Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.125%

Price spread now: Bybit against Backpack−0.298%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$580.576% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.847%−$85 on $10k

Price spread, last 4 days (all we have)+0.582%+$58 · spread now −0.298%, 7d avg −0.120%

Together, before fees−0.265%−$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.178% cheaper against Backpack than usual: you would sell low and buy high (spread −0.298% now, against its 7-day average of −0.120%). If the spread goes back, that is −$18 on $10k: about 36 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.847%, 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	0.02516	−0.0149	get 0.0019% / 1h	57m 58s	$111K	$152K	10x
Short	Bybit MONUSDT	0.02508	−0.0132	pay 0.0132% / 8h	4h 57m	$20.6M	$13.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.298%Rate

Funding earned: $3.46
Price spread: −0.298% → −0.120%: −$17.77
Slippage, 4 orders: −$36.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$71.91
Costs to cover: 0.576%
Break-even: 152.5 days

Slippage from Backpack: live order book, 65 min ago; Bybit: 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, 65 min ago	0.99 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	3.98 bp	19.9 bp −$20	56.5 bp −$565	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	0.02518	+0.091%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0187%	1h	0.02517	+0.032%	$68K	$126K	25x	as long as short
Injective MON/USDC PERP	−0.0176%	1h	0.02528	+0.485%	$5K	$108	5.5x	as long as short
Backpack MON_USDC_PERPlong	−0.0149%	1h	0.02516	long leg	$111K	$152K	10x
Bybit MONUSDTshort	−0.0132%	8h	0.02508	−0.298%	$20.6M	$13.2M	50x
01 Exchange MONUSD	−0.0104%	1h	0.02520	+0.171%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02522	+0.254%	$105K	$2.3M	10x	as long as short
Orderly PERP_MON_USDC	+0.0083%	4h	0.02517	+0.048%	$16K	$41K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02517	+0.048%	$839K	$735K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02524	+0.321%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02521	+0.198%	$411K	$542K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02516	+0.008%	$34.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02518	+0.088%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02523	+0.272%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02524	+0.330%	$140K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02510	−0.231%	$23.9M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02508	−0.310%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02515	−0.032%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02514	−0.072%	$951K	$963K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02516	+0.008%	$2.8M	$746K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02513	−0.111%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02515	−0.013%	$747K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02517	+0.048%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02521	+0.219%	$564K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02518	+0.087%	$67K	$504K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02515	−0.032%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02516	+0.001%	$52K	$517K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02517	+0.068%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0245%	1h	0.02521	+0.223%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02517	+0.052%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02517	+0.048%	$1.3M	$325K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02534	+0.723%	$112K	$56K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0541%	1h	0.02520	+0.159%	$268K	$113K	10x	as long as short