Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0347%/8h= −37.9% APRpaid last 24h +0.031%

Price spread now: ApeX Omni against Perpl+0.222%65s7-day average −0.031% · you sell dearer than you buy

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

Long on Perpl Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 3 days (all we have)−0.445%−$44 · spread now +0.222%, 7d avg −0.031%

Together, before fees−0.672%+ Points / potential airdropPerpl: Active · farm board−$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.253% dearer against Perpl than usual: you sell high and buy low (spread +0.222% now, against its 7-day average of −0.031%): +$25 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.227% in total) that is about 7.8 days. The two prices were read 65 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 -0.227% in total (about -11.8% 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	Perpl MON	0.02569	0.0447	pay 0.0040% / 43m	23m 53s	$125K	$1.8M	10x
Short	ApeX Omni MONUSDT	0.02575	0.0100	get 0.0013% / 1h	27m 53s	$69K	$481K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee ApeX OmnibpOrdersPrice spread, now +0.222%Rate

Funding earned: −$72.77
Price spread: +0.222% → −0.031%: $25.27
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$71.29
Costs to cover: 0.238%
Break-even: from the start

Slippage unknown: Perpl: no order-book sample; ApeX Omni: live order book, 50 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 Perpl no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 50 min ago	13.59 bp	22.7 bp −$23	119.4 bp −$1,194	doesn't fit	doesn't fit

Perpl: 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	−0.0121%	1h	0.02576	+0.261%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0072%	1h	0.02569	−0.012%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0033%	8h	0.02565	−0.167%	$21.2M	$12.1M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02576	+0.269%	$13K	$360K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02569	+0.008%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0068%	4h	0.02568	−0.051%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0084%	1h	0.02574	+0.201%	$2K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02568	−0.045%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02570	+0.027%	$853K	$793K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02574	+0.195%	$392K	$544K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02573	+0.132%	$34.8M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02568	−0.047%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02570	+0.021%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02570	+0.027%	$142K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02567	−0.090%	$24.5M	$25.4M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02566	−0.128%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02570	+0.027%	$108K	$390	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02568	−0.051%	$978K	$909K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02570	+0.027%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02569	−0.016%	$128K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02568	−0.043%	$778K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02574	+0.181%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02573	+0.144%	$583K	$1.5M	10x	as long as short
ApeX Omni MONUSDTshort	+0.0100%	1h	0.02575	+0.222%	$69K	$481K	50x
SoDEX MON-USD	+0.0100%	1h	0.02568	−0.051%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02573	+0.145%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02568	−0.031%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0254%	4h	0.02572	+0.105%	$3.0M	$716K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02569	−0.004%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02570	+0.027%	$1.4M	$308K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0420%	1h	0.02572	+0.124%	$270K	$78K	10x	as long as short
Perpl MONlong	+0.0447%	43m	0.02569	long leg	$125K	$1.8M	10x
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.541%	$115K	$50K	50x	as long as short