Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0183%/8h= −20.0% APRpaid last 24h −0.013%

Price spread now: Bybit against ApeX Omni−0.197%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$820.815% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 4 days (all we have)−0.764%−$76 · spread now −0.197%, 7d avg −0.111%

Together, before fees−0.844%−$84 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.086% cheaper against ApeX Omni than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.111%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.079% in total (about -4.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni MONUSDT	0.02538	0.0100	pay 0.0013% / 1h	0m 57s	$68K	$498K	50x
Short	Bybit MONUSDT	0.02533	−0.0083	pay 0.0083% / 8h	6h 00m	$20.8M	$12.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$38.4
Price spread: −0.197% → −0.111%: −$8.55
Slippage, 4 orders: −$60.54
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$128.49
Costs to cover: 0.815%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 67 min ago; Bybit: live order book, 3 min ago.

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 ApeX Omni live order book, 67 min ago	13.51 bp	22.3 bp −$22	114.1 bp −$1,141	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.97 bp	20.2 bp −$20	55.7 bp −$557	doesn't fit	doesn't fit

MON on 32 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	−0.0388%	1h	0.02546	+0.315%	$6K	$109	5.5x	as long as short
Bybit MONUSDTshort	−0.0083%	8h	0.02533	−0.197%	$20.8M	$12.8M	50x
Phoenix MON	0.0000%	1h	0.02536	−0.063%	$13K	$349K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02535	−0.099%	$68K	$125K	25x	as long as short
01 Exchange MONUSD	+0.0024%	1h	0.02536	−0.091%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0077%	4h	0.02536	−0.079%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02537	−0.039%	$845K	$743K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02535	−0.107%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02538	+0.004%	$407K	$539K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02537	−0.055%	$34.4M	$7.5M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02539	+0.023%	$102K	$229K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02538	−0.008%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02537	−0.028%	$140K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02534	−0.158%	$24.2M	$25.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02533	−0.197%	$4.2M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02531	−0.290%	$105K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02535	−0.118%	$947K	$906K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02538	0.000%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02536	−0.079%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02536	−0.071%	$118K	$153K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02533	−0.214%	$753K	$404K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02540	+0.061%	$43K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02539	+0.039%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDTlong	+0.0100%	1h	0.02538	long leg	$68K	$498K	50x
SoDEX MON-USD	+0.0100%	1h	0.02535	−0.118%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02536	−0.089%	$49K	$517K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02534	−0.173%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02535	−0.134%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0314%	1h	0.02540	+0.069%	$2K	$79K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02536	−0.091%	$106K	$2.3M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02556	+0.701%	$112K	$52K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0843%	1h	0.02537	−0.046%	$267K	$97K	10x	as long as short