Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.040%

Price spread now: Bybit against Lighter−0.077%7-day average −0.170% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$680.675% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now −0.077%, 7d avg −0.170%

Together, before fees−0.263%+ Points / potential airdropLighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.093% dearer against Lighter than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.170%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MON	0.02592	0.0096	pay 0.0012% / 1h	43m 06s	$861K	$751K	10x
Short	Bybit MONUSDT	0.02590	0.0100	get 0.0100% / 8h	7h 43m	$21.4M	$12.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.077%Rate

Funding earned: $0.84
Price spread: −0.077% → −0.170%: $9.31
Slippage, 4 orders: −$56.54
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$57.39
Costs to cover: 0.675%
Break-even: 485.2 days

Slippage from Lighter: live order book, 27 min ago; Bybit: live order book, just now.

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 Lighter live order book, 27 min ago	9.76 bp	14.0 bp −$14	102.1 bp −$1,021	doesn't fit	doesn't fit
Sell Bybit live order book, just now	1.93 bp	9.1 bp −$9	59.0 bp −$590	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	−1.389%	$6K	$105	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02555	−1.447%	$13K	$351K	5x	as long as short
01 Exchange MONUSD	+0.0064%	1h	0.02594	+0.069%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02589	−0.116%	$17K	$64K	10x	as long as short
Lighter MONlong	+0.0096%	1h	0.02592	long leg	$861K	$751K	10x
Aftermath Perps MONUSD	+0.0097%	1h	0.02565	−1.056%	$3K	$76K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02589	−0.121%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02595	+0.104%	$396K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02594	+0.093%	$35.2M	$7.7M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02589	−0.111%	$108K	$231K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02590	−0.093%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02588	−0.139%	$143K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02591	−0.035%	$24.8M	$25.6M	75x	as long as short
Bybit MONUSDTshort	+0.0100%	8h	0.02590	−0.077%	$21.4M	$12.2M	50x
OKX MON-USDT-SWAP	+0.0100%	4h	0.02589	−0.116%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02550	−1.620%	$105K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02591	−0.039%	$990K	$898K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02593	+0.039%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02591	−0.042%	$129K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02558	−1.327%	$771K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02565	−1.046%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02568	−0.926%	$582K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02568	−0.926%	$68K	$483K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02591	−0.039%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02596	+0.141%	$51K	$469K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02591	−0.039%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0194%	4h	0.02596	+0.154%	$3.0M	$721K	75x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0213%	1h	0.02593	+0.027%	$70K	$119K	25x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02592	0.000%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02589	−0.116%	$1.4M	$310K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02591	−0.031%	$125K	$1.8M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0461%	1h	0.02593	+0.058%	$272K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02586	−0.247%	$113K	$50K	50x	as long as short