Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC+0.0407%/8h= +44.6% APRpaid last 24h +0.012%

Price spread now: Perpl against Injective−0.693%54s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

Funding pays, the price is against you. Perpl is 0.693% cheaper against Injective than usual: you would sell low and buy high (spread −0.693% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$69 on $10k: about 5.7 days of funding at the current rate (+$12 a day). The two prices were read 54 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	Injective MON/USDC PERP	0.02496	0.0039	pay 0.0005% / 1h	40m 20s	$5K	$111	5.5x
Short	Perpl MON	0.02479	0.0447	get 0.0040% / 43m	20m 20s	$113K	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Injective. 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 InjectivebpFee PerplbpOrdersPrice spread, now −0.693%Rate

Funding earned: $85.56
Price spread: −0.693% → 0.000%: −$69.31
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $2.43
Costs to cover: 0.138%
Break-even: 6.8 days

Slippage unknown: Injective: no order-book sample; Perpl: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Injective and Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Backpack MON_USDC_PERP	−0.0129%	1h	0.02484	−0.469%	$109K	$153K	10x	as long as short
Phoenix MON	0.0000%	1h	0.02492	−0.168%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02489	−0.288%	$73K	$136K	25x	as long as short
Bybit MONUSDT	+0.0005%	8h	0.02473	−0.917%	$20.3M	$13.6M	50x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02475	−0.829%	$6K	$1K	5x	as long as short
Injective MON/USDC PERPlong	+0.0039%	1h	0.02496	long leg	$5K	$111	5.5x
Orderly PERP_MON_USDC	+0.0083%	4h	0.02476	−0.801%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02478	−0.721%	$829K	$743K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02479	−0.684%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02478	−0.707%	$403K	$585K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02478	−0.717%	$33.3M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02478	−0.703%	$99K	$219K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02479	−0.697%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02481	−0.601%	$137K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02475	−0.841%	$23.5M	$27.3M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02475	−0.841%	$4.1M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02490	−0.240%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02475	−0.841%	$924K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02481	−0.601%	$2.8M	$764K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02478	−0.721%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02485	−0.457%	$739K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02490	−0.259%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02495	−0.040%	$562K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02492	−0.160%	$68K	$527K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02487	−0.361%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02479	−0.685%	$47K	$288K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02476	−0.805%	$37K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02476	−0.805%	$6K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0237%	1h	0.02492	−0.170%	$2K	$78K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02484	−0.481%	$1.3M	$338K	75x	as long as short
Perpl MONshort	+0.0447%	43m	0.02479	−0.693%	$113K	$2.2M	10x
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02530	+1.362%	$110K	$55K	50x	as long as short
Kraken Futures PF_MONUSD	+0.1022%	1h	0.02491	−0.220%	$268K	$112K	10x	as long as short