Funding you earn now, next payment 22:00 UTC+0.0206%/8h= +22.6% APRnext payment +$0.26 per $10,000 · paid last 24h +0.164%
Price spread now: Backpack against Bulk−0.112%7-day average +0.042% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$85as in the Price arb table
costs, in and out, $10k−$700.695% of the position
Funding, last 3 days (all we have)+0.266%+$27 on $10k
+Price spread, last 4 days (all we have)+0.251%+$25 · spread now −0.112%, 7d avg +0.042%
=Funding pays, the price is against you. Backpack is 0.153% cheaper against Bulk than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of +0.042%). If the spread goes back, that is −$15 on $10k: about 2.5 days of funding at the current rate (+$6 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk MON-USD | 0.02602 | 0.0100 | pay 0.0013% / 1h | 18m 32s | $109K | $3K | 10x |
| Short | Backpack MON_USDC_PERP | 0.02599 | 0.0306 | get 0.0038% / 1h | 18m 32s | $138K | $136K | 10x |
Bulk MON-USD
Backpack MON_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bulk. 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
- $43.3
- Price spread: −0.112% → +0.042%
- −$15.33
- Slippage, 4 orders
- −$52.5
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$41.53
- Costs to cover
- 0.695%
- Break-even
- 13.7 days
Slippage from Bulk: live order book, 5 min ago; Backpack: live order book, 4 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 Bulk live order book, 5 min ago | 19.27 bp | 22.8 bp −$23 | 43.0 bp −$430 | 108.7 bp −$10.9K | 744.7 bp −$372.4K |
| Sell Backpack live order book, 4 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 | 0.02596 | −0.231% | $6K | $109 | 5.5x | as long as short |
| 01 Exchange MONUSD | −0.0224% | 1h | 0.02596 | −0.223% | $6K | $1K | 5x | as long as short |
| Deribit MON_USDC-PERPETUAL | −0.0135% | 1h | 0.02599 | −0.112% | $63K | $110K | 25x | as long as short |
| Bybit MONUSDT | 0.0000% | 8h | 0.02595 | −0.269% | $21.6M | $11.8M | 50x | as long as short |
| Phoenix MON | 0.0000% | 1h | 0.02600 | −0.062% | $14K | $384K | 5x | as long as short |
| BloFin MON-USDT | +0.0077% | 4h | 0.02598 | −0.154% | $1.4M | $245K | 75x | as long as short |
| Orderly PERP_MON_USDC | +0.0091% | 4h | 0.02597 | −0.192% | $17K | $64K | 10x | as long as short |
| Paradex MON-USD-PERP | +0.0096% | 8h | 0.02597 | −0.208% | $8K | $42 | 5x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02600 | −0.077% | $854K | $758K | 10x | as long as short |
| Nado MON-PERP | +0.0100% | 1h | 0.02602 | −0.001% | $375K | $528K | 10x | as long as short |
Injective MON/USDC PERP
01 Exchange MONUSD
Deribit MON_USDC-PERPETUAL
Bybit MONUSDT
Phoenix MON
BloFin MON-USDT
Orderly PERP_MON_USDC
Paradex MON-USD-PERP
Lighter MON
Nado MON-PERPShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid MON | +0.0100% | 1h | 0.02601 | −0.035% | $35.1M | $7.5M | 5x | as long as short |
| Aster MONUSDT | +0.0100% | 4h | 0.02599 | −0.110% | $108K | $233K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02599 | −0.099% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02598 | −0.154% | $143K | $106K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02597 | −0.187% | $24.7M | $24.6M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02596 | −0.231% | $4.4M | $6.0M | 50x | as long as short |
| Bulk MON-USDlong | +0.0100% | 1h | 0.02602 | long leg | $109K | $3K | 10x | |
| Gate MON_USDT | +0.0100% | 4h | 0.02600 | −0.077% | $1.0M | $934K | 50x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02600 | −0.077% | $2.8M | $1.8M | 25x | as long as short |
| Variational Omni MON | +0.0100% | 8h | 0.02598 | −0.159% | $783K | $411K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02601 | −0.053% | $48K | $243K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02598 | −0.135% | $585K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02602 | 0.000% | $69K | $481K | 50x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02596 | −0.231% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02602 | −0.015% | $52K | $407K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02597 | −0.189% | $39K | — | 3x | as long as short |
| Kraken Futures PF_MONUSD | +0.0131% | 1h | 0.02601 | −0.046% | $268K | $67K | 10x | as long as short |
| Aftermath Perps MONUSD | +0.0178% | 1h | 0.02598 | −0.136% | $2K | $73K | 10x | as long as short |
| GMX MON/USD [ETH-USDC] | L +0.0261% / S −0.0598% | 1h | 0.02599 | −0.104% | $9K | — | 50x | as long as short |
| Backpack MON_USDC_PERPshort | +0.0306% | 1h | 0.02599 | −0.112% | $138K | $136K | 10x | |
| KuCoin MONUSDTM | +0.0384% | 4h | 0.02602 | 0.000% | $3.2M | $746K | 75x | as long as short |
| Perpl MON | +0.0447% | 43m | 0.02598 | −0.154% | $146K | $1.8M | 10x | as long as short |
| Coinbase International MON-PERP-INTX | +0.0648% | 1h | 0.02607 | +0.207% | $115K | $50K | 50x | as long as short |
Hyperliquid MON
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
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
Kraken Futures PF_MONUSD
Aftermath Perps MONUSD
GMX MON/USD [ETH-USDC]
KuCoin MONUSDTM
Perpl MON
Coinbase International MON-PERP-INTX