Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0377%/8h= −41.3% APRpaid last 24h +0.107%

Price spread now: Backpack against GRVT+0.058%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.715%+$72 on $10k

Price spread, last 4 days (all we have)−0.756%−$76 · spread now +0.058%, 7d avg −0.064%

Together, before fees−0.041%+ Points / potential airdropGRVT: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.122% dearer against GRVT than usual: you sell high and buy low (spread +0.058% now, against its 7-day average of −0.064%): +$12 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 26 hours. Mind the row above: over the last 7 days funding on this pair paid +0.715%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MON_USDT_Perp	0.02530	0.0100	pay 0.0050% / 4h	1h 18m	$566K	$1.5M	10x
Short	Backpack MON_USDC_PERP	0.02532	−0.0277	pay 0.0035% / 1h	18m 44s	$112K	$151K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$79.22
Price spread: +0.058% → −0.064%: $12.17
Slippage, 4 orders: −$76.17
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$162.21
Costs to cover: 0.952%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Backpack: live order book, 44 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 GRVT live order book, 4 min ago	1.97 bp	54.3 bp −$54	210.6 bp −$2,106	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	0.99 bp	10.0 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
Phoenix MON	−0.0316%	1h	0.02531	+0.034%	$12K	$367K	5x	as long as short
Backpack MON_USDC_PERPshort	−0.0277%	1h	0.02532	+0.058%	$112K	$151K	10x
Injective MON/USDC PERP	−0.0253%	1h	0.02535	+0.196%	$6K	$111	5.5x	as long as short
Bybit MONUSDT	−0.0159%	8h	0.02528	−0.080%	$20.7M	$13.1M	50x	as long as short
01 Exchange MONUSD	−0.0008%	1h	0.02528	−0.080%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02532	+0.062%	$105K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02530	−0.001%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDC	+0.0084%	4h	0.02530	−0.001%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02531	+0.038%	$844K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02528	−0.090%	$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
Nado MON-PERP	+0.0100%	1h	0.02533	+0.105%	$413K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02531	+0.030%	$34.2M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02532	+0.069%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02531	+0.048%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02530	−0.001%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02529	−0.058%	$24.0M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02528	−0.080%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.396%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02531	+0.038%	$944K	$960K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02533	+0.117%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02531	+0.038%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02531	+0.040%	$753K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02534	+0.159%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perplong	+0.0100%	4h	0.02530	long leg	$566K	$1.5M	10x
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.276%	$68K	$501K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02529	−0.041%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02531	+0.038%	$48K	$518K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02528	−0.060%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0231%	1h	0.02531	+0.058%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02530	+0.011%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02527	−0.120%	$1.3M	$320K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02533	+0.135%	$271K	$110K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02541	+0.442%	$112K	$58K	50x	as long as short