MON

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0275%/8h= −30.1% APRnext payment −$0.34 per $10,000 · paid last 24h −0.062%

Price spread now: Lighter against Hyperliquid−0.008%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$630.626% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now −0.008%, 7d avg −0.046%

Together, before fees−0.176%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.038% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.008% now, against its 7-day average of −0.046%): +$4 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.108% in total) that is about 2.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.34 per $10,000. 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	0.02501	0.0371	pay 0.0046% / 1h	8m 54s	$33.8M	$7.8M	5x
Short	Lighter MON	0.02501	0.0096	get 0.0012% / 1h	8m 54s	$802K	$787K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$57.8
Price spread: −0.008% → −0.046%: $3.76
Slippage, 4 orders: −$53.56
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$116.6
Costs to cover: 0.626%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Lighter: live order book, 31 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 Hyperliquid live order book, 4 min ago	1.20 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 31 min ago	2.00 bp	28.9 bp −$29	146.4 bp −$1,464	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	0.0000%	1h	0.02501	−0.016%	$13K	$353K	5x	as long as short
Perpl MON	0.0000%	43m	0.02501	0.000%	$126K	$2.2M	10x	as long as short
Orderly PERP_MON_USDC	+0.0087%	4h	0.02501	−0.008%	$16K	$48K	10x	as long as short
Bybit MONUSDT	+0.0094%	8h	0.02497	−0.168%	$20.6M	$13.7M	50x	as long as short
Lighter MONshort	+0.0096%	1h	0.02501	−0.008%	$802K	$787K	10x
Paradex MON-USD-PERP	+0.0100%	8h	0.02500	−0.056%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02503	+0.073%	$393K	$575K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02499	−0.080%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02499	−0.098%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02501	−0.008%	$138K	$91K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MONUSDT	+0.0100%	4h	0.02498	−0.128%	$23.7M	$27.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02498	−0.128%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02500	−0.048%	$103K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02499	−0.088%	$931K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02504	+0.112%	$2.9M	$767K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02500	−0.048%	$2.7M	$2.3M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02502	+0.028%	$110K	$156K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02499	−0.106%	$741K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02497	−0.149%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02504	+0.100%	$565K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	−0.008%	$68K	$534K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02499	−0.088%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02501	−0.012%	$47K	$268K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02499	−0.080%	$38K	—	3x	as long as short
Injective MON/USDC PERP	+0.0109%	1h	0.02500	−0.048%	$5K	$113	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0110%	1h	0.02501	−0.016%	$73K	$138K	25x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02500	−0.048%	$6K	—	50x	as long as short
01 Exchange MONUSD	+0.0264%	1h	0.02501	−0.024%	$6K	$3K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02500	−0.048%	$1.3M	$348K	75x	as long as short
Hyperliquid MONlong	+0.0371%	1h	0.02501	long leg	$33.8M	$7.8M	5x
Aftermath Perps MONUSD	+0.0397%	1h	0.02502	+0.030%	$6K	$100K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0576%	1h	0.02511	+0.400%	$110K	$53K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0845%	1h	0.02501	+0.010%	$269K	$119K	10x	as long as short