Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0206%/8h= −22.6% APRpaid last 24h −0.164%

Price spread now: Variational Omni against Backpack−0.048%7-day average −0.134% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.286%−$29 on $10k

Price spread, last 3 days (all we have)+0.238%+$24 · spread now −0.048%, 7d avg −0.134%

Together, before fees−0.047%+ Points / potential airdropVariational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.087% dearer against Backpack than usual: you sell high and buy low (spread −0.048% now, against its 7-day average of −0.134%): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02599	0.0306	pay 0.0038% / 1h	18m 39s	$138K	$136K	10x
Short	Variational Omni MON	0.02598	0.0100	get 0.0100% / 8h	2h 18m	$783K	$411K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.048%Rate

Funding earned: −$43.3
Price spread: −0.048% → −0.134%: $8.66
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$44.63
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 4 min ago; Variational Omni: RFQ quote, 5 min ago. Net counts fees only.

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, 4 min ago	0.19 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	17.36 bp	doesn't fit	187.1 bp −$1,871	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	−0.0739%	1h	0.02596	−0.119%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0224%	1h	0.02598	−0.062%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0135%	1h	0.02599	0.000%	$63K	$110K	25x	as long as short
Bybit MONUSDT	0.0000%	8h	0.02595	−0.158%	$21.6M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02600	+0.050%	$14K	$384K	5x	as long as short
BloFin MON-USDT	+0.0077%	4h	0.02598	−0.042%	$1.4M	$245K	75x	as long as short
Orderly PERP_MON_USDC	+0.0091%	4h	0.02597	−0.081%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02597	−0.096%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02600	+0.035%	$854K	$758K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02603	+0.138%	$375K	$528K	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	0.02602	+0.096%	$35.1M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02599	+0.013%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02599	+0.012%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02598	−0.042%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02597	−0.071%	$24.7M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02596	−0.119%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02602	+0.112%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02600	+0.035%	$1.0M	$934K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02600	+0.035%	$2.8M	$1.8M	25x	as long as short
Variational Omni MONshort	+0.0100%	8h	0.02598	−0.048%	$783K	$411K	—
edgeX MONUSDC	+0.0100%	4h	0.02601	+0.058%	$48K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02598	−0.023%	$585K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02602	+0.112%	$69K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02596	−0.119%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02602	+0.097%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02597	−0.077%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02601	+0.066%	$268K	$67K	10x	as long as short
Aftermath Perps MONUSD	+0.0178%	1h	0.02598	−0.024%	$2K	$73K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02599	+0.008%	$9K	—	50x	as long as short
Backpack MON_USDC_PERPlong	+0.0306%	1h	0.02599	long leg	$138K	$136K	10x
KuCoin MONUSDTM	+0.0384%	4h	0.02602	+0.112%	$3.2M	$746K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02599	+0.008%	$146K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02607	+0.319%	$115K	$50K	50x	as long as short