Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0634%/8h= +69.4% APRpaid last 24h −0.001%

Price spread now: BloFin against Backpack+0.032%66s7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

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

costs, in and out, $10k−$750.752% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.556%−$56 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.032%, 7d avg −0.014%

Together, before fees−0.532%−$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and BloFin is 0.045% dearer against Backpack than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.014%. Mind the row above: over the last 7 days funding on this pair cost −0.556%, so the current rate has only just turned in your favour. The two prices were read 66 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	Backpack MON_USDC_PERP	0.02509	−0.0294	get 0.0037% / 1h	51m 44s	$109K	$157K	10x
Short	BloFin MON-USDT	0.02510	0.0340	get 0.0170% / 4h	3h 51m	$1.3M	$334K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now +0.032%Rate

Funding earned: $133.06
Price spread: +0.032% → −0.014%: $4.54
Slippage, 4 orders: −$53.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $62.37
Costs to cover: 0.752%
Break-even: 3.7 days

Slippage from Backpack: live order book, 46 min ago; BloFin: live order book, 1 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 Backpack live order book, 46 min ago	0.20 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	17.93 bp	25.0 bp −$25	47.7 bp −$477	177.2 bp −$17.7K	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
Backpack MON_USDC_PERPlong	−0.0294%	1h	0.02509	long leg	$109K	$157K	10x
Injective MON/USDC PERP	−0.0089%	1h	0.02505	−0.167%	$5K	$108	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02506	−0.120%	$13K	$346K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02509	−0.004%	$73K	$137K	25x	as long as short
Lighter MON	+0.0096%	1h	0.02512	+0.112%	$807K	$765K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02510	+0.013%	$8K	$42	5x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02510	+0.040%	$33.9M	$7.8M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02510	+0.015%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02509	−0.002%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02510	+0.036%	$139K	$91K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MONUSDT	+0.0100%	4h	0.02510	+0.032%	$23.9M	$27.6M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02508	−0.048%	$20.9M	$13.9M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02510	+0.032%	$4.2M	$6.2M	50x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02509	−0.008%	$939K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02511	+0.072%	$2.9M	$766K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02512	+0.112%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02508	−0.044%	$745K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02504	−0.219%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02509	−0.008%	$559K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02507	−0.088%	$68K	$543K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02511	+0.068%	$393K	$573K	10x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02509	−0.008%	$16K	$42K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02507	−0.088%	$5K	$6K	5x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02505	−0.167%	$103K	−$0	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02513	+0.142%	$60K	$328K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02508	−0.048%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0192%	1h	0.02512	+0.120%	$6K	$3K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02509	−0.004%	$6K	—	50x	as long as short
BloFin MON-USDTshort	+0.0340%	4h	0.02510	+0.032%	$1.3M	$334K	75x
Perpl MON	+0.0447%	43m	0.02510	+0.048%	$119K	$2.2M	10x	as long as short
Aftermath Perps MONUSD	+0.0469%	1h	0.02509	+0.005%	$5K	$103K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02519	+0.395%	$111K	$54K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0797%	1h	0.02510	+0.046%	$270K	$118K	10x	as long as short