Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.025%

Price spread now: Phoenix against GRVT+0.047%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$870.865% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 3 days (all we have)−0.056%−$6 · spread now +0.047%, 7d avg −0.033%

Together, before fees−0.305%+ Points / potential airdropGRVT: Active · farm board−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.080% dearer against GRVT than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.033%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MON_USDT_Perp	0.02548	0.0100	pay 0.0050% / 4h	2h 55m	$572K	$1.5M	10x
Short	Phoenix MON	0.02549	0	get 0.0000% / 1h	55m 16s	$13K	$349K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$21
Price spread: +0.047% → −0.033%: $7.98
Slippage, 4 orders: −$70.55
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$99.57
Costs to cover: 0.865%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; Phoenix: live order book, 11 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, 3 min ago	5.88 bp	31.1 bp −$31	155.8 bp −$1,558	doesn't fit	doesn't fit
Sell Phoenix live order book, 11 min ago	1.16 bp	13.0 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
ApeX Omni MONUSDT	−0.0850%	1h	0.02545	−0.118%	$68K	$489K	50x	as long as short
Injective MON/USDC PERP	−0.0388%	1h	0.02541	−0.275%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0096%	1h	0.02538	−0.377%	$6K	$1K	5x	as long as short
Phoenix MONshort	0.0000%	1h	0.02549	+0.047%	$13K	$349K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02541	−0.283%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0060%	4h	0.02539	−0.353%	$16K	$58K	10x	as long as short
Bybit MONUSDT	+0.0062%	8h	0.02540	−0.314%	$21.1M	$12.3M	50x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02543	−0.195%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02542	−0.236%	$847K	$740K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02546	−0.083%	$403K	$537K	10x	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	0.02543	−0.195%	$106K	$227K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02544	−0.164%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02544	−0.157%	$141K	$103K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02543	−0.196%	$24.3M	$25.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02541	−0.275%	$4.3M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02545	−0.101%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02541	−0.275%	$954K	$884K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02543	−0.196%	$2.9M	$739K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02544	−0.157%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02544	−0.165%	$120K	$160K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02538	−0.388%	$764K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02548	−0.010%	$44K	$247K	10x	as long as short
GRVT MON_USDT_Perplong	+0.0100%	4h	0.02548	long leg	$572K	$1.5M	10x
SoDEX MON-USD	+0.0100%	1h	0.02540	−0.314%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02545	−0.126%	$49K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02539	−0.373%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02540	−0.306%	$8K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0334%	1h	0.02559	+0.436%	$4K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02541	−0.275%	$1.4M	$308K	75x	as long as short
Hyperliquid MON	+0.0392%	1h	0.02545	−0.102%	$34.7M	$7.5M	5x	as long as short
Perpl MON	+0.0447%	43m	0.02543	−0.204%	$115K	$2.1M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02548	−0.016%	$111K	$51K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0841%	1h	0.02543	−0.205%	$277K	$88K	10x	as long as short