Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0313%/8h= +34.3% APRpaid last 24h −0.049%

Price spread now: OKX against Backpack−0.040%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$610.608% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.742%−$74 on $10k

Price spread, last 4 days (all we have)+0.365%+$37 · spread now −0.040%, 7d avg −0.075%

Together, before fees−0.377%−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and OKX is 0.036% dearer against Backpack than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.075%. Mind the row above: over the last 7 days funding on this pair cost −0.742%, 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	0.02517	−0.0213	get 0.0027% / 1h	48m 49s	$110K	$157K	10x
Short	OKX MON-USDT-SWAP	0.02516	0.0100	get 0.0050% / 4h	3h 48m	$4.2M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.040%Rate

Funding earned: $65.8
Price spread: −0.040% → −0.075%: $3.57
Slippage, 4 orders: −$40.77
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $8.6
Costs to cover: 0.608%
Break-even: 6.1 days

Slippage from Backpack: live order book, 49 min ago; OKX: 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, 49 min ago	0.20 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	3.99 bp	19.0 bp −$19	87.4 bp −$874	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
Backpack MON_USDC_PERPlong	−0.0213%	1h	0.02517	long leg	$110K	$157K	10x
Injective MON/USDC PERP	−0.0089%	1h	0.02505	−0.477%	$5K	$108	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02513	−0.143%	$13K	$346K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02517	−0.012%	$73K	$137K	25x	as long as short
Lighter MON	+0.0096%	1h	0.02518	+0.040%	$809K	$765K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02513	−0.160%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02517	−0.004%	$394K	$573K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02517	0.000%	$34.0M	$7.8M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02516	−0.039%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02511	−0.222%	$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	0.02513	−0.143%	$139K	$91K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02515	−0.067%	$24.0M	$27.6M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02514	−0.139%	$21.0M	$13.9M	50x	as long as short
OKX MON-USDT-SWAPshort	+0.0100%	4h	0.02516	−0.040%	$4.2M	$6.3M	50x
Gate MON_USDT	+0.0100%	4h	0.02515	−0.079%	$941K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02518	+0.040%	$2.9M	$766K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02516	−0.040%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02511	−0.235%	$744K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02509	−0.319%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02511	−0.249%	$559K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02510	−0.278%	$68K	$543K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02516	−0.040%	$16K	$42K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02516	−0.040%	$5K	$6K	5x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02505	−0.477%	$103K	−$0	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02516	−0.021%	$60K	$328K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02516	−0.060%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0216%	1h	0.02517	+0.008%	$6K	$3K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02516	−0.040%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02516	−0.040%	$1.3M	$371K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02515	−0.064%	$119K	$2.2M	10x	as long as short
Aftermath Perps MONUSD	+0.0466%	1h	0.02511	−0.239%	$5K	$103K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02519	+0.083%	$111K	$54K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0795%	1h	0.02519	+0.068%	$271K	$118K	10x	as long as short