Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0121%/8h= −13.2% APRpaid last 24h +0.025%

Price spread now: Injective against Perpl+0.027%54s7-day average — · you sell dearer than you buy

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

Long on Perpl 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—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

The price spread pays, funding is against you. Injective is 0.027% dearer against Perpl than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 18 hours. The two prices were read 54 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	Perpl MON	0.02575	0	get 0.0000% / 43m	29m 59s	$126K	$1.8M	10x
Short	Injective MON/USDC PERP	0.02576	−0.0121	pay 0.0015% / 1h	33m 59s	$6K	$107	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Perpl. 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 PerplbpFee InjectivebpOrdersPrice spread, now +0.027%Rate

Funding earned: −$25.31
Price spread: +0.027% → 0.000%: $2.72
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$36.41
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Perpl: 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 Perpl no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Perpl 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	−0.0121%	1h	0.02576	+0.027%	$6K	$107	5.5x
01 Exchange MONUSD	−0.0056%	1h	0.02575	−0.016%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0036%	8h	0.02572	−0.128%	$21.3M	$12.0M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02578	+0.105%	$13K	$360K	5x	as long as short
Perpl MONlong	0.0000%	43m	0.02575	long leg	$126K	$1.8M	10x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02575	−0.016%	$70K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0068%	4h	0.02573	−0.089%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0088%	1h	0.02581	+0.234%	$2K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0094%	8h	0.02574	−0.043%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02576	+0.027%	$855K	$793K	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	0.02578	+0.109%	$393K	$544K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02578	+0.101%	$34.9M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02575	−0.016%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02577	+0.065%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02576	+0.027%	$142K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02574	−0.050%	$24.5M	$25.4M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02573	−0.089%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02585	+0.371%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02574	−0.050%	$980K	$909K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02575	−0.012%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02575	−0.031%	$128K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02576	+0.035%	$779K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02579	+0.139%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02579	+0.129%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02577	+0.066%	$69K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02573	−0.089%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02578	+0.095%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02578	+0.113%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0256%	4h	0.02579	+0.144%	$3.0M	$716K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02574	−0.047%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02572	−0.128%	$1.4M	$308K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0419%	1h	0.02577	+0.073%	$271K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.305%	$115K	$50K	50x	as long as short