PERP	0.6528	0.0655	pay 0.0082% / 1h	46m 31s	$38K	$48K	10x
Short	Orderly PERP_MNT_USDC	0.6532	0.0100	get 0.0100% / 8h	7h 46m	$1K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Backpack. 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 BackpackbpFee OrderlybpOrdersPrice spread, now +0.061%Rate

Funding earned: −$116.45
Price spread: +0.061% → 0.000%: $6.13
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$126.33
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Orderly: 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 Backpack no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Backpack and Orderly: 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	0.6530	+0.030%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6530	+0.027%	$784	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	−0.031%	$3K	$210K	12x	as long as short
Bybit MNTUSDT	+0.0100%	8h	0.6534	+0.092%	$43.0M	$14.5M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6514	−0.214%	$422K	$154K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6526	−0.031%	$2.5M	$587K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6530	+0.031%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6508	−0.299%	$294K	$168K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6520	−0.123%	$11K	$635K	50x	as long as short
Orderly PERP_MNT_USDCshort	+0.0100%	8h	0.6532	+0.061%	$1K	—	10x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MNT	+0.0173%	1h	0.6539	+0.164%	$6.7M	$999K	5x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6529	+0.015%	$89K	$220K	25x	as long as short
Lighter MNT	+0.0432%	1h	0.6546	+0.283%	$140K	$70K	5x	as long as short
Kraken Futures PF_MNTUSD	+0.0592%	1h	0.6525	−0.043%	$17K	$20K	20x	as long as short
Backpack MNT_USDC_PERPlong	+0.0655%	1h	0.6528	long leg	$38K	$48K	10x