Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h +0.067%

Price spread now: Backpack against KuCoin−0.251%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1151.149% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.752%+$75 on $10k

Price spread, last 4 days (all we have)+0.144%+$14 · spread now −0.251%, 7d avg −0.061%

Together, before fees+0.896%+$90 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.189% cheaper against KuCoin than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.061%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.752%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MONUSDTM	0.02594	0.0188	pay 0.0094% / 4h	3h 42m	$3.0M	$722K	75x
Short	Backpack MON_USDC_PERP	0.02587	0.0100	get 0.0013% / 1h	42m 10s	$128K	$142K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.251%Rate

Funding earned: −$18.48
Price spread: −0.251% → −0.061%: −$18.94
Slippage, 4 orders: −$92.91
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$152.33
Costs to cover: 1.149%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Backpack: 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 KuCoin live order book, 5 min ago	11.68 bp	44.7 bp −$45	663.1 bp −$6,631	doesn't fit	doesn't fit
Sell Backpack live order book, 31 min ago	0.19 bp	11.8 bp −$12	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
Injective MON/USDC PERP	−0.0444%	1h	0.02556	−1.465%	$6K	$105	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02555	−1.523%	$13K	$351K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02590	−0.158%	$70K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02589	−0.193%	$17K	$64K	10x	as long as short
01 Exchange MONUSD	+0.0072%	1h	0.02596	+0.096%	$6K	$1K	5x	as long as short
Lighter MON	+0.0096%	1h	0.02588	−0.231%	$860K	$751K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02594	−0.018%	$8K	$42	5x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02591	−0.131%	$35.2M	$7.7M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02591	−0.097%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02595	+0.030%	$13K	—	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MON	+0.0100%	1h	0.02595	+0.031%	$143K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02588	−0.217%	$24.7M	$25.6M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02587	−0.258%	$21.4M	$12.2M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02585	−0.347%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02550	−1.696%	$105K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02589	−0.193%	$988K	$899K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02590	−0.154%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02587	−0.251%	$128K	$142K	10x
Variational Omni MON	+0.0100%	8h	0.02558	−1.403%	$771K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02565	−1.122%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02568	−1.002%	$582K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02568	−1.002%	$68K	$483K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02600	+0.227%	$398K	$543K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02586	−0.308%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02594	−0.013%	$50K	$473K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02587	−0.274%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0111%	1h	0.02569	−0.953%	$3K	$76K	10x	as long as short
KuCoin MONUSDTMlong	+0.0188%	4h	0.02594	long leg	$3.0M	$722K	75x
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02589	−0.181%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02589	−0.193%	$1.4M	$310K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02591	−0.131%	$134K	$1.9M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0461%	1h	0.02591	−0.119%	$272K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02593	−0.027%	$114K	$51K	50x	as long as short