MON

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0319%/8h= +35.0% APRnext payment +$0.40 per $10,000 · paid last 24h +0.050%

Price spread now: Kraken Futures against Backpack+0.113%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$890.891% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.219%−$22 on $10k

Price spread, last 3 days (all we have)+0.164%+$16 · spread now +0.113%, 7d avg +0.063%

Together, before fees−0.055%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Kraken Futures is 0.050% dearer against Backpack than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.063%. Mind the row above: over the last 7 days funding on this pair cost −0.219%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.219% in total (about -11.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.40 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02575	0.0100	pay 0.0013% / 1h	32m 32s	$128K	$141K	10x
Short	Kraken Futures PF_MONUSD	0.02578	0.0419	get 0.0052% / 1h	32m 32s	$271K	$78K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.113%Rate

Funding earned: $67.03
Price spread: +0.113% → +0.063%: $4.99
Slippage, 4 orders: −$69.07
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$17.05
Costs to cover: 0.891%
Break-even: 8.8 days

Slippage from Backpack: live order book, 45 min ago; Kraken Futures: live order book, 45 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, 45 min ago	0.19 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 45 min ago	21.33 bp	32.7 bp −$33	571.4 bp −$5,714	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
Injective MON/USDC PERP	−0.0121%	1h	0.02576	+0.047%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0056%	1h	0.02575	+0.019%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0032%	8h	0.02573	−0.070%	$21.3M	$12.0M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02578	+0.124%	$13K	$360K	5x	as long as short
Perpl MON	0.0000%	43m	0.02578	+0.128%	$126K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02577	+0.074%	$70K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0069%	4h	0.02574	−0.031%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0088%	1h	0.02580	+0.208%	$2K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02573	−0.055%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02576	+0.047%	$855K	$793K	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	0.02578	+0.124%	$34.9M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02575	+0.020%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02575	+0.004%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02575	+0.019%	$142K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02576	+0.031%	$24.5M	$25.4M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02574	−0.031%	$4.3M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02585	+0.391%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02575	+0.008%	$981K	$909K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02576	+0.047%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERPlong	+0.0100%	1h	0.02575	long leg	$128K	$141K	10x
Variational Omni MON	+0.0100%	8h	0.02576	+0.055%	$779K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02579	+0.158%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02579	+0.149%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02576	+0.047%	$69K	$481K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02578	+0.136%	$393K	$544K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02574	−0.031%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02578	+0.119%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02576	+0.050%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02576	+0.039%	$9K	—	50x	as long as short
KuCoin MONUSDTM	+0.0266%	4h	0.02579	+0.163%	$3.0M	$716K	75x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02572	−0.109%	$1.4M	$308K	75x	as long as short
Kraken Futures PF_MONUSDshort	+0.0419%	1h	0.02578	+0.113%	$271K	$78K	10x
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.324%	$115K	$50K	50x	as long as short