Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.156%

Price spread now: Backpack against Orderly−0.043%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.770%+$77 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.043% cheaper against Orderly than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 4.2 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.770% in total) that is about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MON_USDC	0.02558	0.0066	pay 0.0033% / 4h	1h 02m	$17K	$64K	10x
Short	Backpack MON_USDC_PERP	0.02557	0.0100	get 0.0013% / 1h	2m 06s	$127K	$142K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.043%Rate

Funding earned: $7.11
Price spread: −0.043% → 0.000%: −$4.3
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$13.19
Costs to cover: 0.160%
Break-even: 20.0 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 16 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 16 min ago	0.19 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bybit MONUSDT	−0.0068%	8h	0.02554	−0.149%	$21.1M	$11.9M	50x	as long as short
Injective MON/USDC PERP	−0.0053%	1h	0.02575	+0.665%	$6K	$109	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02561	+0.137%	$13K	$362K	5x	as long as short
Perpl MON	0.0000%	43m	0.02560	+0.063%	$128K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02559	+0.023%	$69K	$119K	25x	as long as short
Aftermath Perps MONUSD	+0.0036%	1h	0.02562	+0.163%	$2K	$74K	10x	as long as short
01 Exchange MONUSD	+0.0048%	1h	0.02559	+0.035%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDClong	+0.0066%	4h	0.02558	long leg	$17K	$64K	10x
Paradex MON-USD-PERP	+0.0089%	8h	0.02558	−0.008%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02557	−0.039%	$853K	$784K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02560	+0.072%	$389K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02559	+0.031%	$34.6M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02559	+0.033%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02560	+0.065%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02560	+0.070%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02556	−0.067%	$24.4M	$24.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02555	−0.117%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02569	+0.413%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02558	0.000%	$990K	$879K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02559	+0.039%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02557	−0.043%	$127K	$142K	10x
Variational Omni MON	+0.0100%	8h	0.02553	−0.189%	$770K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02557	−0.020%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02559	+0.039%	$574K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02553	−0.195%	$68K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02558	0.000%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02559	+0.053%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02557	−0.039%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0175%	1h	0.02562	+0.173%	$269K	$78K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02558	+0.004%	$8K	—	50x	as long as short
KuCoin MONUSDTM	+0.0268%	4h	0.02562	+0.156%	$3.0M	$706K	75x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02563	+0.195%	$1.4M	$306K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02565	+0.266%	$113K	$50K	50x	as long as short