Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: Phoenix against Bitget+0.032%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$620.619% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.220%−$22 on $10k

Price spread, last 4 days (all we have)+0.005%$0 · spread now +0.032%, 7d avg +0.009%

Together, before fees−0.215%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.023% dearer against Bitget than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of +0.009%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MONUSDT	0.02500	0.0100	pay 0.0050% / 4h	1h 08m	$2.7M	$2.3M	25x
Short	Phoenix MON	0.02501	0	get 0.0000% / 1h	8m 50s	$13K	$353K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$21
Price spread: +0.032% → +0.009%: $2.28
Slippage, 4 orders: −$42.89
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$80.6
Costs to cover: 0.619%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Phoenix: live order book, 33 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 Bitget live order book, 4 min ago	5.99 bp	14.4 bp −$14	44.4 bp −$444	doesn't fit	doesn't fit
Sell Phoenix live order book, 33 min ago	1.20 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
Phoenix MONshort	0.0000%	1h	0.02501	+0.032%	$13K	$353K	5x
Perpl MON	0.0000%	43m	0.02501	+0.048%	$126K	$2.2M	10x	as long as short
Orderly PERP_MON_USDC	+0.0087%	4h	0.02501	+0.040%	$16K	$48K	10x	as long as short
Bybit MONUSDT	+0.0094%	8h	0.02497	−0.120%	$20.6M	$13.7M	50x	as long as short
Lighter MON	+0.0096%	1h	0.02501	+0.040%	$802K	$787K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02500	−0.008%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02503	+0.121%	$393K	$575K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02499	−0.032%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02499	−0.050%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02501	+0.040%	$138K	$91K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MONUSDT	+0.0100%	4h	0.02498	−0.080%	$23.7M	$27.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02498	−0.080%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02500	0.000%	$103K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02499	−0.040%	$931K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02504	+0.160%	$2.9M	$767K	75x	as long as short
Bitget MONUSDTlong	+0.0100%	4h	0.02500	long leg	$2.7M	$2.3M	25x
Backpack MON_USDC_PERP	+0.0100%	1h	0.02502	+0.076%	$110K	$156K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02499	−0.058%	$741K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02497	−0.102%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02504	+0.148%	$565K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	+0.040%	$68K	$534K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02499	−0.040%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02501	+0.036%	$47K	$268K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02499	−0.032%	$38K	—	3x	as long as short
Injective MON/USDC PERP	+0.0109%	1h	0.02500	0.000%	$5K	$113	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0110%	1h	0.02501	+0.032%	$73K	$138K	25x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02500	0.000%	$6K	—	50x	as long as short
01 Exchange MONUSD	+0.0264%	1h	0.02501	+0.024%	$6K	$3K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02500	0.000%	$1.3M	$348K	75x	as long as short
Hyperliquid MON	+0.0371%	1h	0.02501	+0.048%	$33.8M	$7.8M	5x	as long as short
Aftermath Perps MONUSD	+0.0397%	1h	0.02502	+0.078%	$6K	$100K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0576%	1h	0.02511	+0.448%	$110K	$53K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0845%	1h	0.02501	+0.058%	$269K	$119K	10x	as long as short