Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0132%/8h= +14.4% APRpaid last 24h +0.145%

Price spread now: Backpack against Bybit+0.110%7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.833%+$83 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now +0.110%, 7d avg +0.118%

Together, before fees+0.705%+$71 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.118%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MONUSDT	0.02556	−0.0032	get 0.0032% / 8h	16m 05s	$21.1M	$12.1M	50x
Short	Backpack MON_USDC_PERP	0.02559	0.0100	get 0.0013% / 1h	16m 05s	$127K	$141K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.110%Rate

Funding earned: $27.71
Price spread: +0.110% → +0.118%: −$0.82
Slippage, 4 orders: −$39.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$33.74
Costs to cover: 0.606%
Break-even: 15.5 days

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 62 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 Bybit live order book, 2 min ago	3.91 bp	18.8 bp −$19	53.5 bp −$535	doesn't fit	doesn't fit
Sell Backpack live order book, 62 min ago	0.19 bp	11.7 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	−0.0121%	1h	0.02576	+0.782%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0096%	1h	0.02559	+0.129%	$6K	$1K	5x	as long as short
Bybit MONUSDTlong	−0.0032%	8h	0.02556	long leg	$21.1M	$12.1M	50x
Phoenix MON	0.0000%	1h	0.02559	+0.098%	$13K	$360K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02559	+0.117%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02557	+0.039%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0093%	1h	0.02562	+0.237%	$3K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02559	+0.113%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02560	+0.156%	$850K	$794K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02564	+0.328%	$391K	$545K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02560	+0.176%	$34.6M	$7.7M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02560	+0.171%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02562	+0.228%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02562	+0.223%	$141K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02557	+0.039%	$24.4M	$25.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02556	0.000%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−0.039%	$107K	$390	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02558	+0.078%	$976K	$912K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02559	+0.117%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02559	+0.110%	$127K	$141K	10x
Variational Omni MON	+0.0100%	8h	0.02557	+0.044%	$772K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02557	+0.036%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02561	+0.178%	$580K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02560	+0.156%	$68K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02557	+0.039%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02560	+0.148%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02557	+0.023%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0252%	4h	0.02565	+0.352%	$3.0M	$718K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02559	+0.125%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02557	+0.039%	$1.3M	$306K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02560	+0.159%	$269K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02561	+0.196%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+2.070%	$115K	$50K	50x	as long as short