Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0450%/8h= +49.3% APRpaid last 24h −0.107%

Price spread now: BloFin against Backpack−0.289%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.545%−$55 on $10k

Price spread, last 3 days (all we have)+0.339%+$34 · spread now −0.289%, 7d avg −0.008%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.281% cheaper against Backpack than usual: you would sell low and buy high (spread −0.289% now, against its 7-day average of −0.008%). If the spread goes back, that is −$28 on $10k: about 2.1 days of funding at the current rate (+$13 a day). Mind the row above: over the last 7 days funding on this pair cost −0.545%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02560	−0.0110	get 0.0014% / 1h	46m 30s	$127K	$141K	10x
Short	BloFin MON-USDT	0.02553	0.0340	get 0.0170% / 4h	3h 46m	$1.3M	$306K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.289%Rate

Funding earned: $94.48
Price spread: −0.289% → −0.008%: −$28.11
Slippage, 4 orders: −$29.75
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $14.61
Costs to cover: 0.518%
Break-even: 5.9 days

Slippage from Backpack: live order book, 27 min ago; BloFin: live order book, 1 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, 27 min ago	0.19 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	1.96 bp	20.8 bp −$21	44.8 bp −$448	167.2 bp −$16.7K	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
Injective MON/USDC PERP	−0.0444%	1h	0.02556	−0.172%	$6K	$105	5.5x	as long as short
Backpack MON_USDC_PERPlong	−0.0110%	1h	0.02560	long leg	$127K	$141K	10x
Phoenix MON	0.0000%	1h	0.02555	−0.203%	$13K	$351K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02555	−0.203%	$69K	$119K	25x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02560	−0.008%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02554	−0.250%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02563	+0.102%	$851K	$744K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02560	−0.014%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02563	+0.097%	$391K	$540K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02565	+0.180%	$34.7M	$7.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02561	+0.016%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02560	−0.023%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02561	+0.023%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02560	−0.028%	$24.5M	$25.6M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02556	−0.172%	$21.1M	$12.1M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02556	−0.172%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02550	−0.406%	$105K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02560	−0.016%	$977K	$893K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02561	+0.023%	$2.7M	$1.9M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02550	−0.402%	$771K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02552	−0.309%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02556	−0.158%	$579K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02554	−0.250%	$68K	$483K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02553	−0.289%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02563	+0.116%	$52K	$440K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02553	−0.269%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0125%	1h	0.02555	−0.214%	$3K	$75K	10x	as long as short
KuCoin MONUSDTM	+0.0194%	4h	0.02564	+0.141%	$3.0M	$720K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02555	−0.219%	$8K	—	50x	as long as short
BloFin MON-USDTshort	+0.0340%	4h	0.02553	−0.289%	$1.3M	$306K	75x
Perpl MON	+0.0447%	43m	0.02555	−0.219%	$122K	$1.8M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0467%	1h	0.02556	−0.161%	$268K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02609	+1.894%	$115K	$50K	50x	as long as short