Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.164%

Price spread now: Backpack against Bybit+0.166%7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$780.785% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.824%+$82 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now +0.166%, 7d avg +0.114%

Together, before fees+0.546%+$55 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.052% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.114%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MONUSDT	0.02592	−0.0010	get 0.0010% / 8h	2h 26m	$21.6M	$11.8M	50x
Short	Backpack MON_USDC_PERP	0.02596	0.0243	get 0.0030% / 1h	26m 48s	$137K	$136K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.166%Rate

Funding earned: $53.13
Price spread: +0.166% → +0.114%: $5.16
Slippage, 4 orders: −$57.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.21
Costs to cover: 0.785%
Break-even: 9.7 days

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 61 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 Bybit live order book, 2 min ago	1.93 bp	28.5 bp −$28	80.8 bp −$808	doesn't fit	doesn't fit
Sell Backpack live order book, 61 min ago	0.97 bp	12.2 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	−0.0739%	1h	0.02596	+0.154%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0264%	1h	0.02593	+0.046%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0174%	1h	0.02595	+0.108%	$63K	$110K	25x	as long as short
Bybit MONUSDTlong	−0.0010%	8h	0.02592	long leg	$21.6M	$11.8M	50x
Phoenix MON	0.0000%	1h	0.02591	−0.023%	$13K	$384K	5x	as long as short
Orderly PERP_MON_USDC	+0.0091%	4h	0.02594	+0.077%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02593	+0.034%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02596	+0.154%	$850K	$753K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02594	+0.092%	$375K	$527K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02598	+0.247%	$35.0M	$7.5M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02592	−0.001%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02595	+0.104%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02593	+0.046%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02594	+0.092%	$24.6M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02592	0.000%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02600	+0.309%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02593	+0.039%	$1.0M	$933K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02596	+0.154%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02593	+0.053%	$778K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02595	+0.120%	$48K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02593	+0.039%	$582K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02594	+0.077%	$69K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02593	+0.039%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02597	+0.204%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02593	+0.046%	$39K	—	3x	as long as short
BloFin MON-USDT	+0.0109%	4h	0.02588	−0.154%	$1.4M	$245K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02597	+0.199%	$268K	$67K	10x	as long as short
Aftermath Perps MONUSD	+0.0210%	1h	0.02594	+0.080%	$2K	$73K	10x	as long as short
Backpack MON_USDC_PERPshort	+0.0243%	1h	0.02596	+0.166%	$137K	$136K	10x
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02595	+0.127%	$9K	—	50x	as long as short
KuCoin MONUSDTM	+0.0334%	4h	0.02599	+0.270%	$3.2M	$745K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02594	+0.066%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02609	+0.652%	$115K	$49K	50x	as long as short