Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0513%/8h= −56.2% APRpaid last 24h −0.006%

Price spread now: Injective against Orderly−1.275%58s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Injective is 1.275% cheaper against Orderly than usual: you would sell low and buy high (−$127 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MON_USDC	0.02589	0.0070	pay 0.0035% / 4h	3h 42m	$17K	$64K	10x
Short	Injective MON/USDC PERP	0.02556	−0.0444	pay 0.0055% / 1h	42m 17s	$6K	$105	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.275%Rate

Funding earned: −$107.82
Price spread: −1.275% → 0.000%: −$127.46
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$241.3
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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
Injective MON/USDC PERPshort	−0.0444%	1h	0.02556	−1.275%	$6K	$105	5.5x
Phoenix MON	0.0000%	1h	0.02555	−1.333%	$13K	$351K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02590	+0.035%	$70K	$119K	25x	as long as short
Orderly PERP_MON_USDClong	+0.0070%	4h	0.02589	long leg	$17K	$64K	10x
01 Exchange MONUSD	+0.0072%	1h	0.02596	+0.290%	$6K	$1K	5x	as long as short
Lighter MON	+0.0096%	1h	0.02596	+0.270%	$862K	$751K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02594	+0.175%	$8K	$42	5x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02595	+0.239%	$35.3M	$7.7M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02596	+0.256%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02595	+0.223%	$13K	—	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MON	+0.0100%	1h	0.02595	+0.224%	$143K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02590	+0.021%	$24.7M	$25.6M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02588	−0.039%	$21.4M	$12.2M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02586	−0.116%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02550	−1.506%	$105K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02590	+0.039%	$988K	$899K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02589	0.000%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02591	+0.073%	$129K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02558	−1.213%	$771K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02565	−0.931%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02568	−0.811%	$582K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02568	−0.811%	$68K	$483K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02600	+0.421%	$398K	$543K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02586	−0.116%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02594	+0.180%	$50K	$473K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02587	−0.081%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0111%	1h	0.02569	−0.762%	$3K	$76K	10x	as long as short
KuCoin MONUSDTM	+0.0188%	4h	0.02594	+0.193%	$3.0M	$722K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02589	+0.012%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02589	0.000%	$1.4M	$310K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02591	+0.062%	$134K	$1.9M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0461%	1h	0.02591	+0.074%	$272K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02593	+0.166%	$114K	$51K	50x	as long as short