Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h −0.016%

Price spread now: KuCoin against Backpack+0.183%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$191as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1181.185% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.723%−$72 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.183%, 7d avg +0.057%

Together, before fees−0.819%−$82 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 0.126% dearer against Backpack than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.057%. Mind the row above: over the last 7 days funding on this pair cost −0.723%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02507	0.0032	pay 0.0004% / 1h	55m 42s	$114K	$154K	10x
Short	KuCoin MONUSDTM	0.02512	0.0100	get 0.0050% / 4h	1h 55m	$2.9M	$766K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.183%Rate

Funding earned: $14.34
Price spread: +0.183% → +0.057%: $12.62
Slippage, 4 orders: −$96.48
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$91.51
Costs to cover: 1.185%
Break-even: 51.7 days

Slippage from Backpack: live order book, 52 min ago; KuCoin: 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, 52 min ago	0.80 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 1 min ago	17.90 bp	57.0 bp −$57	454.0 bp −$4,540	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
Phoenix MON	0.0000%	1h	0.02517	+0.387%	$12K	$336K	5x	as long as short
Bybit MONUSDT	+0.0030%	8h	0.02505	−0.096%	$20.6M	$13.7M	50x	as long as short
Backpack MON_USDC_PERPlong	+0.0032%	1h	0.02507	long leg	$114K	$154K	10x
Aftermath Perps MONUSD	+0.0072%	1h	0.02515	+0.287%	$6K	$98K	10x	as long as short
Orderly PERP_MON_USDC	+0.0084%	4h	0.02509	+0.064%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02506	−0.056%	$809K	$782K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02506	−0.057%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02513	+0.208%	$402K	$578K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02506	−0.049%	$99K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02510	+0.104%	$13K	—	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MON	+0.0100%	1h	0.02509	+0.068%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02506	−0.056%	$23.8M	$27.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02506	−0.056%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	+0.497%	$103K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02508	+0.024%	$939K	$1.0M	50x	as long as short
KuCoin MONUSDTMshort	+0.0100%	4h	0.02512	+0.183%	$2.9M	$766K	75x
Bitget MONUSDT	+0.0100%	4h	0.02507	−0.016%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02507	−0.033%	$743K	$413K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02513	+0.221%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02519	+0.450%	$559K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02517	+0.383%	$68K	$532K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02506	−0.056%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02510	+0.110%	$53K	$262K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02507	−0.020%	$38K	—	3x	as long as short
Injective MON/USDC PERP	+0.0109%	1h	0.02506	−0.056%	$5K	$108	5.5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02507	−0.012%	$6K	—	50x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0268%	1h	0.02509	+0.052%	$74K	$135K	25x	as long as short
01 Exchange MONUSD	+0.0312%	1h	0.02509	+0.056%	$7K	$2K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02511	+0.144%	$1.3M	$348K	75x	as long as short
Hyperliquid MON	+0.0406%	1h	0.02510	+0.104%	$33.9M	$7.8M	5x	as long as short
Perpl MON	+0.0447%	43m	0.02510	+0.112%	$115K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0576%	1h	0.02542	+1.400%	$112K	$55K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0842%	1h	0.02509	+0.066%	$269K	$118K	10x	as long as short