Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0069%/8h= +7.5% APRpaid last 24h −0.024%

Price spread now: Orderly against Deribit−0.039%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.039% cheaper against Deribit than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 45 hours of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.083%, 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	Deribit MON_USDC-PERPETUAL	0.02570	0	get 0.0000% / 1h	29m 58s	$69K	$119K	25x
Short	Orderly PERP_MON_USDC	0.02569	0.0069	get 0.0034% / 4h	29m 58s	$17K	$64K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.039%Rate

Funding earned: $14.41
Price spread: −0.039% → 0.000%: −$3.89
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.49
Costs to cover: 0.130%
Break-even: 8.2 days

Slippage unknown: Deribit: live order book, 24 min ago; Orderly: 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 Deribit live order book, 24 min ago	9.67 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 PERP	−0.0121%	1h	0.02576	+0.233%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0064%	1h	0.02569	−0.043%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0032%	8h	0.02567	−0.117%	$21.3M	$12.0M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02576	+0.241%	$13K	$360K	5x	as long as short
Deribit MON_USDC-PERPETUALlong	0.0000%	1h	0.02570	long leg	$69K	$119K	25x
Orderly PERP_MON_USDCshort	+0.0069%	4h	0.02569	−0.039%	$17K	$64K	10x
Aftermath Perps MONUSD	+0.0082%	1h	0.02577	+0.254%	$2K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02568	−0.078%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02571	+0.039%	$854K	$793K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02574	+0.137%	$392K	$544K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02573	+0.117%	$34.8M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02570	−0.006%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02573	+0.102%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02570	0.000%	$142K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02568	−0.061%	$24.5M	$25.4M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02566	−0.156%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02570	0.000%	$108K	$390	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02569	−0.039%	$978K	$909K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02571	+0.039%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02570	−0.012%	$128K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02568	−0.070%	$778K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02574	+0.154%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02577	+0.272%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02575	+0.195%	$69K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02569	−0.039%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02573	+0.119%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02570	−0.016%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0258%	4h	0.02572	+0.078%	$3.0M	$716K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02569	−0.019%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02570	0.000%	$1.4M	$308K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0420%	1h	0.02573	+0.135%	$270K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02570	−0.004%	$126K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.514%	$115K	$50K	50x	as long as short