Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.023%

Price spread now: Perpl against Variational Omni−0.071%7-day average +0.153% · you buy dearer than you sell

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

Long on Variational Omni Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.104%+$10 on $10k

Price spread, last 4 days (all we have)+0.230%+$23 · spread now −0.071%, 7d avg +0.153%

Together, before fees+0.334%+ Points / potential airdropVariational Omni: Active · Perpl: Active · farm board+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.224% cheaper against Variational Omni than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.153%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.104%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MON	0.02521	0.0100	pay 0.0100% / 8h	4h 55m	$748K	$405K	—
Short	Perpl MON	0.02519	0	get 0.0000% / 43m	0m 03s	$108K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$21
Price spread: −0.071% → +0.153%: −$22.38
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$57.18
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Perpl: 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 Variational Omni RFQ quote, 4 min ago	13.92 bp	doesn't fit	113.3 bp −$1,133	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Phoenix MON	−0.0316%	1h	0.02517	−0.162%	$12K	$359K	5x	as long as short
Backpack MON_USDC_PERP	−0.0298%	1h	0.02520	−0.039%	$111K	$151K	10x	as long as short
01 Exchange MONUSD	−0.0192%	1h	0.02519	−0.063%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	−0.0176%	1h	0.02517	−0.162%	$5K	$109	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0147%	1h	0.02519	−0.091%	$68K	$126K	25x	as long as short
Bybit MONUSDT	−0.0132%	8h	0.02519	−0.083%	$20.7M	$13.2M	50x	as long as short
Perpl MONshort	0.0000%	43m	0.02519	−0.071%	$108K	$2.3M	10x
Orderly PERP_MON_USDC	+0.0082%	4h	0.02519	−0.083%	$16K	$41K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02521	−0.003%	$840K	$735K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02518	−0.138%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02522	+0.028%	$411K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02521	−0.007%	$34.1M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02521	−0.019%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02521	−0.021%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02521	−0.003%	$140K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02520	−0.043%	$24.0M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02519	−0.083%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02515	−0.241%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02519	−0.083%	$953K	$968K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02521	−0.003%	$2.8M	$746K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02520	−0.043%	$2.7M	$2.1M	25x	as long as short
Variational Omni MONlong	+0.0100%	8h	0.02521	long leg	$748K	$405K	—
edgeX MONUSDC	+0.0100%	4h	0.02511	−0.386%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02519	−0.102%	$563K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02517	−0.162%	$68K	$505K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02517	−0.162%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02521	−0.013%	$52K	$517K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02519	−0.075%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0257%	1h	0.02520	−0.025%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02519	−0.063%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02518	−0.122%	$1.3M	$326K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02534	+0.512%	$112K	$56K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0540%	1h	0.02521	+0.011%	$268K	$113K	10x	as long as short