Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.104%

Price spread now: Bybit against Hyperliquid−0.258%7-day average −0.203% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$620.619% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.284%−$28 on $10k

Price spread, last 7 days+0.225%+$22 · spread now −0.258%, 7d avg −0.203%

Together, before fees−0.059%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.055% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.203%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MON	0.02520	0.0100	pay 0.0013% / 1h	58m 13s	$34.1M	$7.5M	5x
Short	Bybit MONUSDT	0.02514	−0.0132	pay 0.0132% / 8h	4h 58m	$20.7M	$13.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.258%Rate

Funding earned: −$48.77
Price spread: −0.258% → −0.203%: −$5.52
Slippage, 4 orders: −$41.89
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$116.17
Costs to cover: 0.619%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: live order book, just now.

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, 5 min ago	1.39 bp	11.2 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, just now	3.98 bp	19.9 bp −$20	56.5 bp −$565	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	0.02518	−0.087%	$12K	$355K	5x	as long as short
Backpack MON_USDC_PERP	−0.0205%	1h	0.02525	+0.167%	$111K	$152K	10x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0187%	1h	0.02517	−0.147%	$68K	$126K	25x	as long as short
Injective MON/USDC PERP	−0.0176%	1h	0.02528	+0.306%	$5K	$108	5.5x	as long as short
Bybit MONUSDTshort	−0.0132%	8h	0.02514	−0.258%	$20.7M	$13.2M	50x
01 Exchange MONUSD	−0.0104%	1h	0.02520	−0.008%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02522	+0.075%	$105K	$2.3M	10x	as long as short
Orderly PERP_MON_USDC	+0.0083%	4h	0.02517	−0.131%	$16K	$41K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02517	−0.131%	$839K	$735K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02524	+0.142%	$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	0.02521	+0.019%	$411K	$542K	10x	as long as short
Hyperliquid MONlong	+0.0100%	1h	0.02520	long leg	$34.1M	$7.5M	5x
Aster MONUSDT	+0.0100%	4h	0.02521	+0.045%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02523	+0.093%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02524	+0.151%	$140K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02515	−0.196%	$23.9M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02513	−0.290%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02515	−0.210%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02522	+0.067%	$949K	$961K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02523	+0.107%	$2.8M	$746K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02520	−0.012%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02515	−0.191%	$747K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02517	−0.131%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02521	+0.040%	$564K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02518	−0.091%	$67K	$504K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02515	−0.210%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02518	−0.083%	$52K	$517K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02517	−0.111%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0245%	1h	0.02521	+0.044%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02517	−0.127%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02517	−0.131%	$1.3M	$325K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02534	+0.544%	$112K	$56K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0541%	1h	0.02520	−0.020%	$268K	$113K	10x	as long as short