Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0323%/8h= −35.3% APRpaid last 24h −0.164%

Price spread now: edgeX against Backpack−0.600%85s7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

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

costs, in and out, $10k−$660.664% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.708%−$71 on $10k

Price spread, last 3 days (all we have)+0.836%+$84 · spread now −0.600%, 7d avg −0.059%

Together, before fees+0.128%+ Points / potential airdropedgeX: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and edgeX is 0.541% cheaper against Backpack than usual: you would sell low and buy high (−$54 if the spread goes back to its 7-day average of −0.059%). Swap the legs. The two prices were read 85 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	0.02596	0.0423	pay 0.0053% / 1h	55m 53s	$139K	$137K	10x
Short	edgeX MONUSDC	0.02580	0.0100	get 0.0050% / 4h	1h 55m	$47K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.600%Rate

Funding earned: −$67.73
Price spread: −0.600% → −0.059%: −$54.08
Slippage, 4 orders: −$47.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$188.24
Costs to cover: 0.664%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; edgeX: live order book, 26 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	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 26 min ago	9.61 bp	20.8 bp −$21	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
01 Exchange MONUSD	−0.0560%	1h	0.02590	−0.216%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0058%	1h	0.02595	−0.042%	$70K	$117K	25x	as long as short
Injective MON/USDC PERP	−0.0053%	1h	0.02582	−0.528%	$6K	$107	5.5x	as long as short
Bybit MONUSDT	−0.0034%	8h	0.02593	−0.104%	$21.6M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02582	−0.516%	$13K	$362K	5x	as long as short
Perpl MON	0.0000%	43m	0.02593	−0.116%	$145K	$1.8M	10x	as long as short
Aftermath Perps MONUSD	+0.0023%	1h	0.02586	−0.373%	$2K	$73K	10x	as long as short
BloFin MON-USDT	+0.0043%	4h	0.02581	−0.566%	$1.4M	$245K	75x	as long as short
Paradex MON-USD-PERP	+0.0065%	8h	0.02590	−0.233%	$8K	$42	5x	as long as short
Orderly PERP_MON_USDC	+0.0075%	4h	0.02592	−0.143%	$17K	$64K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MON	+0.0096%	1h	0.02595	−0.027%	$848K	$760K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02594	−0.059%	$390K	$534K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02599	+0.116%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02591	−0.170%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02589	−0.263%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02590	−0.204%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02593	−0.088%	$24.6M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02593	−0.104%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02580	−0.607%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02593	−0.104%	$1.0M	$862K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02595	−0.027%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02578	−0.666%	$777K	$411K	—	as long as short
edgeX MONUSDCshort	+0.0100%	4h	0.02580	−0.600%	$47K	$242K	10x
GRVT MON_USDT_Perp	+0.0100%	4h	0.02584	−0.460%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02580	−0.605%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02593	−0.104%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02598	+0.083%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02593	−0.123%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0172%	1h	0.02597	+0.031%	$268K	$67K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02594	−0.058%	$9K	—	50x	as long as short
KuCoin MONUSDTM	+0.0308%	4h	0.02596	+0.012%	$3.2M	$747K	75x	as long as short
Backpack MON_USDC_PERPlong	+0.0423%	1h	0.02596	long leg	$139K	$137K	10x
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02607	+0.424%	$114K	$50K	50x	as long as short