Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.050%

Price spread now: Lighter against GRVT−0.327%48s7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as 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−$960.956% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 3 days (all we have)−0.147%−$15 · spread now −0.327%, 7d avg 0.000%

Together, before fees−0.076%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$8 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: Lighter is 0.327% cheaper against GRVT than usual: you would sell low and buy high, −$33 on $10k if it goes back to its 7-day average of 0.000%. The two prices were read 48 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	0.02587	0.0100	pay 0.0050% / 4h	2h 50m	$582K	$1.5M	10x
Short	Lighter MON	0.02579	0.0096	get 0.0012% / 1h	50m 48s	$845K	$753K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.327%Rate

Funding earned: −$0.84
Price spread: −0.327% → 0.000%: −$32.7
Slippage, 4 orders: −$86.58
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$129.12
Costs to cover: 0.956%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Lighter: live order book, 34 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, 2 min ago	3.88 bp	30.0 bp −$30	152.6 bp −$1,526	doesn't fit	doesn't fit
Sell Lighter live order book, 34 min ago	11.64 bp	25.7 bp −$26	121.5 bp −$1,215	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	−0.0739%	1h	0.02587	−0.018%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0128%	1h	0.02573	−0.548%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02574	−0.536%	$13K	$384K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02577	−0.401%	$62K	$110K	25x	as long as short
Bybit MONUSDT	+0.0002%	8h	0.02577	−0.405%	$21.5M	$11.8M	50x	as long as short
Orderly PERP_MON_USDC	+0.0092%	4h	0.02575	−0.482%	$17K	$64K	10x	as long as short
Lighter MONshort	+0.0096%	1h	0.02579	−0.327%	$845K	$753K	10x
Paradex MON-USD-PERP	+0.0099%	8h	0.02578	−0.359%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02578	−0.384%	$347K	$535K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02581	−0.269%	$34.8M	$7.5M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02578	−0.350%	$107K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02580	−0.293%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02579	−0.327%	$142K	$108K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02578	−0.366%	$24.5M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02576	−0.443%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02575	−0.482%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02578	−0.366%	$999K	$926K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02579	−0.327%	$2.7M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02579	−0.309%	$775K	$403K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02576	−0.459%	$47K	$242K	10x	as long as short
GRVT MON_USDT_Perplong	+0.0100%	4h	0.02587	long leg	$582K	$1.5M	10x
ApeX Omni MONUSDT	+0.0100%	1h	0.02576	−0.443%	$69K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02575	−0.482%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02581	−0.249%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02575	−0.501%	$39K	—	3x	as long as short
BloFin MON-USDT	+0.0123%	4h	0.02572	−0.598%	$1.4M	$241K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0132%	1h	0.02578	−0.371%	$262K	$63K	10x	as long as short
Backpack MON_USDC_PERP	+0.0179%	1h	0.02577	−0.389%	$136K	$138K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0313% / S −0.1052%	1h	0.02576	−0.428%	$13K	—	50x	as long as short
KuCoin MONUSDTM	+0.0356%	4h	0.02579	−0.327%	$3.1M	$790K	75x	as long as short
Aftermath Perps MONUSD	+0.0411%	1h	0.02585	−0.078%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02574	−0.505%	$144K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02625	+1.462%	$115K	$51K	50x	as long as short