Funding you earn now, next payment 22:00 UTC−0.0148%/8h= −16.2% APRnext payment −$0.19 per $10,000 · paid last 24h −0.066%
Price spread now: Backpack against Coinbase International−0.575%7-day average −0.457% · you buy dearer than you sell
Net, funding: paid 7d − costs−$98as in the Funding arb table
Net, price: spread back to 7d avg − costs−$89as in the Price arb table
costs, in and out, $10k−$770.771% of the position
Funding, last 7 days−0.209%−$21 on $10k
+Price spread, last 3 days (all we have)+0.258%+$26 · spread now −0.575%, 7d avg −0.457%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Backpack is 0.119% cheaper against Coinbase International than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.457%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International MON-PERP-INTX | 0.02607 | 0.0536 | pay 0.0067% / 1h | 41m 29s | $114K | $49K | 50x |
| Short | Backpack MON_USDC_PERP | 0.02592 | 0.0388 | get 0.0048% / 1h | 41m 29s | $138K | $136K | 10x |
Coinbase International MON-PERP-INTX
Backpack MON_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$31.15
- Price spread: −0.575% → −0.457%
- −$11.88
- Slippage, 4 orders
- −$57.07
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$120.1
- Costs to cover
- 0.771%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 41 min ago; Backpack: live order book, 42 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 Coinbase International live order book, 41 min ago | 16.34 bp | 31.4 bp −$31 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 42 min ago | 0.19 bp | 9.6 bp −$10 | 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 | −0.0053% | 1h | 0.02582 | −0.948% | $6K | $107 | 5.5x | as long as short |
| Bybit MONUSDT | −0.0031% | 8h | 0.02588 | −0.717% | $21.6M | $11.8M | 50x | as long as short |
| 01 Exchange MONUSD | −0.0016% | 1h | 0.02593 | −0.529% | $6K | $1K | 5x | as long as short |
| Phoenix MON | 0.0000% | 1h | 0.02590 | −0.633% | $13K | $362K | 5x | as long as short |
| Perpl MON | 0.0000% | 43m | 0.02592 | −0.552% | $144K | $1.8M | 10x | as long as short |
| Deribit MON_USDC-PERPETUAL | 0.0000% | 1h | 0.02593 | −0.545% | $70K | $119K | 25x | as long as short |
| Aftermath Perps MONUSD | +0.0031% | 1h | 0.02588 | −0.714% | $2K | $74K | 10x | as long as short |
| Orderly PERP_MON_USDC | +0.0075% | 4h | 0.02589 | −0.679% | $17K | $64K | 10x | as long as short |
| Paradex MON-USD-PERP | +0.0075% | 8h | 0.02590 | −0.652% | $8K | $42 | 5x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02593 | −0.526% | $850K | $763K | 10x | as long as short |
Injective MON/USDC PERP
Bybit MONUSDT
01 Exchange MONUSD
Phoenix MON
Perpl MON
Deribit MON_USDC-PERPETUAL
Aftermath Perps MONUSD
Orderly PERP_MON_USDC
Paradex MON-USD-PERP
Lighter MONShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado MON-PERP | +0.0100% | 1h | 0.02595 | −0.445% | $388K | $537K | 10x | as long as short |
| Hyperliquid MON | +0.0100% | 1h | 0.02593 | −0.533% | $35.1M | $7.5M | 5x | as long as short |
| Aster MONUSDT | +0.0100% | 4h | 0.02591 | −0.586% | $108K | $230K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02590 | −0.660% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02591 | −0.591% | $143K | $107K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02590 | −0.659% | $24.6M | $24.6M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02587 | −0.756% | $4.4M | $5.9M | 50x | as long as short |
| Bulk MON-USD | +0.0100% | 1h | 0.02585 | −0.817% | $109K | $3K | 10x | as long as short |
| Gate MON_USDT | +0.0100% | 4h | 0.02592 | −0.564% | $1.0M | $863K | 50x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02591 | −0.602% | $2.8M | $1.8M | 25x | as long as short |
| Variational Omni MON | +0.0100% | 8h | 0.02578 | −1.110% | $777K | $405K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02586 | −0.783% | $47K | $242K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02588 | −0.729% | $582K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02586 | −0.794% | $69K | $480K | 50x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02590 | −0.641% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02595 | −0.456% | $52K | $407K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02588 | −0.698% | $39K | — | 3x | as long as short |
| Kraken Futures PF_MONUSD | +0.0173% | 1h | 0.02593 | −0.538% | $267K | $70K | 10x | as long as short |
| GMX MON/USD [ETH-USDC] | L +0.0261% / S −0.0598% | 1h | 0.02591 | −0.610% | $9K | — | 50x | as long as short |
| BloFin MON-USDT | +0.0340% | 4h | 0.02586 | −0.794% | $1.4M | $294K | 75x | as long as short |
| KuCoin MONUSDTM | +0.0370% | 4h | 0.02597 | −0.372% | $3.3M | $727K | 75x | as long as short |
| Backpack MON_USDC_PERPshort | +0.0388% | 1h | 0.02592 | −0.575% | $138K | $136K | 10x | |
| Coinbase International MON-PERP-INTXlong | +0.0536% | 1h | 0.02607 | long leg | $114K | $49K | 50x |
Nado MON-PERP
Hyperliquid MON
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
Bulk MON-USD
Gate MON_USDT
Bitget MONUSDT
Variational Omni MON
edgeX MONUSDC
GRVT MON_USDT_Perp
ApeX Omni MONUSDT
SoDEX MON-USD
Extended MON-USD
Aevo MON-PERP
Kraken Futures PF_MONUSD
GMX MON/USD [ETH-USDC]
BloFin MON-USDT
KuCoin MONUSDTM