Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.127%

Price spread now: Backpack against Nado−0.143%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.231%+$23 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.143%, 7d avg −0.120%

Together, before fees+0.258%+ Points / potential airdropNado: Active · 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: Backpack is 0.023% cheaper against Nado than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.120%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado MON-PERP	0.02582	0.0100	pay 0.0012% / 1h	21m 20s	$394K	$528K	10x
Short	Backpack MON_USDC_PERP	0.02579	0.0100	get 0.0013% / 1h	21m 20s	$129K	$141K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now −0.143%Rate

Funding earned: $0
Price spread: −0.143% → −0.120%: −$2.34
Slippage, 4 orders: −$24.37
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$43.7
Costs to cover: 0.414%
Break-even: 4490031110524819.0 days

Slippage from Nado: live order book, 52 min ago; Backpack: live order book, 52 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 Nado live order book, 52 min ago	2.15 bp	10.3 bp −$10	1151.7 bp −$11.5K	doesn't fit	doesn't fit
Sell Backpack live order book, 52 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	0.02576	−0.251%	$6K	$107	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0060%	1h	0.02579	−0.124%	$70K	$119K	25x	as long as short
Phoenix MON	0.0000%	1h	0.02577	−0.205%	$13K	$351K	5x	as long as short
01 Exchange MONUSD	+0.0056%	1h	0.02575	−0.290%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0066%	4h	0.02577	−0.213%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02575	−0.288%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02577	−0.213%	$858K	$755K	10x	as long as short
Nado MON-PERPlong	+0.0100%	1h	0.02582	long leg	$394K	$528K	10x
Hyperliquid MON	+0.0100%	1h	0.02582	−0.038%	$35.1M	$7.3M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02579	−0.142%	$107K	$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	0.02579	−0.153%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02578	−0.182%	$142K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02576	−0.235%	$24.6M	$25.3M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02577	−0.201%	$21.4M	$12.1M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02576	−0.251%	$4.3M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02580	−0.097%	$106K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02579	−0.135%	$976K	$910K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02578	−0.174%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02579	−0.143%	$129K	$141K	10x
Variational Omni MON	+0.0100%	8h	0.02576	−0.249%	$775K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02579	−0.142%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02584	+0.058%	$578K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02583	+0.020%	$69K	$486K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02577	−0.213%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02582	−0.015%	$49K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02578	−0.178%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0158%	4h	0.02583	+0.020%	$3.0M	$718K	75x	as long as short
Aftermath Perps MONUSD	+0.0188%	1h	0.02581	−0.073%	$4K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02579	−0.120%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02584	+0.058%	$1.4M	$308K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02576	−0.232%	$167K	$2.0M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0463%	1h	0.02582	−0.035%	$271K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02584	+0.062%	$113K	$51K	50x	as long as short