Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0132%/8h= −14.4% APRpaid last 24h −0.007%

Price spread now: Injective against Bybit+0.562%78s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.562% dearer against Bybit than usual: you sell high and buy low (spread +0.562% now, against zero (this spread has no 7-day history yet)): +$56 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 14 days. The two prices were read 78 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	Bybit MONUSDT	0.02489	0.0100	pay 0.0100% / 8h	23m 58s	$20.7M	$13.9M	50x
Short	Injective MON/USDC PERP	0.02503	−0.0032	pay 0.0004% / 1h	23m 58s	$5K	$111	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.562%Rate

Funding earned: −$27.63
Price spread: +0.562% → 0.000%: $56.25
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $17.59
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 10 min ago; Injective: no order-book sample. 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 Bybit live order book, 10 min ago	2.00 bp	24.4 bp −$24	67.2 bp −$672	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 PERPshort	−0.0032%	1h	0.02503	+0.562%	$5K	$111	5.5x
Phoenix MON	0.0000%	1h	0.02500	+0.454%	$13K	$349K	5x	as long as short
Perpl MON	0.0000%	43m	0.02494	+0.185%	$123K	$2.2M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02493	+0.177%	$72K	$138K	25x	as long as short
Backpack MON_USDC_PERP	+0.0091%	1h	0.02493	+0.161%	$109K	$157K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02494	+0.201%	$800K	$785K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02491	+0.072%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02497	+0.320%	$390K	$578K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02493	+0.162%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02495	+0.251%	$12K	—	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MON	+0.0100%	1h	0.02495	+0.233%	$138K	$91K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02492	+0.121%	$23.7M	$27.6M	75x	as long as short
Bybit MONUSDTlong	+0.0100%	8h	0.02489	long leg	$20.7M	$13.9M	50x
OKX MON-USDT-SWAP	+0.0100%	4h	0.02490	+0.040%	$4.2M	$6.1M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02498	+0.371%	$103K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02491	+0.080%	$934K	$1.1M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02495	+0.241%	$2.9M	$766K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02493	+0.161%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02491	+0.062%	$739K	$410K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02499	+0.385%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02501	+0.482%	$564K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	+0.482%	$68K	$541K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02493	+0.161%	$16K	$42K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02493	+0.161%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02494	+0.205%	$47K	$314K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02492	+0.104%	$38K	—	3x	as long as short
Hyperliquid MON	+0.0157%	1h	0.02494	+0.201%	$33.7M	$7.8M	5x	as long as short
01 Exchange MONUSD	+0.0208%	1h	0.02492	+0.117%	$6K	$3K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02493	+0.153%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02494	+0.201%	$1.3M	$337K	75x	as long as short
Aftermath Perps MONUSD	+0.0577%	1h	0.02498	+0.367%	$5K	$101K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0680%	1h	0.02515	+1.037%	$111K	$54K	50x	as long as short
Kraken Futures PF_MONUSD	+0.1208%	1h	0.02496	+0.287%	$268K	$119K	10x	as long as short