Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.005%

Price spread now: Phoenix against Bybit+0.187%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$680.675% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.187%, 7d avg +0.138%

Together, before fees−0.120%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.048% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.138%. Mind the row above: over the last 7 days funding on this pair cost −0.140%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MONUSDT	0.02573	−0.0034	get 0.0034% / 8h	33m 18s	$21.3M	$12.0M	50x
Short	Phoenix MON	0.02578	0	get 0.0000% / 1h	33m 18s	$13K	$360K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.187%Rate

Funding earned: $7.13
Price spread: +0.187% → +0.138%: $4.82
Slippage, 4 orders: −$49.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$55.56
Costs to cover: 0.675%
Break-even: 61.5 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 43 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, 5 min ago	5.82 bp	20.8 bp −$21	65.8 bp −$658	doesn't fit	doesn't fit
Sell Phoenix live order book, 43 min ago	1.16 bp	12.9 bp −$13	44.5 bp −$445	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	+0.109%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0056%	1h	0.02575	+0.082%	$6K	$1K	5x	as long as short
Bybit MONUSDTlong	−0.0034%	8h	0.02573	long leg	$21.3M	$12.0M	50x
Phoenix MONshort	0.0000%	1h	0.02578	+0.187%	$13K	$360K	5x
Perpl MON	0.0000%	43m	0.02578	+0.190%	$126K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02577	+0.136%	$70K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0069%	4h	0.02574	+0.031%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0088%	1h	0.02580	+0.271%	$2K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02574	+0.013%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02576	+0.109%	$855K	$793K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02579	+0.234%	$393K	$544K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02579	+0.225%	$34.9M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02575	+0.054%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02575	+0.066%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02575	+0.062%	$142K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02575	+0.070%	$24.5M	$25.4M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02574	+0.031%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02585	+0.453%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02574	+0.031%	$980K	$909K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02576	+0.109%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02575	+0.051%	$128K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02576	+0.117%	$779K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02579	+0.221%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02579	+0.211%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02576	+0.109%	$69K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02574	+0.031%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02579	+0.224%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02576	+0.113%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0260%	4h	0.02580	+0.264%	$3.0M	$716K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02576	+0.101%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02572	−0.047%	$1.4M	$308K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0419%	1h	0.02578	+0.175%	$271K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.387%	$115K	$50K	50x	as long as short