Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0795%/8h= +87.0% APRpaid last 24h +0.197%

Price spread now: Kraken Futures against Bybit+0.427%55s7-day average +0.189% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as 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−$950.950% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.642%+$64 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.427%, 7d avg +0.189%

Together, before fees+0.517%+$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Kraken Futures is 0.238% dearer against Bybit than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.189%. The two prices were read 55 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	0.02544	0.0042	pay 0.0042% / 8h	6h 49m	$21.1M	$12.4M	50x
Short	Kraken Futures PF_MONUSD	0.02555	0.0837	get 0.0105% / 1h	49m 24s	$278K	$88K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.427%Rate

Funding earned: $166.89
Price spread: +0.427% → +0.189%: $23.77
Slippage, 4 orders: −$74.01
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $95.65
Costs to cover: 0.950%
Break-even: 3.0 days

Slippage from Bybit: live order book, 4 min ago; Kraken Futures: live order book, 18 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, 4 min ago	1.96 bp	14.2 bp −$14	44.9 bp −$449	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 18 min ago	21.19 bp	30.5 bp −$30	581.6 bp −$5,816	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	−0.0388%	1h	0.02541	−0.126%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0016%	1h	0.02550	+0.244%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02538	−0.244%	$13K	$349K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02552	+0.314%	$69K	$119K	25x	as long as short
Bybit MONUSDTlong	+0.0042%	8h	0.02544	long leg	$21.1M	$12.4M	50x
Orderly PERP_MON_USDC	+0.0060%	4h	0.02546	+0.071%	$16K	$60K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02545	+0.030%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02548	+0.149%	$849K	$740K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02555	+0.424%	$407K	$541K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02550	+0.229%	$104K	$229K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02548	+0.133%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02549	+0.173%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02547	+0.110%	$24.3M	$25.8M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02545	+0.031%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02545	+0.049%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02548	+0.149%	$961K	$890K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02551	+0.267%	$2.9M	$741K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02550	+0.228%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02549	+0.193%	$119K	$157K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02548	+0.153%	$766K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02549	+0.207%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02553	+0.330%	$573K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02552	+0.307%	$69K	$490K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02552	+0.307%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02550	+0.235%	$49K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02551	+0.267%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02548	+0.130%	$9K	—	50x	as long as short
Hyperliquid MON	+0.0293%	1h	0.02554	+0.377%	$34.8M	$7.5M	5x	as long as short
Aftermath Perps MONUSD	+0.0315%	1h	0.02553	+0.358%	$4K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02549	+0.189%	$1.4M	$310K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02551	+0.283%	$115K	$2.1M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02557	+0.507%	$112K	$52K	50x	as long as short
Kraken Futures PF_MONUSDshort	+0.0837%	1h	0.02555	+0.427%	$278K	$88K	10x