Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0289%/8hnext payment −$0.36 per $10,000 · paid last 24h +0.185%

Price spread now: Backpack against Aevo+0.103%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.103% dearer against Aevo than usual: you sell high and buy low (spread +0.103% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo MON-PERP	0.02524	0.0104	pay 0.0013% / 1h	34m 26s	$38K	—	3x
Short	Backpack MON_USDC_PERP	0.02526	−0.0185	pay 0.0023% / 1h	34m 26s	$133K	$135K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aevo. 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 AevobpFee BackpackbpOrdersPrice spread, now +0.103%Rate

Funding earned: −$60.66
Price spread: +0.103% → 0.000%: $10.3
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$76.36
Costs to cover: 0.260%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Backpack: live order book, 6 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 Aevo no order-book sample	—	—	—	—	—
Sell Backpack live order book, 6 min ago	0.99 bp	11.0 bp −$11	doesn't fit	doesn't fit	doesn't fit

Aevo: 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	−0.0242%	1h	0.02534	+0.416%	$6K	$109	5.5x	as long as short
Backpack MON_USDC_PERPshort	−0.0185%	1h	0.02526	+0.103%	$133K	$135K	10x
01 Exchange MONUSD	−0.0128%	1h	0.02522	−0.063%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0018%	8h	0.02523	−0.024%	$21.0M	$11.2M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02531	+0.313%	$13K	$374K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02525	+0.075%	$46K	$74K	25x	as long as short
BloFin MON-USDT	+0.0065%	4h	0.02522	−0.059%	$1.3M	$219K	75x	as long as short
Lighter MON	+0.0096%	1h	0.02526	+0.099%	$823K	$745K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02525	+0.042%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02527	+0.121%	$313K	$527K	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	0.02527	+0.155%	$34.1M	$7.4M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02529	+0.233%	$105K	$240K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02530	+0.258%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02526	+0.099%	$143K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02524	+0.035%	$23.9M	$23.8M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02522	−0.059%	$4.3M	$5.7M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02530	+0.258%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02526	+0.099%	$957K	$934K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02528	+0.178%	$2.6M	$1.7M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02525	+0.040%	$753K	$366K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02534	+0.404%	$47K	$241K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02531	+0.298%	$568K	$1.3M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02531	+0.297%	$68K	$488K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02524	+0.020%	$16K	$64K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02524	+0.020%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02527	+0.126%	$45K	$400K	10x	as long as short
Aevo MON-PERPlong	+0.0104%	1h	0.02524	long leg	$38K	—	3x
KuCoin MONUSDTM	+0.0222%	4h	0.02532	+0.337%	$3.0M	$773K	75x	as long as short
Perpl MON	+0.0223%	43m	0.02529	+0.210%	$208K	$1.7M	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0343%	1h	0.02525	+0.075%	$6K	—	50x	as long as short
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02527	+0.133%	$252K	$61K	10x	as long as short
Aftermath Perps MONUSD	+0.0448%	1h	0.02533	+0.358%	$2K	$72K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0624%	1h	0.02546	+0.876%	$113K	$50K	50x	as long as short