Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.042%

Price spread now: Backpack against Orderly−0.125%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Backpack

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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.125% cheaper against Orderly than usual: you would sell low and buy high, −$12 on $10k if it 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	Orderly PERP_MNT_USDC	0.6417	0.0100	pay 0.0100% / 8h	1h 08m	$1K	$74	10x
Short	Backpack MNT_USDC_PERP	0.6409	0.0100	get 0.0013% / 1h	8m 03s	$40K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.125%Rate

Funding earned: $0
Price spread: −0.125% → 0.000%: −$12.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.47
Costs to cover: 0.160%
Break-even: never at this rate

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

Orderly and 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	0.6417	−0.006%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6418	+0.012%	$771	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+1.699%	$3K	$210K	12x	as long as short
Lighter MNT	+0.0096%	1h	0.6425	+0.129%	$146K	$90K	5x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6417	+0.006%	$6.4M	$919K	5x	as long as short
Bybit MNTUSDT	+0.0100%	8h	0.6409	−0.132%	$42.1M	$15.2M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6399	−0.281%	$444K	$184K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6407	−0.156%	$2.4M	$108K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6408	−0.140%	—	$2.6M	—	as long as short
Backpack MNT_USDC_PERPshort	+0.0100%	1h	0.6409	−0.125%	$40K	$61K	10x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNT	+0.0100%	8h	0.6413	−0.057%	$284K	$109K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6418	+0.016%	$11K	$639K	50x	as long as short
Orderly PERP_MNT_USDClong	+0.0100%	8h	0.6417	long leg	$1K	$74	10x
BloFin MNT-USDT	+0.0304%	8h	0.6414	−0.047%	$90K	$224K	25x	as long as short
Kraken Futures PF_MNTUSD	+0.0793%	1h	0.6410	−0.115%	$16K	$39K	20x	as long as short