Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0093%/8h= +10.1% APRpaid last 24h −0.005%

Price spread now: Orderly against Phoenix−0.565%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.565% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.565% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$57 on $10k: about 20 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	0.02602	0	get 0.0000% / 1h	57m 00s	$14K	$371K	5x
Short	Orderly PERP_MON_USDC	0.02587	0.0093	get 0.0046% / 4h	2h 57m	$17K	$64K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.565%Rate

Funding earned: $19.45
Price spread: −0.565% → 0.000%: −$56.5
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$50.05
Costs to cover: 0.130%
Break-even: 25.0 days

Slippage unknown: Phoenix: live order book, 29 min ago; Orderly: no order-book sample. Net counts fees only.

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, 29 min ago	1.16 bp	12.9 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0304%	1h	0.02586	−0.607%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0003%	8h	0.02582	−0.757%	$21.6M	$11.8M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02602	long leg	$14K	$371K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02589	−0.496%	$64K	$103K	25x	as long as short
Orderly PERP_MON_USDCshort	+0.0093%	4h	0.02587	−0.565%	$17K	$64K	10x
Lighter MON	+0.0096%	1h	0.02586	−0.603%	$847K	$753K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02590	−0.468%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02588	−0.536%	$345K	$536K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02587	−0.553%	$34.9M	$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	0.02587	−0.573%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02597	−0.198%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02593	−0.334%	$143K	$108K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02585	−0.642%	$24.6M	$24.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02583	−0.719%	$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	0.02587	−0.565%	$1.0M	$924K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02587	−0.565%	$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	0.02586	−0.603%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02588	−0.539%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02588	−0.523%	$39K	—	3x	as long as short
Backpack MON_USDC_PERP	+0.0119%	1h	0.02586	−0.584%	$136K	$136K	10x	as long as short
Kraken Futures PF_MONUSD	+0.0132%	1h	0.02589	−0.501%	$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 +0.0314% / S −0.1052%	1h	0.02589	−0.492%	$13K	—	50x	as long as short
KuCoin MONUSDTM	+0.0382%	4h	0.02590	−0.450%	$3.2M	$790K	75x	as long as short
Aftermath Perps MONUSD	+0.0422%	1h	0.02600	−0.069%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02590	−0.465%	$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