Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0416%/8h= −45.6% APRpaid last 24h +0.001%

Price spread now: Phoenix against Gate−0.162%47s7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as 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−$690.688% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 4 days (all we have)+0.773%+$77 · spread now −0.162%, 7d avg +0.049%

Together, before fees+0.550%+$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Phoenix is 0.211% cheaper against Gate than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.049%). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.223% in total (about -11.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MON_USDT	0.02535	0.0100	pay 0.0050% / 4h	1h 20m	$947K	$959K	50x
Short	Phoenix MON	0.02531	−0.0316	pay 0.0040% / 1h	20m 44s	$12K	$367K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.162%Rate

Funding earned: −$87.38
Price spread: −0.162% → +0.049%: −$21.07
Slippage, 4 orders: −$46.84
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$177.29
Costs to cover: 0.688%
Break-even: never at this rate

Slippage from Gate: live order book, 41 min ago; Phoenix: live order book, 40 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 Gate live order book, 41 min ago	3.94 bp	21.1 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 40 min ago	1.18 bp	13.1 bp −$13	44.7 bp −$447	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
Phoenix MONshort	−0.0316%	1h	0.02531	−0.162%	$12K	$367K	5x
Backpack MON_USDC_PERP	−0.0254%	1h	0.02536	+0.028%	$114K	$150K	10x	as long as short
Injective MON/USDC PERP	−0.0253%	1h	0.02535	0.000%	$6K	$111	5.5x	as long as short
Bybit MONUSDT	−0.0160%	8h	0.02530	−0.193%	$20.8M	$13.1M	50x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0026%	1h	0.02535	−0.016%	$68K	$125K	25x	as long as short
01 Exchange MONUSD	0.0000%	1h	0.02528	−0.284%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02535	+0.004%	$105K	$2.3M	10x	as long as short
Orderly PERP_MON_USDC	+0.0085%	4h	0.02537	+0.079%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02533	−0.079%	$845K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02530	−0.208%	$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
Hyperliquid MON	+0.0100%	1h	0.02536	+0.059%	$34.3M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02538	+0.107%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02534	−0.030%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02533	−0.079%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02532	−0.117%	$24.1M	$26.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02529	−0.237%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.591%	$103K	$5K	10x	as long as short
Gate MON_USDTlong	+0.0100%	4h	0.02535	long leg	$947K	$959K	50x
KuCoin MONUSDTM	+0.0100%	4h	0.02538	+0.118%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02533	−0.079%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02531	−0.157%	$753K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02523	−0.483%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02530	−0.196%	$566K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02529	−0.237%	$68K	$502K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02539	+0.163%	$414K	$543K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02533	−0.079%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02533	−0.077%	$50K	$516K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02533	−0.075%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0226%	1h	0.02532	−0.129%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02534	−0.032%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02535	0.000%	$1.3M	$321K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0490%	1h	0.02538	+0.112%	$272K	$110K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02547	+0.489%	$111K	$56K	50x	as long as short