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 −0.005%

Price spread now: Variational Omni against Phoenix−0.044%7-day average −0.156% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now −0.044%, 7d avg −0.156%

Together, before fees−0.187%+ Points / potential airdropVariational Omni: Active · farm board−$19 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 Variational Omni is 0.113% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.156%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MON	0.02577	0	get 0.0000% / 1h	20m 45s	$13K	$351K	5x
Short	Variational Omni MON	0.02576	0.0100	get 0.0100% / 8h	7h 20m	$775K	$411K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.044%Rate

Funding earned: $21
Price spread: −0.044% → −0.156%: $11.27
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $25.27
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 50 min ago; Variational Omni: RFQ quote, 53 min ago. 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, 50 min ago	1.17 bp	13.0 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 53 min ago	13.71 bp	doesn't fit	123.4 bp −$1,234	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	0.02576	−0.047%	$6K	$107	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0060%	1h	0.02579	+0.081%	$70K	$119K	25x	as long as short
Phoenix MONlong	0.0000%	1h	0.02577	long leg	$13K	$351K	5x
01 Exchange MONUSD	+0.0048%	1h	0.02579	+0.078%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0066%	4h	0.02577	−0.008%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0090%	8h	0.02576	−0.053%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02578	+0.031%	$859K	$755K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02582	+0.205%	$394K	$528K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02581	+0.163%	$35.1M	$7.3M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02579	+0.061%	$107K	$231K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02579	+0.052%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02578	+0.031%	$142K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02576	−0.066%	$24.6M	$25.3M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02576	−0.047%	$21.4M	$12.1M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02573	−0.163%	$4.3M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02580	+0.109%	$106K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02579	+0.070%	$973K	$910K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02579	+0.070%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02578	+0.039%	$129K	$141K	10x	as long as short
Variational Omni MONshort	+0.0100%	8h	0.02576	−0.044%	$775K	$411K	—
edgeX MONUSDC	+0.0100%	4h	0.02579	+0.063%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02584	+0.264%	$578K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02583	+0.225%	$69K	$486K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02577	−0.008%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02580	+0.124%	$49K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02578	+0.027%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0152%	4h	0.02582	+0.186%	$3.0M	$722K	75x	as long as short
Aftermath Perps MONUSD	+0.0188%	1h	0.02581	+0.132%	$4K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02579	+0.085%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02577	−0.008%	$1.4M	$307K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02576	−0.027%	$167K	$2.0M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0463%	1h	0.02582	+0.170%	$271K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02584	+0.268%	$113K	$51K	50x	as long as short