Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0175%/8h= +19.1% APRpaid last 24h +0.151%

Price spread now: Backpack against BloFin+0.216%66s7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.568% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.528%+$53 on $10k

Price spread, last 3 days (all we have)−0.532%−$53 · spread now +0.216%, 7d avg +0.001%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.215% dearer against BloFin than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.001%. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MON-USDT	0.02595	0.0139	pay 0.0070% / 4h	2h 13m	$1.4M	$246K	75x
Short	Backpack MON_USDC_PERP	0.02601	0.0314	get 0.0039% / 1h	13m 34s	$138K	$136K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.216%Rate

Funding earned: $36.65
Price spread: +0.216% → +0.001%: $21.5
Slippage, 4 orders: −$34.81
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $1.34
Costs to cover: 0.568%
Break-even: 6.7 days

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 9 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 BloFin live order book, 4 min ago	7.71 bp	15.9 bp −$16	32.3 bp −$323	178.2 bp −$17.8K	doesn't fit
Sell Backpack live order book, 9 min ago	0.19 bp	9.6 bp −$10	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	−0.0739%	1h	0.02599	+0.154%	$6K	$110	5.5x	as long as short
01 Exchange MONUSD	−0.0232%	1h	0.02597	+0.089%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0134%	1h	0.02601	+0.239%	$63K	$110K	25x	as long as short
Bybit MONUSDT	0.0000%	8h	0.02595	+0.019%	$21.6M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02599	+0.146%	$14K	$384K	5x	as long as short
Orderly PERP_MON_USDC	+0.0091%	4h	0.02598	+0.116%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02598	+0.097%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02600	+0.193%	$854K	$758K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02604	+0.349%	$384K	$533K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02599	+0.162%	$35.0M	$7.5M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02600	+0.196%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02602	+0.251%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02600	+0.193%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02597	+0.082%	$24.7M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02595	0.000%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02602	+0.270%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02600	+0.193%	$1.0M	$935K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02599	+0.154%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02596	+0.053%	$782K	$412K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02600	+0.206%	$48K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02598	+0.126%	$585K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02600	+0.193%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02599	+0.154%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02602	+0.274%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02600	+0.173%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02603	+0.323%	$268K	$67K	10x	as long as short
BloFin MON-USDTlong	+0.0139%	4h	0.02595	long leg	$1.4M	$246K	75x
Aftermath Perps MONUSD	+0.0142%	1h	0.02599	+0.172%	$2K	$73K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02601	+0.247%	$9K	—	50x	as long as short
Backpack MON_USDC_PERPshort	+0.0314%	1h	0.02601	+0.216%	$138K	$136K	10x
KuCoin MONUSDTM	+0.0388%	4h	0.02601	+0.231%	$3.2M	$747K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02597	+0.069%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02607	+0.451%	$114K	$50K	50x	as long as short