Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.005%

Price spread now: Phoenix against Aster+0.178%85s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$930.930% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.102%−$10 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.178%, 7d avg +0.018%

Together, before fees−0.122%+ Points / potential airdropAster: Stage 5 · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.160% dearer against Aster than usual: you sell high and buy low (spread +0.178% now, against its 7-day average of +0.018%): +$16 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.3 days. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MONUSDT	0.02560	0.0100	pay 0.0050% / 4h	3h 58m	$106K	$231K	10x
Short	Phoenix MON	0.02565	0	get 0.0000% / 1h	58m 10s	$13K	$351K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.178%Rate

Funding earned: −$21
Price spread: +0.178% → +0.018%: $16.01
Slippage, 4 orders: −$78.03
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$98.02
Costs to cover: 0.930%
Break-even: never at this rate

Slippage from Aster: live order book, 13 min ago; Phoenix: live order book, 13 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 Aster live order book, 13 min ago	15.66 bp	36.4 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 13 min ago	1.17 bp	13.0 bp −$13	44.6 bp −$446	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	−0.0444%	1h	0.02559	−0.044%	$6K	$104	5.5x	as long as short
01 Exchange MONUSD	−0.0008%	1h	0.02562	+0.069%	$6K	$1K	5x	as long as short
Phoenix MONshort	0.0000%	1h	0.02565	+0.178%	$13K	$351K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02559	−0.025%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02559	−0.044%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02560	−0.005%	$850K	$739K	10x	as long as short
Paradex MON-USD-PERP	+0.0097%	8h	0.02560	0.000%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02565	+0.181%	$391K	$541K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02561	+0.053%	$34.7M	$7.7M	5x	as long as short
Aster MONUSDTlong	+0.0100%	4h	0.02560	long leg	$106K	$231K	10x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02561	+0.041%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02561	+0.050%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02559	−0.044%	$24.5M	$25.5M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02557	−0.122%	$21.1M	$12.1M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02557	−0.122%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02560	−0.005%	$107K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02560	−0.005%	$977K	$888K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02560	−0.005%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02560	−0.017%	$127K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02560	−0.019%	$773K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02561	+0.053%	$47K	$245K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02565	+0.190%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02565	+0.190%	$68K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02559	−0.044%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02562	+0.068%	$51K	$404K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02560	−0.021%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0108%	1h	0.02562	+0.064%	$3K	$75K	10x	as long as short
KuCoin MONUSDTM	+0.0240%	4h	0.02565	+0.190%	$3.0M	$719K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02559	−0.032%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02562	+0.073%	$1.3M	$307K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02562	+0.057%	$124K	$1.8M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0466%	1h	0.02564	+0.159%	$269K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02609	+1.905%	$115K	$50K	50x	as long as short