Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.027%

Price spread now: Deribit against Phoenix−0.638%70s7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as 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−$520.519% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.300%+$30 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.638% cheaper against Phoenix than usual: you would sell low and buy high, −$64 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 70 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	Phoenix MON	0.02602	0	get 0.0000% / 1h	56m 03s	$14K	$371K	5x
Short	Deribit MON_USDC-PERPETUAL	0.02585	0	get 0.0000% / 1h	56m 03s	$64K	$103K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.638%Rate

Funding earned: $0
Price spread: −0.638% → 0.000%: −$63.8
Slippage, 4 orders: −$37.93
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$115.73
Costs to cover: 0.519%
Break-even: never at this rate

Slippage from Phoenix: live order book, 30 min ago; Deribit: live order book, 8 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, 30 min ago	1.16 bp	12.9 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Deribit live order book, 8 min ago	8.25 bp	14.3 bp −$14	doesn't fit	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	−0.0739%	1h	0.02581	−0.796%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0376%	1h	0.02579	−0.861%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0002%	8h	0.02581	−0.788%	$21.6M	$11.8M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02602	long leg	$14K	$371K	5x
Deribit MON_USDC-PERPETUALshort	0.0000%	1h	0.02585	−0.638%	$64K	$103K	25x
Orderly PERP_MON_USDC	+0.0093%	4h	0.02582	−0.757%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02585	−0.642%	$847K	$753K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02582	−0.753%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02584	−0.690%	$346K	$537K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02586	−0.584%	$34.8M	$7.5M	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	0.02585	−0.642%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02585	−0.642%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02584	−0.680%	$143K	$108K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02584	−0.680%	$24.6M	$24.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02581	−0.796%	$4.4M	$6.1M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02610	+0.319%	$110K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02584	−0.680%	$1.0M	$924K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02586	−0.603%	$2.7M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02602	−0.006%	$779K	$403K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02598	−0.153%	$48K	$241K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02601	−0.040%	$583K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02599	−0.104%	$69K	$483K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02583	−0.719%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02586	−0.608%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02584	−0.673%	$39K	—	3x	as long as short
Backpack MON_USDC_PERP	+0.0108%	1h	0.02584	−0.661%	$136K	$137K	10x	as long as short
Kraken Futures PF_MONUSD	+0.0132%	1h	0.02586	−0.601%	$259K	$60K	10x	as long as short
BloFin MON-USDT	+0.0134%	4h	0.02583	−0.719%	$1.4M	$242K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0313% / S −0.1052%	1h	0.02585	−0.638%	$13K	—	50x	as long as short
KuCoin MONUSDTM	+0.0380%	4h	0.02589	−0.488%	$3.1M	$790K	75x	as long as short
Aftermath Perps MONUSD	+0.0421%	1h	0.02597	−0.173%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02584	−0.673%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02625	+0.907%	$115K	$51K	50x	as long as short