Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0397%/8h= −43.5% APRpaid last 24h −0.061%

Price spread now: Variational Omni against Backpack+0.105%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.105% dearer against Backpack than usual: you sell high and buy low (spread +0.105% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MNT_USDC_PERP	0.6441	0.0497	pay 0.0062% / 1h	43m 32s	$40K	$61K	10x
Short	Variational Omni MNT	0.6448	0.0100	get 0.0100% / 8h	43m 32s	$286K	$109K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.105%Rate

Funding earned: −$83.43
Price spread: +0.105% → 0.000%: $10.47
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$82.96
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Variational Omni: RFQ quote, 60 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 Variational Omni RFQ quote, 60 min ago	4.70 bp	doesn't fit	87.8 bp −$878	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	0.6439	−0.027%	$19	—	100x	as long as short
Kraken Futures PF_MNTUSD	−0.0088%	1h	0.6449	+0.122%	$16K	$39K	20x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6440	−0.017%	$773	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+1.320%	$3K	$210K	12x	as long as short
Lighter MNT	+0.0096%	1h	0.6445	+0.067%	$146K	$90K	5x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6436	−0.076%	$6.4M	$920K	5x	as long as short
Bybit MNTUSDT	+0.0100%	8h	0.6435	−0.093%	$42.3M	$15.2M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6439	−0.031%	$448K	$177K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6439	−0.031%	$2.4M	$107K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6432	−0.140%	—	$2.6M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNTshort	+0.0100%	8h	0.6448	+0.105%	$286K	$109K	—
ApeX Omni MNTUSDT	+0.0100%	1h	0.6439	−0.031%	$11K	$637K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6444	+0.047%	$1K	$74	10x	as long as short
BloFin MNT-USDT	+0.0304%	8h	0.6441	0.000%	$90K	$223K	25x	as long as short
Backpack MNT_USDC_PERPlong	+0.0497%	1h	0.6441	long leg	$40K	$61K	10x