Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: Phoenix against OKX+0.303%7-day average +0.092% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$640.644% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.208%−$21 on $10k

Price spread, last 4 days (all we have)+0.168%+$17 · spread now +0.303%, 7d avg +0.092%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.211% dearer against OKX than usual: you sell high and buy low (spread +0.303% now, against its 7-day average of +0.092%): +$21 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MON-USDT-SWAP	0.02507	0.0100	pay 0.0050% / 4h	29m 09s	$4.2M	$6.0M	50x
Short	Phoenix MON	0.02515	0	get 0.0000% / 1h	29m 09s	$12K	$359K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.303%Rate

Funding earned: −$21
Price spread: +0.303% → +0.092%: $21.11
Slippage, 4 orders: −$47.37
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$64.26
Costs to cover: 0.644%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phoenix: live order book, 27 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, 4 min ago	2.00 bp	15.6 bp −$16	72.6 bp −$726	doesn't fit	doesn't fit
Sell Phoenix live order book, 27 min ago	1.19 bp	13.1 bp −$13	44.6 bp −$446	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
01 Exchange MONUSD	−0.0320%	1h	0.02515	+0.327%	$6K	$1K	5x	as long as short
Backpack MON_USDC_PERP	−0.0220%	1h	0.02514	+0.267%	$114K	$151K	10x	as long as short
Injective MON/USDC PERP	−0.0176%	1h	0.02498	−0.359%	$5K	$112	5.5x	as long as short
Bybit MONUSDT	−0.0152%	8h	0.02509	+0.064%	$20.6M	$13.3M	50x	as long as short
Phoenix MONshort	0.0000%	1h	0.02515	+0.303%	$12K	$359K	5x
Perpl MON	0.0000%	43m	0.02515	+0.311%	$108K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02516	+0.347%	$74K	$136K	25x	as long as short
Orderly PERP_MON_USDC	+0.0071%	4h	0.02515	+0.319%	$16K	$41K	10x	as long as short
Variational Omni MON	+0.0077%	8h	0.02509	+0.082%	$741K	$409K	—	as long as short
Paradex MON-USD-PERP	+0.0091%	8h	0.02513	+0.245%	$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
Lighter MON	+0.0096%	1h	0.02515	+0.319%	$847K	$749K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02516	+0.371%	$428K	$573K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02514	+0.263%	$33.9M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02517	+0.385%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02519	+0.461%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02517	+0.415%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02510	+0.121%	$23.9M	$26.9M	75x	as long as short
OKX MON-USDT-SWAPlong	+0.0100%	4h	0.02507	long leg	$4.2M	$6.0M	50x
Bulk MON-USD	+0.0100%	1h	0.02495	−0.488%	$102K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02515	+0.319%	$943K	$992K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02517	+0.399%	$2.8M	$752K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02515	+0.319%	$2.7M	$2.2M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02509	+0.094%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02511	+0.172%	$563K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02503	−0.160%	$67K	$508K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02514	+0.279%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02516	+0.365%	$48K	$521K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02514	+0.279%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0244%	1h	0.02507	−0.008%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02515	+0.311%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02520	+0.519%	$1.3M	$340K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02528	+0.850%	$110K	$58K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0541%	1h	0.02518	+0.427%	$270K	$114K	10x	as long as short