Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.156%

Price spread now: Backpack against Bulk+1.202%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$46as in the Price arb table

costs, in and out, $10k−$700.696% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.268%+$27 on $10k

Price spread, last 4 days (all we have)−1.076%−$108 · spread now +1.202%, 7d avg +0.043%

Together, before fees−0.808%−$81 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 1.158% dearer against Bulk than usual: you sell high and buy low, +$116 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk MON-USD	0.02555	0.0100	pay 0.0013% / 1h	54m 37s	$107K	$3K	10x
Short	Backpack MON_USDC_PERP	0.02586	0.0100	get 0.0013% / 1h	54m 37s	$129K	$141K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now +1.202%Rate

Funding earned: $0
Price spread: +1.202% → +0.043%: $115.84
Slippage, 4 orders: −$52.57
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $46.27
Costs to cover: 0.696%
Break-even: from the start

Slippage from Bulk: live order book, 24 min ago; Backpack: live order book, 23 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 Bulk live order book, 24 min ago	19.42 bp	22.9 bp −$23	52.0 bp −$520	295.3 bp −$29.5K	doesn't fit
Sell Backpack live order book, 23 min ago	0.19 bp	11.7 bp −$12	doesn't fit	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	−0.0121%	1h	0.02575	+0.783%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0104%	1h	0.02584	+1.147%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0070%	8h	0.02581	+1.018%	$21.4M	$12.0M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02576	+0.802%	$13K	$360K	5x	as long as short
Perpl MON	0.0000%	43m	0.02586	+1.233%	$128K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02588	+1.288%	$70K	$119K	25x	as long as short
Aftermath Perps MONUSD	+0.0017%	1h	0.02571	+0.645%	$2K	$74K	10x	as long as short
Orderly PERP_MON_USDC	+0.0066%	4h	0.02587	+1.252%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0090%	8h	0.02581	+1.034%	$8K	$42	5x	as long as short
Variational Omni MON	+0.0091%	8h	0.02575	+0.789%	$777K	$408K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MON	+0.0096%	1h	0.02585	+1.174%	$861K	$775K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02588	+1.292%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02586	+1.222%	$109K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02585	+1.167%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02585	+1.174%	$143K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02583	+1.096%	$24.6M	$25.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02583	+1.096%	$4.4M	$5.9M	50x	as long as short
Bulk MON-USDlong	+0.0100%	1h	0.02555	long leg	$107K	$3K	10x
Gate MON_USDT	+0.0100%	4h	0.02585	+1.174%	$996K	$867K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02585	+1.174%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02586	+1.202%	$129K	$141K	10x
edgeX MONUSDC	+0.0100%	4h	0.02571	+0.643%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02575	+0.785%	$578K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02578	+0.900%	$69K	$482K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02588	+1.277%	$396K	$546K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02586	+1.213%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02586	+1.196%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02587	+1.256%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0238%	4h	0.02589	+1.331%	$3.0M	$712K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02588	+1.280%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02586	+1.213%	$1.3M	$309K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0417%	1h	0.02588	+1.302%	$272K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02594	+1.526%	$114K	$50K	50x	as long as short