Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.032%

Price spread now: Bybit against Deribit−0.052%7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$610.607% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 4 days (all we have)−0.406%−$41 · spread now −0.052%, 7d avg −0.131%

Together, before fees−0.547%−$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.079% dearer against Deribit than usual: you sell high and buy low (spread −0.052% now, against its 7-day average of −0.131%): +$8 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.141% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MON_USDC-PERPETUAL	0.02511	0	get 0.0000% / 1h	31m 00s	$74K	$136K	25x
Short	Bybit MONUSDT	0.02510	−0.0160	pay 0.0160% / 8h	4h 31m	$20.6M	$13.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$33.61
Price spread: −0.052% → −0.131%: $7.93
Slippage, 4 orders: −$42.67
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$86.35
Costs to cover: 0.607%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Bybit: live order book, 3 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 Deribit live order book, 3 min ago	9.20 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.00 bp	18.1 bp −$18	67.1 bp −$671	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
01 Exchange MONUSD	−0.0360%	1h	0.02513	+0.052%	$6K	$1K	5x	as long as short
Backpack MON_USDC_PERP	−0.0250%	1h	0.02513	+0.068%	$113K	$152K	10x	as long as short
Injective MON/USDC PERP	−0.0176%	1h	0.02498	−0.534%	$5K	$112	5.5x	as long as short
Bybit MONUSDTshort	−0.0160%	8h	0.02510	−0.052%	$20.6M	$13.3M	50x
Phoenix MON	0.0000%	1h	0.02501	−0.430%	$12K	$359K	5x	as long as short
Perpl MON	0.0000%	43m	0.02512	+0.024%	$108K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUALlong	0.0000%	1h	0.02511	long leg	$74K	$136K	25x
Orderly PERP_MON_USDC	+0.0071%	4h	0.02511	−0.016%	$16K	$41K	10x	as long as short
Variational Omni MON	+0.0077%	8h	0.02509	−0.093%	$741K	$409K	—	as long as short
Paradex MON-USD-PERP	+0.0090%	8h	0.02510	−0.058%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MON	+0.0096%	1h	0.02512	+0.024%	$846K	$749K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02513	+0.064%	$33.9M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02511	0.000%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02510	−0.065%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02511	−0.020%	$138K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02511	−0.010%	$23.9M	$26.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02512	+0.024%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02495	−0.663%	$102K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02511	−0.016%	$952K	$986K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02511	−0.016%	$2.8M	$752K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02513	+0.064%	$2.7M	$2.2M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02496	−0.606%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02499	−0.481%	$560K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02503	−0.334%	$67K	$508K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02512	+0.040%	$428K	$573K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02511	−0.016%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02513	+0.062%	$48K	$521K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02510	−0.036%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0243%	1h	0.02502	−0.363%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02511	−0.004%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02510	−0.056%	$1.3M	$339K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02517	+0.231%	$110K	$58K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0542%	1h	0.02514	+0.104%	$270K	$114K	10x	as long as short