Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0257%/8h= −28.2% APRpaid last 24h −0.018%

Price spread now: Bybit against Nado−0.235%7-day average −0.245% · 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−$58as in the Price arb table

costs, in and out, $10k−$590.586% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.405%−$41 · spread now −0.235%, 7d avg −0.245%

Together, before fees−0.477%+ Points / potential airdropNado: Active · farm board−$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.245%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.072% in total (about -7.9% 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	Nado MON-PERP	0.02535	0.0100	pay 0.0012% / 1h	17m 19s	$413K	$543K	10x
Short	Bybit MONUSDT	0.02529	−0.0157	pay 0.0157% / 8h	5h 17m	$20.7M	$13.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.235%Rate

Funding earned: −$54.03
Price spread: −0.235% → −0.245%: $1.01
Slippage, 4 orders: −$40.57
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$111.59
Costs to cover: 0.586%
Break-even: never at this rate

Slippage from Nado: live order book, 46 min ago; Bybit: live order book, 1 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, 46 min ago	1.77 bp	9.9 bp −$10	1164.1 bp −$11.6K	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	3.96 bp	19.9 bp −$20	56.6 bp −$566	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
Phoenix MON	−0.0316%	1h	0.02528	−0.266%	$12K	$367K	5x	as long as short
Backpack MON_USDC_PERP	−0.0273%	1h	0.02532	−0.105%	$112K	$152K	10x	as long as short
Injective MON/USDC PERP	−0.0253%	1h	0.02535	+0.002%	$6K	$111	5.5x	as long as short
Bybit MONUSDTshort	−0.0157%	8h	0.02529	−0.235%	$20.7M	$13.1M	50x
01 Exchange MONUSD	−0.0024%	1h	0.02529	−0.227%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02533	−0.081%	$105K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02532	−0.112%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDC	+0.0084%	4h	0.02533	−0.077%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02533	−0.077%	$845K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02531	−0.160%	$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-PERPlong	+0.0100%	1h	0.02535	long leg	$413K	$543K	10x
Hyperliquid MON	+0.0100%	1h	0.02533	−0.061%	$34.3M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02531	−0.151%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02531	−0.146%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02532	−0.116%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02531	−0.156%	$24.1M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02529	−0.235%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.589%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02531	−0.156%	$952K	$965K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02534	−0.037%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02534	−0.037%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02531	−0.155%	$753K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02528	−0.262%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02530	−0.179%	$566K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.081%	$68K	$501K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02531	−0.156%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02534	−0.030%	$48K	$518K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02532	−0.136%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0247%	1h	0.02532	−0.135%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02532	−0.108%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02527	−0.314%	$1.3M	$320K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02535	+0.005%	$271K	$112K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02541	+0.247%	$112K	$58K	50x	as long as short