Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0206%/8h= +22.6% APRpaid last 24h +0.164%

Price spread now: Backpack against Variational Omni+0.048%7-day average +0.134% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.286%+$29 on $10k

Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.048%, 7d avg +0.134%

Together, before fees+0.047%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.087% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.048% now, against its 7-day average of +0.134%). If the spread goes back, that is −$9 on $10k: about 34 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MON	0.02598	0.0100	pay 0.0100% / 8h	2h 19m	$783K	$411K	—
Short	Backpack MON_USDC_PERP	0.02599	0.0306	get 0.0038% / 1h	19m 07s	$138K	$136K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.048%Rate

Funding earned: $43.3
Price spread: +0.048% → +0.134%: −$8.66
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $24.63
Costs to cover: 0.100%
Break-even: 3.0 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Backpack: live order book, 4 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 Variational Omni RFQ quote, 5 min ago	17.36 bp	doesn't fit	152.4 bp −$1,524	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.19 bp	9.6 bp −$10	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	0.02596	−0.071%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0224%	1h	0.02598	−0.014%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0135%	1h	0.02599	+0.048%	$63K	$110K	25x	as long as short
Phoenix MON	0.0000%	1h	0.02600	+0.098%	$14K	$384K	5x	as long as short
Bybit MONUSDT	+0.0001%	8h	0.02595	−0.110%	$21.6M	$11.8M	50x	as long as short
BloFin MON-USDT	+0.0077%	4h	0.02598	+0.006%	$1.4M	$245K	75x	as long as short
Orderly PERP_MON_USDC	+0.0091%	4h	0.02597	−0.033%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02599	+0.025%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02600	+0.082%	$854K	$758K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02603	+0.186%	$375K	$528K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02601	+0.113%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02598	+0.022%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02599	+0.060%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02600	+0.079%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02597	−0.033%	$24.7M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02595	−0.110%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02602	+0.160%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02599	+0.044%	$1.0M	$934K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02600	+0.082%	$2.8M	$1.8M	25x	as long as short
Variational Omni MONlong	+0.0100%	8h	0.02598	long leg	$783K	$411K	—
edgeX MONUSDC	+0.0100%	4h	0.02601	+0.106%	$48K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02598	+0.025%	$585K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02602	+0.159%	$69K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02596	−0.071%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02602	+0.145%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02597	−0.029%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02601	+0.114%	$268K	$67K	10x	as long as short
Aftermath Perps MONUSD	+0.0178%	1h	0.02598	+0.024%	$2K	$73K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02599	+0.056%	$9K	—	50x	as long as short
Backpack MON_USDC_PERPshort	+0.0306%	1h	0.02599	+0.048%	$138K	$136K	10x
KuCoin MONUSDTM	+0.0384%	4h	0.02605	+0.275%	$3.2M	$746K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02599	+0.056%	$146K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02607	+0.367%	$115K	$50K	50x	as long as short