Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.163%

Price spread now: Backpack against Paradex−0.124%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Backpack

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Backpack is 0.124% cheaper against Paradex than usual: you would sell low and buy high (spread −0.124% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 46 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MON-USD-PERP	0.02598	0.0094	pay 0.0094% / 8h	2h 12m	$8K	$42	5x
Short	Backpack MON_USDC_PERP	0.02594	0.0309	get 0.0039% / 1h	12m 46s	$138K	$137K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now −0.124%Rate

Funding earned: $45.14
Price spread: −0.124% → 0.000%: −$12.4
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: $18.73
Costs to cover: 0.140%
Break-even: 4.1 days

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 10 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 10 min ago	0.19 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit

Paradex: 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 PERP	−0.0739%	1h	0.02599	+0.057%	$6K	$110	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0289%	1h	0.02595	−0.112%	$63K	$110K	25x	as long as short
01 Exchange MONUSD	−0.0232%	1h	0.02597	−0.009%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0003%	8h	0.02590	−0.282%	$21.6M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02599	+0.049%	$14K	$384K	5x	as long as short
Orderly PERP_MON_USDC	+0.0091%	4h	0.02594	−0.136%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERPlong	+0.0094%	8h	0.02598	long leg	$8K	$42	5x
Lighter MON	+0.0096%	1h	0.02595	−0.097%	$852K	$758K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02604	+0.251%	$384K	$533K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02597	−0.028%	$35.0M	$7.5M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02598	+0.005%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02598	+0.034%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02595	−0.097%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02593	−0.174%	$24.6M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02590	−0.290%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02602	+0.173%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02598	+0.018%	$1.0M	$935K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02596	−0.059%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02596	−0.044%	$782K	$412K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02600	+0.108%	$48K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02598	+0.029%	$585K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02600	+0.095%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02593	−0.174%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02597	−0.033%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02593	−0.193%	$39K	—	3x	as long as short
BloFin MON-USDT	+0.0125%	4h	0.02599	+0.057%	$1.4M	$246K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02598	+0.003%	$268K	$67K	10x	as long as short
Aftermath Perps MONUSD	+0.0136%	1h	0.02599	+0.063%	$2K	$73K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02597	−0.024%	$9K	—	50x	as long as short
Backpack MON_USDC_PERPshort	+0.0309%	1h	0.02594	−0.124%	$138K	$137K	10x
KuCoin MONUSDTM	+0.0388%	4h	0.02600	+0.095%	$3.2M	$747K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02597	−0.028%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02607	+0.353%	$114K	$50K	50x	as long as short