Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.119%

Price spread now: Backpack against ApeX Omni+0.208%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$670.670% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.766%+$77 on $10k

Price spread, last 4 days (all we have)−1.020%−$102 · spread now +0.208%, 7d avg +0.015%

Together, before fees−0.254%−$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.193% dearer against ApeX Omni than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MONUSDT	0.02548	0.0100	pay 0.0013% / 1h	10m 36s	$68K	$497K	50x
Short	Backpack MON_USDC_PERP	0.02553	0.0100	get 0.0013% / 1h	10m 36s	$119K	$156K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now +0.208%Rate

Funding earned: $0
Price spread: +0.208% → +0.015%: $19.29
Slippage, 4 orders: −$47.03
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$47.74
Costs to cover: 0.670%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 57 min ago; Backpack: live order book, 57 min ago.

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 ApeX Omni live order book, 57 min ago	13.51 bp	22.3 bp −$22	114.1 bp −$1,141	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	1.35 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit

MON on 32 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
Injective MON/USDC PERP	−0.0388%	1h	0.02546	−0.078%	$6K	$109	5.5x	as long as short
Bybit MONUSDT	−0.0091%	8h	0.02542	−0.216%	$20.9M	$12.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02552	+0.157%	$13K	$349K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02552	+0.153%	$69K	$125K	25x	as long as short
01 Exchange MONUSD	+0.0024%	1h	0.02544	−0.157%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0063%	4h	0.02552	+0.157%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02550	+0.078%	$850K	$742K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02547	−0.032%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02547	−0.038%	$409K	$545K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02546	−0.075%	$34.5M	$7.6M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02552	+0.168%	$102K	$229K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02551	+0.109%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02551	+0.110%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02546	−0.088%	$24.3M	$26.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02543	−0.196%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02545	−0.122%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02549	+0.039%	$953K	$905K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02553	+0.196%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02546	−0.078%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02553	+0.208%	$119K	$156K	10x
Variational Omni MON	+0.0100%	8h	0.02547	−0.057%	$758K	$419K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02547	−0.052%	$43K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02550	+0.078%	$571K	$1.5M	10x	as long as short
ApeX Omni MONUSDTlong	+0.0100%	1h	0.02548	long leg	$68K	$497K	50x
SoDEX MON-USD	+0.0100%	1h	0.02551	+0.118%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02550	+0.082%	$51K	$513K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02551	+0.110%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0429%	1h	0.02550	+0.086%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0288%	1h	0.02550	+0.090%	$2K	$79K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02546	−0.090%	$106K	$2.3M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02556	+0.306%	$112K	$52K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0837%	1h	0.02555	+0.276%	$278K	$88K	10x	as long as short