Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0576%/8h= +63.1% APRpaid last 24h +0.045%

Price spread now: Backpack against Bybit+0.046%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.456%+$46 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.046% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MNTUSDT	0.6513	0.0100	pay 0.0100% / 8h	2h 16m	$43.0M	$13.6M	25x
Short	Backpack MNT_USDC_PERP	0.6516	0.0676	get 0.0085% / 1h	16m 28s	$40K	$34K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.046%Rate

Funding earned: $121.04
Price spread: +0.046% → 0.000%: $4.61
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $104.65
Costs to cover: 0.210%
Break-even: 0.9 days

Slippage unknown: Bybit: live order book, 2 min ago; Backpack: 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 Bybit live order book, 2 min ago	1.53 bp	21.3 bp −$21	49.3 bp −$493	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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	0.6516	+0.045%	$19	—	100x	as long as short
Injective MNT/USDC PERP	−0.0092%	1h	0.6526	+0.200%	$3K	$210K	12x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6517	+0.065%	$783	—	150x	as long as short
Bybit MNTUSDTlong	+0.0100%	8h	0.6513	long leg	$43.0M	$13.6M	25x
Gate MNT_USDT	+0.0100%	4h	0.6502	−0.169%	$413K	$115K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6512	−0.015%	$2.5M	$585K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6511	−0.031%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6531	+0.279%	$294K	$117K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6529	+0.246%	$11K	$640K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6521	+0.123%	$1K	—	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MNT	+0.0106%	1h	0.6523	+0.155%	$6.6M	$897K	5x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6512	−0.015%	$89K	$218K	25x	as long as short
Kraken Futures PF_MNTUSD	+0.0228%	1h	0.6524	+0.168%	$17K	$20K	20x	as long as short
Lighter MNT	+0.0632%	1h	0.6530	+0.263%	$140K	$70K	5x	as long as short
Backpack MNT_USDC_PERPshort	+0.0676%	1h	0.6516	+0.046%	$40K	$34K	10x