Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0377%/8h= +41.3% APRpaid last 24h −0.112%

Price spread now: OKX against Backpack−0.138%7-day average −0.074% · 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−$67as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.763%−$76 on $10k

Price spread, last 4 days (all we have)+0.464%+$46 · spread now −0.138%, 7d avg −0.074%

Together, before fees−0.300%−$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.065% cheaper against Backpack than usual: you would sell low and buy high (spread −0.138% now, against its 7-day average of −0.074%). If the spread goes back, that is −$6 on $10k: about 14 hours of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.763%, 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	0.02532	−0.0277	get 0.0035% / 1h	19m 08s	$112K	$151K	10x
Short	OKX MON-USDT-SWAP	0.02528	0.0100	get 0.0050% / 4h	1h 19m	$4.2M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.138%Rate

Funding earned: $79.22
Price spread: −0.138% → −0.074%: −$6.47
Slippage, 4 orders: −$40.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $12.37
Costs to cover: 0.604%
Break-even: 5.9 days

Slippage from Backpack: live order book, 44 min ago; OKX: live order book, 4 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, 44 min ago	0.99 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	3.94 bp	22.8 bp −$23	104.3 bp −$1,043	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	0.02531	−0.024%	$12K	$367K	5x	as long as short
Backpack MON_USDC_PERPlong	−0.0277%	1h	0.02532	long leg	$112K	$151K	10x
Injective MON/USDC PERP	−0.0253%	1h	0.02535	+0.138%	$6K	$111	5.5x	as long as short
Bybit MONUSDT	−0.0160%	8h	0.02527	−0.174%	$20.7M	$13.1M	50x	as long as short
01 Exchange MONUSD	−0.0008%	1h	0.02528	−0.138%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02532	+0.004%	$105K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02530	−0.059%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDC	+0.0084%	4h	0.02530	−0.059%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02532	+0.020%	$844K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02529	−0.108%	$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	0.02533	+0.047%	$413K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02532	+0.036%	$34.3M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02530	−0.043%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02531	−0.010%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02530	−0.079%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02530	−0.048%	$24.1M	$26.6M	75x	as long as short
OKX MON-USDT-SWAPshort	+0.0100%	4h	0.02528	−0.138%	$4.2M	$5.9M	50x
Bulk MON-USD	+0.0100%	1h	0.02520	−0.454%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02532	+0.020%	$945K	$960K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02532	+0.020%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02531	−0.020%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02531	−0.018%	$753K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02534	+0.101%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02530	−0.058%	$566K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.217%	$68K	$501K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02529	−0.099%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02531	−0.007%	$48K	$518K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02528	−0.119%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0231%	1h	0.02531	0.000%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02530	−0.047%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02527	−0.178%	$1.3M	$320K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02533	+0.077%	$271K	$110K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02541	+0.383%	$112K	$58K	50x	as long as short