Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.005%

Price spread now: OKX against Phoenix−0.183%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$630.629% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.183%, 7d avg −0.093%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.090% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.183% now, against its 7-day average of −0.093%). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MON	0.02572	0	get 0.0000% / 1h	27m 33s	$13K	$360K	5x
Short	OKX MON-USDT-SWAP	0.02567	0.0100	get 0.0050% / 4h	27m 33s	$4.3M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.183%Rate

Funding earned: $21
Price spread: −0.183% → −0.093%: −$8.96
Slippage, 4 orders: −$45.89
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$50.86
Costs to cover: 0.629%
Break-even: 24.0 days

Slippage from Phoenix: live order book, 49 min ago; OKX: 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, 49 min ago	1.16 bp	12.9 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	3.88 bp	20.1 bp −$20	82.2 bp −$822	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	−0.0121%	1h	0.02576	+0.167%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0072%	1h	0.02569	−0.086%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0032%	8h	0.02566	−0.222%	$21.2M	$12.1M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02572	long leg	$13K	$360K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02569	−0.086%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0068%	4h	0.02568	−0.144%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0084%	1h	0.02574	+0.108%	$2K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02567	−0.171%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02569	−0.105%	$853K	$793K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02573	+0.035%	$34.8M	$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	0.02568	−0.144%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02570	−0.072%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02569	−0.117%	$142K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02568	−0.144%	$24.5M	$25.4M	75x	as long as short
OKX MON-USDT-SWAPshort	+0.0100%	4h	0.02567	−0.183%	$4.3M	$5.9M	50x
Bulk MON-USD	+0.0100%	1h	0.02570	−0.066%	$108K	$390	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02568	−0.144%	$978K	$909K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02571	−0.027%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02569	−0.109%	$128K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02568	−0.136%	$778K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02569	−0.124%	$47K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02573	+0.051%	$583K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02572	+0.012%	$69K	$481K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02574	+0.098%	$392K	$544K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02568	−0.144%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02573	+0.063%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02568	−0.124%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0258%	4h	0.02573	+0.051%	$3.0M	$716K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02569	−0.097%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02570	−0.066%	$1.4M	$308K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0420%	1h	0.02572	+0.031%	$270K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02569	−0.093%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.447%	$115K	$50K	50x	as long as short