Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h −0.112%

Price spread now: Aster against Backpack−0.059%55s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$910.912% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.556%−$56 on $10k

Price spread, last 4 days (all we have)+0.559%+$56 · spread now −0.059%, 7d avg +0.002%

Together, before fees+0.004%+ Points / potential airdropAster: Stage 5 · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.062% cheaper against Backpack than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of +0.002%). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 5 days funding on this pair cost −0.556%, so the current rate has only just turned in your favour. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02530	−0.0182	get 0.0023% / 1h	47m 20s	$115K	$151K	10x
Short	Aster MONUSDT	0.02529	0.0100	get 0.0050% / 4h	1h 47m	$101K	$229K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.059%Rate

Funding earned: $59.3
Price spread: −0.059% → +0.002%: −$6.18
Slippage, 4 orders: −$73.2
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$38.07
Costs to cover: 0.912%
Break-even: 11.5 days

Slippage from Backpack: live order book, 16 min ago; Aster: live order book, 14 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 Backpack live order book, 16 min ago	0.99 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 14 min ago	13.80 bp	32.5 bp −$33	doesn't fit	doesn't fit	doesn't fit

MON on 33 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
Phoenix MON	−0.0316%	1h	0.02538	+0.296%	$13K	$367K	5x	as long as short
Injective MON/USDC PERP	−0.0253%	1h	0.02531	+0.028%	$5K	$106	5.5x	as long as short
Backpack MON_USDC_PERPlong	−0.0182%	1h	0.02530	long leg	$115K	$151K	10x
Bybit MONUSDT	−0.0089%	8h	0.02522	−0.316%	$20.7M	$12.8M	50x	as long as short
01 Exchange MONUSD	−0.0072%	1h	0.02522	−0.320%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02526	−0.182%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDC	+0.0076%	4h	0.02526	−0.170%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02526	−0.170%	$842K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02525	−0.205%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02529	−0.039%	$406K	$539K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02529	−0.067%	$34.3M	$7.4M	5x	as long as short
Aster MONUSDTshort	+0.0100%	4h	0.02529	−0.059%	$101K	$229K	10x
dYdX MON-USD	+0.0100%	1h	0.02531	+0.010%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02528	−0.099%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02526	−0.170%	$24.1M	$26.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02523	−0.289%	$4.2M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02530	−0.012%	$105K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02527	−0.130%	$945K	$915K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02531	+0.028%	$2.9M	$742K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02527	−0.130%	$2.7M	$2.0M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02536	+0.206%	$753K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02526	−0.190%	$43K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02538	+0.317%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02529	−0.051%	$68K	$498K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02524	−0.249%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02528	−0.076%	$48K	$518K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02526	−0.162%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02527	−0.138%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0298%	1h	0.02531	+0.045%	$2K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02530	−0.012%	—	$307K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02527	−0.142%	$105K	$2.3M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0492%	1h	0.02528	−0.108%	$266K	$97K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02540	+0.368%	$111K	$52K	50x	as long as short