Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.122%

Price spread now: Hyperliquid against Bulk+0.528%7-day average +0.141% · you sell dearer than you buy

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

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.149%+$15 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now +0.528%, 7d avg +0.141%

Together, before fees+0.143%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.387% dearer against Bulk than usual: you sell high and buy low, +$39 on $10k if it goes back to its 7-day average of +0.141%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk MON-USD	0.02575	0.0100	pay 0.0013% / 1h	42m 11s	$108K	$3K	10x
Short	Hyperliquid MON	0.02589	0.0100	get 0.0013% / 1h	42m 11s	$34.9M	$7.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bulk. 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 BulkbpFee HyperliquidbpOrdersPrice spread, now +0.528%Rate

Funding earned: $0
Price spread: +0.528% → +0.141%: $38.69
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $22.69
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Bulk: live order book, 46 min ago; Hyperliquid: live order book, 11 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 Bulk live order book, 46 min ago	19.34 bp	22.8 bp −$23	42.3 bp −$423	177.8 bp −$17.8K	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.58 bp	16.3 bp −$16	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	0.02587	+0.466%	$6K	$107	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0252%	1h	0.02588	+0.517%	$63K	$110K	25x	as long as short
01 Exchange MONUSD	−0.0168%	1h	0.02584	+0.338%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02587	+0.454%	$13K	$384K	5x	as long as short
Bybit MONUSDT	+0.0014%	8h	0.02585	+0.396%	$21.6M	$11.8M	50x	as long as short
Orderly PERP_MON_USDC	+0.0093%	4h	0.02585	+0.388%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02589	+0.544%	$848K	$753K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02587	+0.464%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02587	+0.477%	$350K	$534K	10x	as long as short
Hyperliquid MONshort	+0.0100%	1h	0.02589	+0.528%	$34.9M	$7.5M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02587	+0.460%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02588	+0.499%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02588	+0.505%	$143K	$107K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02587	+0.466%	$24.6M	$24.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02585	+0.388%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USDlong	+0.0100%	1h	0.02575	long leg	$108K	$3K	10x
Gate MON_USDT	+0.0100%	4h	0.02588	+0.505%	$1.0M	$929K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02588	+0.505%	$2.7M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02584	+0.331%	$776K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02583	+0.313%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02586	+0.427%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02583	+0.311%	$69K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02587	+0.466%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02589	+0.539%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02587	+0.466%	$39K	—	3x	as long as short
BloFin MON-USDT	+0.0116%	4h	0.02585	+0.388%	$1.4M	$242K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02592	+0.644%	$263K	$63K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02588	+0.517%	$9K	—	50x	as long as short
Backpack MON_USDC_PERP	+0.0264%	1h	0.02588	+0.493%	$137K	$137K	10x	as long as short
KuCoin MONUSDTM	+0.0342%	4h	0.02593	+0.699%	$3.2M	$762K	75x	as long as short
Aftermath Perps MONUSD	+0.0346%	1h	0.02585	+0.406%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02588	+0.493%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02595	+0.796%	$114K	$51K	50x	as long as short