Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.054%

Price spread now: Variational Omni against Backpack+0.124%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.124% dearer against Backpack than usual: you sell high and buy low (spread +0.124% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MNT_USDC_PERP	0.6407	0.0224	pay 0.0028% / 1h	25m 01s	$48K	$56K	10x
Short	Variational Omni MNT	0.6415	0.0100	get 0.0100% / 8h	6h 25m	$285K	$173K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now +0.124%Rate

Funding earned: −$26.02
Price spread: +0.124% → 0.000%: $12.4
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$23.62
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Variational Omni: RFQ quote, 44 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 Backpack no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 44 min ago	4.61 bp	doesn't fit	81.5 bp −$815	doesn't fit	doesn't fit

Backpack: 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.

MNT on 14 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6409	+0.028%	$19	—	100x	as long as short
ApeX Omni MNTUSDT	−0.0194%	1h	0.6415	+0.125%	$11K	$640K	50x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6410	+0.045%	$770	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+1.857%	$3K	$210K	12x	as long as short
Lighter MNT	+0.0096%	1h	0.6429	+0.337%	$138K	$73K	5x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6419	+0.186%	$6.6M	$946K	5x	as long as short
Bybit MNTUSDT	+0.0100%	8h	0.6405	−0.028%	$42.0M	$14.9M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6399	−0.125%	$413K	$164K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6406	−0.016%	$2.4M	$103K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6402	−0.078%	—	$2.5M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNTshort	+0.0100%	8h	0.6415	+0.124%	$285K	$173K	—
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6419	+0.187%	$1K	—	10x	as long as short
Backpack MNT_USDC_PERPlong	+0.0224%	1h	0.6407	long leg	$48K	$56K	10x
Kraken Futures PF_MNTUSD	+0.0385%	1h	0.6409	+0.024%	$16K	$29K	20x	as long as short