Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.139%
Price spread now: Phoenix against Backpack+0.124%7-day average +0.014% · you sell dearer than you buy
Net, funding: paid 7d − costs−$147as in the Funding arb table
Net, price: spread back to 7d avg − costs−$39as in the Price arb table
costs, in and out, $10k−$500.496% of the position
Funding, last 7 days−0.974%−$97 on $10k
+Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.124%, 7d avg +0.014%
=The price spread pays, funding is against you. Phoenix is 0.110% dearer against Backpack than usual: you sell high and buy low (spread +0.124% now, against its 7-day average of +0.014%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.7 days. At the pace of the last 7 days (−0.974% in total) that is about 19 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack MON_USDC_PERP | 0.02582 | 0.0100 | pay 0.0013% / 1h | 37m 13s | $128K | $141K | 10x |
| Short | Phoenix MON | 0.02585 | 0 | get 0.0000% / 1h | 37m 13s | $13K | $360K | 5x |
Backpack MON_USDC_PERP
Phoenix MONFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$21
- Price spread: +0.124% → +0.014%
- $11
- Slippage, 4 orders
- −$32.58
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$59.58
- Costs to cover
- 0.496%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 41 min ago; Phoenix: live order book, 39 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, 41 min ago | 0.19 bp | 12.0 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 39 min ago | 1.16 bp | 12.9 bp −$13 | 44.5 bp −$445 | 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 | 0.02575 | −0.279% | $6K | $106 | 5.5x | as long as short |
| 01 Exchange MONUSD | −0.0048% | 1h | 0.02579 | −0.124% | $6K | $1K | 5x | as long as short |
| Bybit MONUSDT | −0.0040% | 8h | 0.02574 | −0.318% | $21.3M | $12.0M | 50x | as long as short |
| Phoenix MONshort | 0.0000% | 1h | 0.02585 | +0.124% | $13K | $360K | 5x | |
| Perpl MON | 0.0000% | 43m | 0.02581 | −0.046% | $126K | $1.8M | 10x | as long as short |
| Deribit MON_USDC-PERPETUAL | 0.0000% | 1h | 0.02580 | −0.074% | $70K | $119K | 25x | as long as short |
| Orderly PERP_MON_USDC | +0.0066% | 4h | 0.02579 | −0.124% | $17K | $64K | 10x | as long as short |
| Aftermath Perps MONUSD | +0.0080% | 1h | 0.02586 | +0.134% | $2K | $75K | 10x | as long as short |
| Paradex MON-USD-PERP | +0.0093% | 8h | 0.02579 | −0.128% | $8K | $42 | 5x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02580 | −0.085% | $857K | $793K | 10x | as long as short |
Injective MON/USDC PERP
01 Exchange MONUSD
Bybit MONUSDT
Perpl MON
Deribit MON_USDC-PERPETUAL
Orderly PERP_MON_USDC
Aftermath Perps MONUSD
Paradex MON-USD-PERP
Lighter MONShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado MON-PERP | +0.0100% | 1h | 0.02586 | +0.128% | $394K | $544K | 10x | as long as short |
| Hyperliquid MON | +0.0100% | 1h | 0.02584 | +0.050% | $34.9M | $7.6M | 5x | as long as short |
| Aster MONUSDT | +0.0100% | 4h | 0.02580 | −0.071% | $109K | $231K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02582 | −0.023% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02581 | −0.046% | $142K | $105K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02575 | −0.283% | $24.5M | $25.3M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02576 | −0.240% | $4.4M | $6.0M | 50x | as long as short |
| Bulk MON-USD | +0.0100% | 1h | 0.02585 | +0.103% | $108K | $3K | 10x | as long as short |
| Gate MON_USDT | +0.0100% | 4h | 0.02580 | −0.085% | $983K | $907K | 50x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02581 | −0.046% | $2.7M | $1.8M | 25x | as long as short |
| Backpack MON_USDC_PERPlong | +0.0100% | 1h | 0.02582 | long leg | $128K | $141K | 10x | |
| Variational Omni MON | +0.0100% | 8h | 0.02582 | −0.001% | $780K | $408K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02582 | +0.002% | $47K | $243K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02586 | +0.144% | $586K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02583 | +0.031% | $69K | $482K | 50x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02579 | −0.124% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02584 | +0.069% | $52K | $407K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02579 | −0.124% | $39K | — | 3x | as long as short |
| KuCoin MONUSDTM | +0.0250% | 4h | 0.02584 | +0.070% | $3.0M | $716K | 75x | as long as short |
| GMX MON/USD [ETH-USDC] | L +0.0261% / S −0.0598% | 1h | 0.02580 | −0.101% | $9K | — | 50x | as long as short |
| BloFin MON-USDT | +0.0340% | 4h | 0.02577 | −0.201% | $1.4M | $309K | 75x | as long as short |
| Kraken Futures PF_MONUSD | +0.0418% | 1h | 0.02583 | +0.033% | $271K | $78K | 10x | as long as short |
| Coinbase International MON-PERP-INTX | +0.0480% | 1h | 0.02609 | +1.034% | $115K | $50K | 50x | as long as short |
Nado MON-PERP
Hyperliquid MON
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
Bulk MON-USD
Gate MON_USDT
Bitget MONUSDT
Variational Omni MON
edgeX MONUSDC
GRVT MON_USDT_Perp
ApeX Omni MONUSDT
SoDEX MON-USD
Extended MON-USD
Aevo MON-PERP
KuCoin MONUSDTM
GMX MON/USD [ETH-USDC]
BloFin MON-USDT
Kraken Futures PF_MONUSD
Coinbase International MON-PERP-INTX