Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.008%

Price spread now: BloFin against Phoenix−0.023%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$590.587% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.436%+$44 on $10k

Price spread, last 3 days (all we have)+0.376%+$38 · spread now −0.023%, 7d avg −0.007%

Together, before fees+0.812%+$81 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MON	0.02557	0	get 0.0000% / 1h	7m 46s	$13K	$360K	5x
Short	BloFin MON-USDT	0.02556	0.0340	get 0.0170% / 4h	7m 46s	$1.3M	$306K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.023%Rate

Funding earned: $71.4
Price spread: −0.023% → −0.007%: −$1.61
Slippage, 4 orders: −$39.7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $11.08
Costs to cover: 0.587%
Break-even: 5.9 days

Slippage from Phoenix: live order book, 3 min ago; BloFin: 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, 3 min ago	1.17 bp	13.0 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.96 bp	10.3 bp −$10	30.8 bp −$308	140.6 bp −$14.1K	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
Injective MON/USDC PERP	−0.0121%	1h	0.02559	+0.094%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0096%	1h	0.02560	+0.121%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0029%	8h	0.02555	−0.051%	$21.1M	$12.1M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02557	long leg	$13K	$360K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02561	+0.168%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02560	+0.133%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0091%	1h	0.02559	+0.098%	$3K	$75K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02559	+0.094%	$850K	$794K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02559	+0.095%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02562	+0.214%	$390K	$541K	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	0.02560	+0.121%	$34.6M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02559	+0.082%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02557	+0.027%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02560	+0.117%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02558	+0.038%	$24.4M	$25.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02555	−0.063%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−0.064%	$107K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02558	+0.055%	$976K	$913K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02559	+0.094%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02561	+0.168%	$127K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02552	−0.194%	$772K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02555	−0.055%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02557	+0.016%	$579K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02558	+0.055%	$68K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02559	+0.094%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02563	+0.233%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02560	+0.117%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0258%	4h	0.02564	+0.289%	$3.0M	$719K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02560	+0.149%	$8K	—	50x	as long as short
BloFin MON-USDTshort	+0.0340%	4h	0.02556	−0.023%	$1.3M	$306K	75x
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02563	+0.245%	$269K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02561	+0.156%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+2.046%	$115K	$50K	50x	as long as short