Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0914%/8h= −100.1% APRpaid last 24h −0.188%

Price spread now: OKX against Kraken Futures−0.119%7-day average −0.144% · you buy dearer than you sell

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$990.987% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.615%−$62 on $10k

Price spread, last 4 days (all we have)−0.223%−$22 · spread now −0.119%, 7d avg −0.144%

Together, before fees−0.838%−$84 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.025% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.119% now, against its 7-day average of −0.144%): +$2 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.615% in total) that is about 7 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.615% in total (about -32.1% a year). A funding rate is set anew for every payment. 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	0.02509	0.1014	pay 0.0127% / 1h	14m 55s	$269K	$119K	10x
Short	OKX MON-USDT-SWAP	0.02506	0.0100	get 0.0050% / 4h	2h 14m	$4.2M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$192.01
Price spread: −0.119% → −0.144%: $2.47
Slippage, 4 orders: −$78.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$288.24
Costs to cover: 0.987%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 33 min ago; OKX: 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, 33 min ago	20.01 bp	26.9 bp −$27	7640.9 bp −$76.4K	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	4.00 bp	17.3 bp −$17	86.6 bp −$866	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	−0.0101%	1h	0.02509	+0.012%	$114K	$154K	10x	as long as short
Bybit MONUSDT	−0.0009%	8h	0.02505	−0.151%	$20.6M	$13.7M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02499	−0.382%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02507	−0.064%	$74K	$135K	25x	as long as short
01 Exchange MONUSD	+0.0024%	1h	0.02507	−0.076%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02489	−0.797%	$5K	$113	5.5x	as long as short
Aftermath Perps MONUSD	+0.0082%	1h	0.02495	−0.553%	$6K	$92K	10x	as long as short
Orderly PERP_MON_USDC	+0.0083%	4h	0.02507	−0.080%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02507	−0.080%	$817K	$767K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02505	−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	0.02510	+0.024%	$411K	$571K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02510	+0.028%	$33.7M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02508	−0.040%	$99K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02506	−0.116%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02507	−0.084%	$138K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02507	−0.080%	$23.8M	$27.5M	75x	as long as short
OKX MON-USDT-SWAPshort	+0.0100%	4h	0.02506	−0.119%	$4.2M	$6.2M	50x
Bulk MON-USD	+0.0100%	1h	0.02479	−1.176%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02507	−0.080%	$940K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02511	+0.080%	$2.9M	$765K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02510	+0.040%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02503	−0.255%	$739K	$410K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02501	−0.330%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02502	−0.279%	$556K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02503	−0.239%	$68K	$530K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02506	−0.119%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02509	+0.017%	$47K	$283K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02509	+0.004%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02507	−0.087%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02500	−0.359%	$1.3M	$346K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02507	−0.072%	$114K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02515	+0.219%	$110K	$56K	50x	as long as short
Kraken Futures PF_MONUSDlong	+0.1014%	1h	0.02509	long leg	$269K	$119K	10x