Funding you earn now, next payment 02:00 UTC+0.0416%/8h= +45.6% APRnext payment +$0.52 per $10,000 · paid last 24h −0.001%
Price spread now: Bulk against Phoenix−0.430%7-day average −0.054% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$110as in the Price arb table
costs, in and out, $10k−$730.726% of the position
Funding, last 4 days (all we have)+0.017%+$2 on $10k
+Price spread, last 4 days (all we have)−0.307%−$31 · spread now −0.430%, 7d avg −0.054%
=Funding pays, the price is against you. Bulk is 0.376% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.430% now, against its 7-day average of −0.054%). If the spread goes back, that is −$38 on $10k: about 3.0 days of funding at the current rate (+$12 a day). At the pace of the last 4 days (+0.017% in total) that is about 3 months.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.017% in total (about 1.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.52 per $10,000. 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 | 0.02531 | −0.0316 | get 0.0040% / 1h | 19m 04s | $12K | $367K | 5x |
| Short | Bulk MON-USD | 0.02520 | 0.0100 | get 0.0013% / 1h | 19m 04s | $103K | $5K | 10x |
Phoenix MON
Bulk MON-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bulk against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $87.38
- Price spread: −0.430% → −0.054%
- −$37.63
- Slippage, 4 orders
- −$58.61
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Net
- −$22.86
- Costs to cover
- 0.726%
- Break-even
- 8.8 days
Slippage from Phoenix: live order book, 42 min ago; Bulk: live order book, 45 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, 42 min ago | 1.18 bp | 13.1 bp −$13 | 52.5 bp −$525 | doesn't fit | doesn't fit |
| Sell Bulk live order book, 45 min ago | 19.72 bp | 23.2 bp −$23 | 39.8 bp −$398 | 112.9 bp −$11.3K | 701.6 bp −$350.8K |
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 | 0.02531 | long leg | $12K | $367K | 5x | |
| Backpack MON_USDC_PERP | −0.0277% | 1h | 0.02532 | +0.024% | $112K | $151K | 10x | as long as short |
| Injective MON/USDC PERP | −0.0253% | 1h | 0.02535 | +0.162% | $6K | $111 | 5.5x | as long as short |
| Bybit MONUSDT | −0.0160% | 8h | 0.02527 | −0.150% | $20.7M | $13.1M | 50x | as long as short |
| 01 Exchange MONUSD | −0.0008% | 1h | 0.02528 | −0.115% | $6K | $1K | 5x | as long as short |
| Perpl MON | 0.0000% | 43m | 0.02532 | +0.028% | $105K | $2.3M | 10x | as long as short |
| Deribit MON_USDC-PERPETUAL | 0.0000% | 1h | 0.02530 | −0.036% | $68K | $125K | 25x | as long as short |
| Orderly PERP_MON_USDC | +0.0084% | 4h | 0.02530 | −0.036% | $16K | $51K | 10x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02532 | +0.043% | $844K | $738K | 10x | as long as short |
| Paradex MON-USD-PERP | +0.0099% | 8h | 0.02529 | −0.085% | $8K | $42 | 5x | as long as short |
Backpack MON_USDC_PERP
Injective MON/USDC PERP
Bybit MONUSDT
01 Exchange MONUSD
Perpl MON
Deribit MON_USDC-PERPETUAL
Orderly PERP_MON_USDC
Lighter MON
Paradex MON-USD-PERPShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado MON-PERP | +0.0100% | 1h | 0.02533 | +0.071% | $413K | $543K | 10x | as long as short |
| Hyperliquid MON | +0.0100% | 1h | 0.02532 | +0.059% | $34.3M | $7.5M | 5x | as long as short |
| Aster MONUSDT | +0.0100% | 4h | 0.02530 | −0.019% | $101K | $222K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02531 | +0.014% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02530 | −0.055% | $140K | $93K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02530 | −0.024% | $24.1M | $26.6M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02528 | −0.115% | $4.2M | $5.9M | 50x | as long as short |
| Bulk MON-USDshort | +0.0100% | 1h | 0.02520 | −0.430% | $103K | $5K | 10x | |
| Gate MON_USDT | +0.0100% | 4h | 0.02532 | +0.043% | $945K | $960K | 50x | as long as short |
| KuCoin MONUSDTM | +0.0100% | 4h | 0.02532 | +0.043% | $2.9M | $743K | 75x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02531 | +0.004% | $2.7M | $2.1M | 25x | as long as short |
| Variational Omni MON | +0.0100% | 8h | 0.02531 | +0.005% | $753K | $405K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02534 | +0.124% | $42K | $250K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02530 | −0.034% | $566K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02537 | +0.241% | $68K | $501K | 50x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02529 | −0.075% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02531 | +0.017% | $48K | $518K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02528 | −0.095% | $38K | — | 3x | as long as short |
| Aftermath Perps MONUSD | +0.0231% | 1h | 0.02531 | +0.023% | $2K | $74K | 10x | as long as short |
| GMX MON/USD [ETH-USDC] | L +0.0260% / S −0.0429% | 1h | 0.02530 | −0.024% | $9K | — | 50x | as long as short |
| BloFin MON-USDT | +0.0340% | 4h | 0.02527 | −0.154% | $1.3M | $320K | 75x | as long as short |
| Kraken Futures PF_MONUSD | +0.0491% | 1h | 0.02533 | +0.100% | $271K | $110K | 10x | as long as short |
| Coinbase International MON-PERP-INTX | +0.0536% | 1h | 0.02541 | +0.407% | $112K | $58K | 50x | as long as short |
Nado MON-PERP
Hyperliquid MON
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
Gate MON_USDT
KuCoin MONUSDTM
Bitget MONUSDT
Variational Omni MON
edgeX MONUSDC
GRVT MON_USDT_Perp
ApeX Omni MONUSDT
SoDEX MON-USD
Extended MON-USD
Aevo MON-PERP
Aftermath Perps MONUSD
GMX MON/USD [ETH-USDC]
BloFin MON-USDT
Kraken Futures PF_MONUSD
Coinbase International MON-PERP-INTX