Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.145%

Price spread now: Bybit against Backpack−0.281%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$146as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.839%−$84 on $10k

Price spread, last 4 days (all we have)+0.266%+$27 · spread now −0.281%, 7d avg −0.119%

Together, before fees−0.573%−$57 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.162% cheaper against Backpack than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.119%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02598	0.0100	pay 0.0013% / 1h	14m 08s	$131K	$141K	10x
Short	Bybit MONUSDT	0.02591	0.0080	get 0.0080% / 8h	7h 14m	$21.5M	$12.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.281%Rate

Funding earned: −$4.24
Price spread: −0.281% → −0.119%: −$16.24
Slippage, 4 orders: −$41.25
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$82.73
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from Backpack: live order book, 59 min ago; Bybit: live order book, 4 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, 59 min ago	0.19 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.90 bp	20.5 bp −$20	67.9 bp −$679	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	0.02570	−1.085%	$6K	$108	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02563	−1.359%	$13K	$351K	5x	as long as short
01 Exchange MONUSD	+0.0016%	1h	0.02585	−0.512%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0063%	4h	0.02590	−0.316%	$17K	$59K	10x	as long as short
Bybit MONUSDTshort	+0.0080%	8h	0.02591	−0.281%	$21.5M	$12.1M	50x
Paradex MON-USD-PERP	+0.0091%	8h	0.02583	−0.577%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02599	+0.031%	$866K	$755K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02591	−0.289%	$398K	$525K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02602	+0.135%	$35.3M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02595	−0.123%	$108K	$231K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02581	−0.674%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02584	−0.550%	$143K	$103K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02597	−0.046%	$24.8M	$25.3M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02589	−0.354%	$4.4M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02560	−1.454%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02598	−0.008%	$978K	$923K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02600	+0.069%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERPlong	+0.0100%	1h	0.02598	long leg	$131K	$141K	10x
Variational Omni MON	+0.0100%	8h	0.02572	−1.024%	$773K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02570	−1.101%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02572	−1.012%	$575K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02573	−0.970%	$69K	$488K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02596	−0.085%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02595	−0.134%	$49K	$517K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02593	−0.219%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0122%	4h	0.02591	−0.277%	$3.0M	$724K	75x	as long as short
Aftermath Perps MONUSD	+0.0204%	1h	0.02579	−0.741%	$4K	$74K	10x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0213%	1h	0.02592	−0.246%	$70K	$119K	25x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02589	−0.343%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02577	−0.816%	$1.4M	$307K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02588	−0.377%	$123K	$2.1M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0459%	1h	0.02601	+0.118%	$273K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02587	−0.412%	$113K	$51K	50x	as long as short