Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0416%/8h= +45.6% APRpaid last 24h −0.001%

Price spread now: Bitget against Phoenix+0.360%59s7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.678% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.214%+$21 on $10k

Price spread, last 4 days (all we have)−0.992%−$99 · spread now +0.360%, 7d avg −0.011%

Together, before fees−0.778%−$78 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Bitget is 0.371% dearer against Phoenix than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of −0.011%. The two prices were read 59 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 0.214% in total (about 11.2% 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	Phoenix MON	0.02527	−0.0316	get 0.0040% / 1h	22m 25s	$12K	$367K	5x
Short	Bitget MONUSDT	0.02536	0.0100	get 0.0050% / 4h	1h 22m	$2.7M	$2.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phoenix. 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 PhoenixbpFee BitgetbpOrdersPrice spread, now +0.360%Rate

Funding earned: $87.38
Price spread: +0.360% → −0.011%: $37.09
Slippage, 4 orders: −$48.81
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $56.65
Costs to cover: 0.678%
Break-even: 2.5 days

Slippage from Phoenix: live order book, 39 min ago; Bitget: live order book, 5 min ago.

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 Phoenix live order book, 39 min ago	1.18 bp	13.1 bp −$13	52.5 bp −$525	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	5.94 bp	18.0 bp −$18	66.3 bp −$663	doesn't fit	doesn't fit

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 MONlong	−0.0316%	1h	0.02527	long leg	$12K	$367K	5x
Injective MON/USDC PERP	−0.0253%	1h	0.02535	+0.321%	$6K	$111	5.5x	as long as short
Backpack MON_USDC_PERP	−0.0249%	1h	0.02531	+0.166%	$114K	$150K	10x	as long as short
Bybit MONUSDT	−0.0154%	8h	0.02533	+0.222%	$20.8M	$13.0M	50x	as long as short
01 Exchange MONUSD	0.0000%	1h	0.02537	+0.408%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02534	+0.269%	$105K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02531	+0.178%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDC	+0.0085%	4h	0.02531	+0.162%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02535	+0.321%	$845K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02536	+0.347%	$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	0.02538	+0.457%	$414K	$544K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02536	+0.364%	$34.3M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02535	+0.324%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02532	+0.212%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02536	+0.356%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02534	+0.281%	$24.2M	$26.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02533	+0.241%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.272%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02534	+0.281%	$954K	$953K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02535	+0.321%	$2.9M	$743K	75x	as long as short
Bitget MONUSDTshort	+0.0100%	4h	0.02536	+0.360%	$2.7M	$2.1M	25x
Variational Omni MON	+0.0100%	8h	0.02518	−0.333%	$748K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02523	−0.164%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02527	+0.004%	$565K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02526	−0.036%	$68K	$501K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02530	+0.123%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02538	+0.430%	$50K	$516K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02530	+0.127%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0230%	1h	0.02531	+0.147%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02531	+0.174%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02530	+0.123%	$1.3M	$321K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02535	+0.308%	$271K	$110K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02513	−0.562%	$110K	$55K	50x	as long as short