Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h −0.088%

Price spread now: KuCoin against Backpack+0.004%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$557as in the Funding arb table

Net, price: spread back to 7d avg − costs−$487as in the Price arb table

costs, in and out, $10k−$4824.818% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.752%−$75 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now +0.004%, 7d avg +0.060%

Together, before fees−0.668%−$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.057% cheaper against Backpack than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.060%). If the spread goes back, that is −$6 on $10k: about 19 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.752%, 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	0.02559	−0.0008	get 0.0001% / 1h	55m 18s	$127K	$141K	10x
Short	KuCoin MONUSDTM	0.02559	0.0224	get 0.0112% / 4h	3h 55m	$3.0M	$720K	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 +0.004%Rate

Funding earned: $48.77
Price spread: +0.004% → +0.060%: −$5.66
Slippage, 4 orders: −$459.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$438.73
Costs to cover: 4.818%
Break-even: 70.0 days

Slippage from Backpack: live order book, 18 min ago; KuCoin: live order book, 2 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, 18 min ago	0.19 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	9.76 bp	224.8 bp −$225	692.5 bp −$6,925	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	0.02556	−0.113%	$6K	$105	5.5x	as long as short
Bybit MONUSDT	−0.0167%	8h	0.02552	−0.281%	$21.1M	$12.1M	50x	as long as short
Backpack MON_USDC_PERPlong	−0.0008%	1h	0.02559	long leg	$127K	$141K	10x
Phoenix MON	0.0000%	1h	0.02559	+0.020%	$13K	$351K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02553	−0.223%	$69K	$119K	25x	as long as short
01 Exchange MONUSD	+0.0024%	1h	0.02553	−0.246%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02553	−0.231%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02558	−0.035%	$849K	$739K	10x	as long as short
Paradex MON-USD-PERP	+0.0097%	8h	0.02554	−0.181%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02557	−0.076%	$390K	$540K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02556	−0.129%	$34.6M	$7.7M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02557	−0.066%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02559	+0.008%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02557	−0.066%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02554	−0.199%	$24.4M	$25.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02551	−0.309%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02560	+0.043%	$107K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02555	−0.152%	$976K	$889K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02554	−0.191%	$2.7M	$1.9M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02556	−0.107%	$772K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02557	−0.060%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02560	+0.031%	$580K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02559	+0.004%	$68K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02552	−0.270%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02556	−0.118%	$51K	$404K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02555	−0.149%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0125%	1h	0.02560	+0.042%	$3K	$75K	10x	as long as short
KuCoin MONUSDTMshort	+0.0224%	4h	0.02559	+0.004%	$3.0M	$720K	75x
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02553	−0.223%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02558	−0.035%	$1.3M	$306K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02556	−0.129%	$124K	$1.8M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0468%	1h	0.02555	−0.135%	$268K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02609	+1.954%	$115K	$50K	50x	as long as short