Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.018%

Price spread now: Bybit against Phoenix+0.211%7-day average −0.140% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$620.617% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 3 days (all we have)−0.361%−$36 · spread now +0.211%, 7d avg −0.140%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.351% dearer against Phoenix than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of −0.140%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MON	0.02555	0	get 0.0000% / 1h	46m 58s	$13K	$351K	5x
Short	Bybit MONUSDT	0.02561	0.0100	get 0.0100% / 8h	7h 46m	$21.1M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.211%Rate

Funding earned: $21
Price spread: +0.211% → −0.140%: $35.11
Slippage, 4 orders: −$43.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$5.61
Costs to cover: 0.617%
Break-even: 8.9 days

Slippage from Phoenix: live order book, 24 min ago; Bybit: live order book, 2 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, 24 min ago	1.17 bp	13.0 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.96 bp	19.5 bp −$19	60.0 bp −$600	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
Injective MON/USDC PERP	−0.0444%	1h	0.02556	+0.031%	$6K	$105	5.5x	as long as short
Backpack MON_USDC_PERP	−0.0110%	1h	0.02560	+0.204%	$127K	$141K	10x	as long as short
Phoenix MONlong	0.0000%	1h	0.02555	long leg	$13K	$351K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02555	0.000%	$69K	$119K	25x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02555	−0.020%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02554	−0.047%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02560	+0.188%	$850K	$744K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02553	−0.074%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02557	+0.074%	$389K	$539K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02562	+0.270%	$34.7M	$7.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02560	+0.175%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02555	−0.011%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02554	−0.047%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02561	+0.210%	$24.5M	$25.6M	75x	as long as short
Bybit MONUSDTshort	+0.0100%	8h	0.02561	+0.211%	$21.1M	$12.1M	50x
OKX MON-USDT-SWAP	+0.0100%	4h	0.02560	+0.188%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02550	−0.203%	$105K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02560	+0.188%	$977K	$893K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02563	+0.305%	$2.7M	$1.9M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02550	−0.199%	$771K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02552	−0.106%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02556	+0.045%	$579K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02554	−0.047%	$68K	$483K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02553	−0.086%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02564	+0.351%	$52K	$440K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02553	−0.067%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0125%	1h	0.02555	−0.011%	$3K	$75K	10x	as long as short
KuCoin MONUSDTM	+0.0192%	4h	0.02563	+0.305%	$3.0M	$720K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02555	−0.016%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02553	−0.086%	$1.3M	$306K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02555	−0.016%	$122K	$1.8M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0467%	1h	0.02556	+0.042%	$268K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02609	+2.102%	$115K	$50K	50x	as long as short