Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.119%

Price spread now: Backpack against OKX+0.287%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$600.598% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.761%+$76 on $10k

Price spread, last 4 days (all we have)−0.305%−$30 · spread now +0.287%, 7d avg +0.074%

Together, before fees+0.457%+$46 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 0.213% dearer against OKX than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of +0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MON-USDT-SWAP	0.02546	0.0100	pay 0.0050% / 4h	2h 10m	$4.3M	$5.9M	50x
Short	Backpack MON_USDC_PERP	0.02553	0.0100	get 0.0013% / 1h	10m 40s	$119K	$156K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.287%Rate

Funding earned: $0
Price spread: +0.287% → +0.074%: $21.26
Slippage, 4 orders: −$39.83
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.56
Costs to cover: 0.598%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Backpack: live order book, 57 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 OKX live order book, 2 min ago	3.93 bp	20.6 bp −$21	85.8 bp −$858	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	1.35 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit

MON on 32 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	−0.0388%	1h	0.02546	0.000%	$6K	$109	5.5x	as long as short
Bybit MONUSDT	−0.0091%	8h	0.02546	−0.004%	$21.0M	$12.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02552	+0.236%	$13K	$349K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02552	+0.232%	$69K	$125K	25x	as long as short
01 Exchange MONUSD	+0.0024%	1h	0.02550	+0.149%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0063%	4h	0.02552	+0.236%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02550	+0.157%	$850K	$742K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02547	+0.047%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02554	+0.327%	$410K	$545K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02553	+0.295%	$34.6M	$7.6M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02552	+0.236%	$102K	$229K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02551	+0.187%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02551	+0.189%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02550	+0.155%	$24.3M	$26.0M	75x	as long as short
OKX MON-USDT-SWAPlong	+0.0100%	4h	0.02546	long leg	$4.3M	$5.9M	50x
Bulk MON-USD	+0.0100%	1h	0.02545	−0.044%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02550	+0.157%	$954K	$905K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02553	+0.275%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02550	+0.157%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02553	+0.287%	$119K	$156K	10x
Variational Omni MON	+0.0100%	8h	0.02547	+0.022%	$758K	$419K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02547	+0.027%	$43K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02550	+0.157%	$571K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02548	+0.079%	$68K	$497K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02551	+0.196%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02550	+0.161%	$51K	$513K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02551	+0.189%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0429%	1h	0.02550	+0.165%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0288%	1h	0.02550	+0.169%	$2K	$79K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02551	+0.200%	$107K	$2.3M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02556	+0.385%	$112K	$52K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0837%	1h	0.02555	+0.355%	$278K	$88K	10x	as long as short