Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.142%

Price spread now: Hyperliquid against GRVT+0.347%45s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as 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−$970.972% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 3 days (all we have)−0.488%−$49 · spread now +0.347%, 7d avg +0.018%

Together, before fees−0.315%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board−$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.329% dearer against GRVT than usual: you sell high and buy low, +$33 on $10k if it goes back to its 7-day average of +0.018%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MON_USDT_Perp	0.02576	0.0100	pay 0.0050% / 4h	1h 24m	$578K	$1.5M	10x
Short	Hyperliquid MON	0.02585	0.0100	get 0.0013% / 1h	24m 33s	$35.0M	$7.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.347%Rate

Funding earned: $0
Price spread: +0.347% → +0.018%: $32.86
Slippage, 4 orders: −$79.16
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$64.31
Costs to cover: 0.972%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Hyperliquid: live order book, 9 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	3.88 bp	35.7 bp −$36	604.7 bp −$6,047	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.39 bp	15.3 bp −$15	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
Injective MON/USDC PERP	−0.0053%	1h	0.02582	+0.234%	$6K	$108	5.5x	as long as short
Bybit MONUSDT	−0.0053%	8h	0.02576	+0.001%	$21.4M	$11.8M	50x	as long as short
01 Exchange MONUSD	−0.0024%	1h	0.02582	+0.227%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02575	−0.049%	$13K	$362K	5x	as long as short
Perpl MON	0.0000%	43m	0.02578	+0.071%	$143K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02579	+0.106%	$70K	$119K	25x	as long as short
Aftermath Perps MONUSD	+0.0039%	1h	0.02578	+0.068%	$2K	$73K	10x	as long as short
Orderly PERP_MON_USDC	+0.0067%	4h	0.02576	+0.001%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0082%	8h	0.02578	+0.098%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02582	+0.234%	$855K	$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	0.02577	+0.042%	$388K	$539K	10x	as long as short
Hyperliquid MONshort	+0.0100%	1h	0.02585	+0.347%	$35.0M	$7.4M	5x
Aster MONUSDT	+0.0100%	4h	0.02579	+0.113%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02579	+0.122%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02581	+0.192%	$142K	$107K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02579	+0.121%	$24.5M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02576	+0.001%	$4.4M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02570	−0.232%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02579	+0.118%	$1.0M	$872K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02580	+0.157%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02579	+0.110%	$138K	$134K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02573	−0.128%	$780K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02573	−0.118%	$47K	$242K	10x	as long as short
GRVT MON_USDT_Perplong	+0.0100%	4h	0.02576	long leg	$578K	$1.5M	10x
ApeX Omni MONUSDT	+0.0100%	1h	0.02574	−0.076%	$69K	$479K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02578	+0.079%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02583	+0.290%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02577	+0.060%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0173%	1h	0.02581	+0.214%	$271K	$77K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02579	+0.106%	$9K	—	50x	as long as short
KuCoin MONUSDTM	+0.0302%	4h	0.02583	+0.273%	$3.2M	$697K	75x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02575	−0.037%	$1.4M	$293K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02607	+1.193%	$114K	$49K	50x	as long as short