Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0400%/8h= −43.8% APRpaid last 24h +0.008%

Price spread now: Phoenix against Orderly+0.115%66s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.115% dearer against Orderly than usual: you sell high and buy low (spread +0.115% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.184% in total) that is about 4.4 days. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.184% in total (about -9.6% 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	Orderly PERP_MON_USDC	0.02528	0.0084	pay 0.0042% / 4h	1h 17m	$16K	$51K	10x
Short	Phoenix MON	0.02531	−0.0316	pay 0.0040% / 1h	17m 36s	$12K	$367K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.115%Rate

Funding earned: −$83.97
Price spread: +0.115% → 0.000%: $11.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$85.5
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 43 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 Phoenix live order book, 43 min ago	1.18 bp	13.1 bp −$13	44.7 bp −$447	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
Phoenix MONshort	−0.0316%	1h	0.02531	+0.115%	$12K	$367K	5x
Backpack MON_USDC_PERP	−0.0273%	1h	0.02532	+0.170%	$112K	$152K	10x	as long as short
Injective MON/USDC PERP	−0.0253%	1h	0.02535	+0.277%	$6K	$111	5.5x	as long as short
Bybit MONUSDT	−0.0157%	8h	0.02530	+0.079%	$20.7M	$13.1M	50x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0146%	1h	0.02525	−0.103%	$68K	$125K	25x	as long as short
01 Exchange MONUSD	−0.0024%	1h	0.02529	+0.047%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02530	+0.091%	$105K	$2.3M	10x	as long as short
Orderly PERP_MON_USDClong	+0.0084%	4h	0.02528	long leg	$16K	$51K	10x
Lighter MON	+0.0096%	1h	0.02534	+0.237%	$845K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02531	+0.115%	$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-PERP	+0.0100%	1h	0.02532	+0.144%	$413K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02533	+0.214%	$34.3M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02531	+0.112%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02531	+0.128%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02532	+0.158%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02531	+0.119%	$24.1M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02531	+0.119%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.316%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02531	+0.119%	$952K	$965K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02534	+0.237%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02533	+0.198%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02531	+0.120%	$753K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02534	+0.239%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02530	+0.080%	$566K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.356%	$68K	$501K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02526	−0.079%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02534	+0.245%	$48K	$518K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02526	−0.079%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0234%	1h	0.02531	+0.125%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02526	−0.087%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02527	−0.040%	$1.3M	$320K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02531	+0.134%	$271K	$112K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02541	+0.522%	$112K	$58K	50x	as long as short