Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.091%

Price spread now: Backpack against Binance+0.133%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.727%+$73 on $10k

Price spread, last 4 days (all we have)−0.284%−$28 · spread now +0.133%, 7d avg +0.032%

Together, before fees+0.443%+$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.101% dearer against Binance than usual: you sell high and buy low (spread +0.133% now, against its 7-day average of +0.032%): +$10 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 33 days. Mind the row above: over the last 7 days funding on this pair paid +0.727%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MONUSDT	0.02521	0.0100	pay 0.0050% / 4h	3h 34m	$24.0M	$26.9M	75x
Short	Backpack MON_USDC_PERP	0.02524	0.0090	get 0.0011% / 1h	34m 37s	$112K	$151K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$2.13
Price spread: +0.133% → +0.032%: $10.13
Slippage, 4 orders: −$42.18
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$54.18
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from Binance: live order book, 7 min ago; Backpack: live order book, 18 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 Binance live order book, 7 min ago	1.99 bp	19.0 bp −$19	54.1 bp −$541	463.5 bp −$46.3K	doesn't fit
Sell Backpack live order book, 18 min ago	0.20 bp	11.9 bp −$12	doesn't fit	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	−0.0203%	1h	0.02528	+0.292%	$5K	$111	5.5x	as long as short
Bybit MONUSDT	−0.0030%	8h	0.02519	−0.049%	$20.7M	$13.4M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02522	+0.050%	$12K	$358K	5x	as long as short
Orderly PERP_MON_USDC	+0.0073%	4h	0.02522	+0.054%	$16K	$46K	10x	as long as short
Backpack MON_USDC_PERPshort	+0.0090%	1h	0.02524	+0.133%	$112K	$151K	10x
Lighter MON	+0.0096%	1h	0.02524	+0.133%	$846K	$732K	10x	as long as short
Paradex MON-USD-PERP	+0.0097%	8h	0.02521	+0.010%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02525	+0.166%	$413K	$584K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02524	+0.126%	$34.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02522	+0.038%	$101K	$222K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02521	+0.005%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02523	+0.094%	$139K	$93K	3x	as long as short
Binance MONUSDTlong	+0.0100%	4h	0.02521	long leg	$24.0M	$26.9M	75x
OKX MON-USDT-SWAP	+0.0100%	4h	0.02520	−0.025%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02521	+0.033%	$103K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02521	+0.014%	$943K	$982K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02525	+0.173%	$2.9M	$761K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02521	+0.014%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02519	−0.082%	$746K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02521	+0.020%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02520	−0.033%	$567K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02523	+0.094%	$68K	$518K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02523	+0.094%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02524	+0.121%	$48K	$519K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02517	−0.156%	$38K	—	3x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0186%	1h	0.02524	+0.126%	$74K	$136K	25x	as long as short
01 Exchange MONUSD	+0.0200%	1h	0.02522	+0.038%	$6K	$1K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02523	+0.074%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0318%	1h	0.02521	+0.016%	$2K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02521	+0.014%	$1.3M	$340K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0368%	1h	0.02526	+0.225%	$110K	$57K	50x	as long as short
Perpl MON	+0.0447%	43m	0.02524	+0.114%	$114K	$2.3M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0722%	1h	0.02527	+0.234%	$271K	$113K	10x	as long as short