Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0641%/8h= −70.2% APRpaid last 24h −0.192%

Price spread now: Bybit against Kraken Futures−0.139%7-day average −0.190% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1121.123% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.686%−$69 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now −0.139%, 7d avg −0.190%

Together, before fees−0.963%−$96 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.051% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.139% now, against its 7-day average of −0.190%): +$5 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MONUSD	0.02521	0.0540	pay 0.0068% / 1h	2m 59s	$271K	$115K	10x
Short	Bybit MONUSDT	0.02517	−0.0101	pay 0.0101% / 8h	4h 02m	$20.8M	$13.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$134.65
Price spread: −0.139% → −0.190%: $5.05
Slippage, 4 orders: −$91.33
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$241.93
Costs to cover: 1.123%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 55 min ago; Bybit: live order book, 1 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 Kraken Futures live order book, 55 min ago	27.79 bp	40.3 bp −$40	8977.2 bp −$89.8K	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.99 bp	18.3 bp −$18	68.5 bp −$685	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
Injective MON/USDC PERP	−0.0176%	1h	0.02507	−0.536%	$5K	$114	5.5x	as long as short
01 Exchange MONUSD	−0.0152%	1h	0.02520	−0.032%	$6K	$1K	5x	as long as short
Backpack MON_USDC_PERP	−0.0101%	1h	0.02521	+0.003%	$114K	$151K	10x	as long as short
Bybit MONUSDTshort	−0.0101%	8h	0.02517	−0.139%	$20.8M	$13.3M	50x
Phoenix MON	0.0000%	1h	0.02517	−0.151%	$12K	$359K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02519	−0.056%	$74K	$136K	25x	as long as short
Orderly PERP_MON_USDC	+0.0072%	4h	0.02519	−0.060%	$16K	$34K	10x	as long as short
Variational Omni MON	+0.0093%	8h	0.02511	−0.395%	$743K	$410K	—	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02516	−0.167%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02520	−0.020%	$848K	$749K	10x	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	0.02520	−0.004%	$426K	$578K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02521	+0.015%	$34.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02517	−0.121%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02518	−0.119%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02517	−0.128%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02517	−0.122%	$23.9M	$26.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02517	−0.139%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02510	−0.417%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02517	−0.139%	$944K	$994K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02517	−0.139%	$2.8M	$757K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02519	−0.060%	$2.7M	$2.2M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02511	−0.397%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02518	−0.100%	$564K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02511	−0.377%	$68K	$513K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02518	−0.100%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02521	+0.015%	$49K	$519K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02517	−0.120%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02519	−0.056%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0271%	1h	0.02515	−0.237%	$2K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02516	−0.179%	$1.3M	$339K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02518	−0.096%	$110K	$57K	50x	as long as short
Perpl MON	+0.0447%	43m	0.02520	−0.009%	$118K	$2.3M	10x	as long as short
Kraken Futures PF_MONUSDlong	+0.0540%	1h	0.02521	long leg	$271K	$115K	10x