Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.099%

Price spread now: KuCoin against Backpack+0.283%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$1011.009% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.748%−$75 on $10k

Price spread, last 4 days (all we have)−0.203%−$20 · spread now +0.283%, 7d avg +0.060%

Together, before fees−0.951%−$95 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.223% dearer against Backpack than usual: you sell high and buy low (spread +0.283% now, against its 7-day average of +0.060%): +$22 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 7 days (−0.748% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02580	0.0449	pay 0.0056% / 1h	50m 20s	$138K	$137K	10x
Short	KuCoin MONUSDTM	0.02587	0.0344	get 0.0172% / 4h	1h 50m	$3.2M	$749K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.283%Rate

Funding earned: −$22.05
Price spread: +0.283% → +0.060%: $22.33
Slippage, 4 orders: −$78.93
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$100.65
Costs to cover: 1.009%
Break-even: never at this rate

Slippage from Backpack: live order book, 33 min ago; KuCoin: live order book, 2 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, 33 min ago	0.19 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	1.93 bp	45.3 bp −$45	431.1 bp −$4,311	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	−0.0144%	1h	0.02580	+0.023%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	−0.0053%	1h	0.02582	+0.089%	$6K	$107	5.5x	as long as short
Bybit MONUSDT	−0.0030%	8h	0.02577	−0.105%	$21.5M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02596	+0.620%	$13K	$362K	5x	as long as short
Perpl MON	0.0000%	43m	0.02579	−0.008%	$144K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02580	−0.004%	$70K	$119K	25x	as long as short
Aftermath Perps MONUSD	+0.0036%	1h	0.02586	+0.247%	$2K	$74K	10x	as long as short
Paradex MON-USD-PERP	+0.0069%	8h	0.02579	−0.031%	$8K	$42	5x	as long as short
Orderly PERP_MON_USDC	+0.0075%	4h	0.02578	−0.066%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02581	+0.050%	$846K	$763K	10x	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	0.02581	+0.057%	$392K	$533K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02581	+0.050%	$34.9M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02580	+0.022%	$107K	$230K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02580	+0.004%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02580	+0.012%	$142K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02578	−0.055%	$24.5M	$24.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02576	−0.143%	$4.4M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02580	+0.012%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02579	−0.027%	$1.0M	$862K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02579	−0.027%	$2.7M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02572	−0.288%	$777K	$410K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02586	+0.260%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02596	+0.643%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02582	+0.089%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02578	−0.066%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02581	+0.049%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02579	−0.043%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0173%	1h	0.02583	+0.109%	$266K	$70K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02580	+0.012%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02578	−0.066%	$1.4M	$293K	75x	as long as short
KuCoin MONUSDTMshort	+0.0344%	4h	0.02587	+0.283%	$3.2M	$749K	75x
Backpack MON_USDC_PERPlong	+0.0449%	1h	0.02580	long leg	$138K	$137K	10x
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02607	+1.047%	$114K	$49K	50x	as long as short