Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0285%/8h= −31.2% APRpaid last 24h −0.100%

Price spread now: Bitget against Hyperliquid−0.106%7-day average −0.115% · you buy dearer than you sell

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

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.198%−$20 on $10k

Price spread, last 7 days+0.110%+$11 · spread now −0.106%, 7d avg −0.115%

Together, before fees−0.088%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.115%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.198% in total (about -10.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MON	0.02556	0.0385	pay 0.0048% / 1h	53m 14s	$34.8M	$7.5M	5x
Short	Bitget MONUSDT	0.02553	0.0100	get 0.0050% / 4h	2h 53m	$2.7M	$2.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Hyperliquid. 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 HyperliquidbpFee BitgetbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$59.87
Price spread: −0.106% → −0.115%: $0.94
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$79.93
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Bitget: live order book, 4 min ago. 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 Hyperliquid live order book, 10 min ago	0.19 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	7.85 bp	20.7 bp −$21	83.7 bp −$837	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	−0.419%	$68K	$489K	50x	as long as short
Injective MON/USDC PERP	−0.0388%	1h	0.02541	−0.575%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0072%	1h	0.02551	−0.176%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02538	−0.693%	$13K	$349K	5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0024%	1h	0.02554	−0.059%	$69K	$119K	25x	as long as short
Bybit MONUSDT	+0.0053%	8h	0.02551	−0.184%	$21.2M	$12.3M	50x	as long as short
Orderly PERP_MON_USDC	+0.0060%	4h	0.02551	−0.184%	$16K	$59K	10x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02547	−0.329%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02555	−0.027%	$851K	$740K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02554	−0.051%	$406K	$538K	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	0.02550	−0.227%	$106K	$227K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02548	−0.316%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02548	−0.305%	$141K	$103K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02552	−0.130%	$24.4M	$25.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02551	−0.184%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02545	−0.401%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02549	−0.262%	$957K	$884K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02551	−0.184%	$2.9M	$740K	75x	as long as short
Bitget MONUSDTshort	+0.0100%	4h	0.02553	−0.106%	$2.7M	$2.0M	25x
Backpack MON_USDC_PERP	+0.0100%	1h	0.02552	−0.137%	$119K	$161K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02538	−0.688%	$764K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02548	−0.311%	$44K	$247K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02544	−0.451%	$571K	$1.5M	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02552	−0.145%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02558	+0.093%	$49K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02552	−0.145%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0429%	1h	0.02554	−0.063%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02552	−0.145%	$1.4M	$310K	75x	as long as short
Aftermath Perps MONUSD	+0.0340%	1h	0.02555	−0.038%	$4K	$74K	10x	as long as short
Hyperliquid MONlong	+0.0385%	1h	0.02556	long leg	$34.8M	$7.5M	5x
Perpl MON	+0.0447%	43m	0.02552	−0.129%	$115K	$2.1M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02552	−0.129%	$111K	$52K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0837%	1h	0.02556	−0.003%	$278K	$88K	10x	as long as short