Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0194%/8h= −21.2% APRpaid last 24h −0.036%

Price spread now: Orderly against GMX−0.086%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.086% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MON/USD [ETH-USDC]	0.02569	L +0.0260% / S −0.0598%	pay 0.0033% / 1h	12m 26s	$8K	—	50x
Short	Orderly PERP_MON_USDC	0.02567	0.0067	get 0.0033% / 4h	1h 12m	$17K	$64K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now −0.086%Rate

Funding earned: −$40.7
Price spread: −0.086% → 0.000%: −$8.56
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$67.26
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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
Bybit MONUSDT	−0.0060%	8h	0.02565	−0.160%	$21.3M	$11.8M	50x	as long as short
Injective MON/USDC PERP	−0.0053%	1h	0.02575	+0.226%	$6K	$109	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02576	+0.253%	$13K	$362K	5x	as long as short
Perpl MON	0.0000%	43m	0.02568	−0.031%	$142K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02567	−0.090%	$69K	$119K	25x	as long as short
Aftermath Perps MONUSD	+0.0026%	1h	0.02574	+0.202%	$2K	$73K	10x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02569	−0.012%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDCshort	+0.0067%	4h	0.02567	−0.086%	$17K	$64K	10x
Paradex MON-USD-PERP	+0.0086%	8h	0.02567	−0.103%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02569	−0.008%	$851K	$773K	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	0.02572	+0.091%	$387K	$540K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02571	+0.070%	$34.8M	$7.4M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02571	+0.052%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02569	+0.005%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02568	−0.047%	$142K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02568	−0.047%	$24.4M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02567	−0.086%	$4.3M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02578	+0.326%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02568	−0.047%	$995K	$873K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02569	−0.008%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02567	−0.086%	$127K	$138K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02571	+0.077%	$779K	$406K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02574	+0.205%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02577	+0.304%	$578K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02576	+0.265%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02567	−0.086%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02571	+0.071%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02567	−0.082%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0174%	1h	0.02570	+0.030%	$270K	$78K	10x	as long as short
GMX MON/USD [ETH-USDC]long	L +0.0260% / S −0.0598%	1h	0.02569	long leg	$8K	—	50x
KuCoin MONUSDTM	+0.0300%	4h	0.02575	+0.226%	$3.2M	$667K	75x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02570	+0.031%	$1.3M	$292K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02607	+1.460%	$114K	$49K	50x	as long as short