Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −3.9% APRnext payment −$0.04 per $10,000 · paid last 24h −0.111%
Price spread now: Phoenix against Backpack+0.131%7-day average +0.014% · you sell dearer than you buy
Net, funding: paid 7d − costs−$144as in the Funding arb table
Net, price: spread back to 7d avg − costs−$35as in the Price arb table
costs, in and out, $10k−$460.463% of the position
Funding, last 7 days−0.976%−$98 on $10k
+Price spread, last 4 days (all we have)+0.488%+$49 · spread now +0.131%, 7d avg +0.014%
=The price spread pays, funding is against you. Phoenix is 0.117% dearer against Backpack than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.014%): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.976% in total) that is about 20 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack MON_USDC_PERP | 0.02525 | −0.0280 | get 0.0035% / 1h | 38m 55s | $114K | $151K | 10x |
| Short | Phoenix MON | 0.02528 | −0.0316 | pay 0.0040% / 1h | 38m 55s | $13K | $367K | 5x |
Backpack MON_USDC_PERP
Phoenix MONFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$7.55
- Price spread: +0.131% → +0.014%
- $11.71
- Slippage, 4 orders
- −$29.31
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$42.14
- Costs to cover
- 0.463%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 24 min ago; Phoenix: live order book, 22 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, 24 min ago | 0.99 bp | 10.1 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 22 min ago | 1.18 bp | 13.1 bp −$13 | 44.7 bp −$447 | 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 MONshort | −0.0316% | 1h | 0.02528 | +0.131% | $13K | $367K | 5x | |
| Backpack MON_USDC_PERPlong | −0.0280% | 1h | 0.02525 | long leg | $114K | $151K | 10x | |
| Injective MON/USDC PERP | −0.0253% | 1h | 0.02531 | +0.234% | $5K | $106 | 5.5x | as long as short |
| Bybit MONUSDT | −0.0150% | 8h | 0.02525 | −0.004% | $20.7M | $12.9M | 50x | as long as short |
| 01 Exchange MONUSD | −0.0048% | 1h | 0.02527 | +0.067% | $6K | $1K | 5x | as long as short |
| Deribit MON_USDC-PERPETUAL | 0.0000% | 1h | 0.02525 | −0.004% | $68K | $125K | 25x | as long as short |
| Orderly PERP_MON_USDC | +0.0077% | 4h | 0.02526 | +0.036% | $16K | $51K | 10x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02527 | +0.075% | $842K | $738K | 10x | as long as short |
| Paradex MON-USD-PERP | +0.0099% | 8h | 0.02525 | +0.015% | $8K | $42 | 5x | as long as short |
| Hyperliquid MON | +0.0100% | 1h | 0.02527 | +0.071% | $34.2M | $7.4M | 5x | as long as short |
Injective MON/USDC PERP
Bybit MONUSDT
01 Exchange MONUSD
Deribit MON_USDC-PERPETUAL
Orderly PERP_MON_USDC
Lighter MON
Paradex MON-USD-PERP
Hyperliquid MONShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster MONUSDT | +0.0100% | 4h | 0.02527 | +0.092% | $101K | $229K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02527 | +0.067% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02528 | +0.115% | $140K | $93K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02526 | +0.036% | $24.1M | $26.0M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02526 | +0.036% | $4.2M | $5.8M | 50x | as long as short |
| Bulk MON-USD | +0.0100% | 1h | 0.02530 | +0.194% | $105K | $4K | 10x | as long as short |
| Gate MON_USDT | +0.0100% | 4h | 0.02526 | +0.036% | $945K | $917K | 50x | as long as short |
| KuCoin MONUSDTM | +0.0100% | 4h | 0.02528 | +0.115% | $2.9M | $742K | 75x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02526 | +0.036% | $2.7M | $2.0M | 25x | as long as short |
| Variational Omni MON | +0.0100% | 8h | 0.02524 | −0.063% | $750K | $405K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02528 | +0.124% | $43K | $247K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02537 | +0.477% | $568K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02537 | +0.471% | $68K | $501K | 50x | as long as short |
| Nado MON-PERP | +0.0100% | 1h | 0.02531 | +0.227% | $408K | $540K | 10x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02524 | −0.044% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02527 | +0.085% | $50K | $521K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02525 | −0.024% | $38K | — | 3x | as long as short |
| GMX MON/USD [ETH-USDC] | L +0.0260% / S −0.0429% | 1h | 0.02524 | −0.032% | $9K | — | 50x | as long as short |
| Aftermath Perps MONUSD | +0.0264% | 1h | 0.02532 | +0.283% | $2K | $74K | 10x | as long as short |
| BloFin MON-USDT | +0.0340% | 4h | 0.02526 | +0.036% | $1.3M | $307K | 75x | as long as short |
| Perpl MON | +0.0447% | 43m | 0.02527 | +0.087% | $106K | $2.3M | 10x | as long as short |
| Kraken Futures PF_MONUSD | +0.0492% | 1h | 0.02529 | +0.137% | $269K | $100K | 10x | as long as short |
| Coinbase International MON-PERP-INTX | +0.0536% | 1h | 0.02542 | +0.661% | $111K | $52K | 50x | as long as short |
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
Bulk MON-USD
Gate MON_USDT
KuCoin MONUSDTM
Bitget MONUSDT
Variational Omni MON
edgeX MONUSDC
GRVT MON_USDT_Perp
ApeX Omni MONUSDT
Nado MON-PERP
SoDEX MON-USD
Extended MON-USD
Aevo MON-PERP
GMX MON/USD [ETH-USDC]
Aftermath Perps MONUSD
BloFin MON-USDT
Perpl MON
Kraken Futures PF_MONUSD
Coinbase International MON-PERP-INTX