MON

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0922%/8h= −100.9% APRnext payment −$1.15 per $10,000 · paid last 24h −0.102%

Price spread now: Hyperliquid against Kraken Futures−0.498%50s7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$800.804% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.445%−$44 on $10k

Price spread, last 4 days (all we have)+0.203%+$20 · spread now −0.498%, 7d avg +0.026%

Together, before fees−0.241%+ Points / potential airdropHyperliquid: Season 2 · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Hyperliquid is 0.524% cheaper against Kraken Futures than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of +0.026%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.445% in total (about -23.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.15 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	Kraken Futures PF_MONUSD	0.02491	0.1022	pay 0.0128% / 1h	40m 25s	$268K	$112K	10x
Short	Hyperliquid MON	0.02478	0.0100	get 0.0013% / 1h	40m 25s	$33.3M	$7.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.498%Rate

Funding earned: −$193.59
Price spread: −0.498% → +0.026%: −$52.4
Slippage, 4 orders: −$61.38
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$326.37
Costs to cover: 0.804%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 7 min ago; Hyperliquid: live order book, 3 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, 7 min ago	20.01 bp	26.9 bp −$27	7640.9 bp −$76.4K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.20 bp	11.1 bp −$11	doesn't fit	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
Backpack MON_USDC_PERP	−0.0129%	1h	0.02484	−0.249%	$109K	$153K	10x	as long as short
Phoenix MON	0.0000%	1h	0.02492	+0.052%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02489	−0.069%	$73K	$136K	25x	as long as short
Bybit MONUSDT	+0.0005%	8h	0.02473	−0.699%	$20.3M	$13.6M	50x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02475	−0.611%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02496	+0.220%	$5K	$111	5.5x	as long as short
Orderly PERP_MON_USDC	+0.0083%	4h	0.02476	−0.583%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02478	−0.502%	$829K	$743K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02479	−0.466%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02478	−0.488%	$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 MONshort	+0.0100%	1h	0.02478	−0.498%	$33.3M	$7.6M	5x
Aster MONUSDT	+0.0100%	4h	0.02478	−0.485%	$99K	$219K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02479	−0.478%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02481	−0.382%	$137K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02475	−0.623%	$23.5M	$27.3M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02475	−0.623%	$4.1M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02490	−0.021%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02475	−0.623%	$924K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02481	−0.382%	$2.8M	$764K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02478	−0.502%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02485	−0.238%	$739K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02490	−0.039%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02495	+0.180%	$562K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02492	+0.060%	$68K	$527K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02487	−0.141%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02479	−0.466%	$47K	$288K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02476	−0.587%	$37K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02476	−0.587%	$6K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0237%	1h	0.02492	+0.050%	$2K	$78K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02484	−0.261%	$1.3M	$338K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02479	−0.474%	$113K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02530	+1.586%	$110K	$55K	50x	as long as short
Kraken Futures PF_MONUSDlong	+0.1022%	1h	0.02491	long leg	$268K	$112K	10x