Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.027%

Price spread now: Deribit against Bybit+0.188%7-day average +0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$660.657% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 4 days (all we have)+0.561%+$56 · spread now +0.188%, 7d avg +0.126%

Together, before fees+0.666%+$67 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.063% dearer against Bybit than usual: you sell high and buy low (spread +0.188% now, against its 7-day average of +0.126%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.105%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MONUSDT	0.02548	0.0100	pay 0.0100% / 8h	6h 55m	$21.3M	$13.5M	50x
Short	Deribit MON_USDC-PERPETUAL	0.02553	0	get 0.0000% / 1h	55m 50s	$73K	$133K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.188%Rate

Funding earned: −$21
Price spread: +0.188% → +0.126%: $6.28
Slippage, 4 orders: −$47.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$80.44
Costs to cover: 0.657%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Deribit: live order book, 13 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, 3 min ago	3.92 bp	23.7 bp −$24	77.6 bp −$776	doesn't fit	doesn't fit
Sell Deribit live order book, 13 min ago	9.04 bp	12.5 bp −$13	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
Backpack MON_USDC_PERP	−0.0051%	1h	0.02553	+0.181%	$113K	$152K	10x	as long as short
Phoenix MON	0.0000%	1h	0.02557	+0.334%	$14K	$307K	5x	as long as short
Deribit MON_USDC-PERPETUALshort	0.0000%	1h	0.02553	+0.188%	$73K	$133K	25x
Injective MON/USDC PERP	+0.0033%	1h	0.02505	−1.688%	$5K	$104	5.5x	as long as short
Lighter MON	+0.0096%	1h	0.02554	+0.235%	$833K	$759K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02557	+0.352%	$8K	$42	5x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02553	+0.204%	$34.4M	$6.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02553	+0.194%	$101K	$202K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02553	+0.210%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02557	+0.369%	$142K	$89K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MONUSDT	+0.0100%	4h	0.02550	+0.078%	$24.6M	$26.8M	75x	as long as short
Bybit MONUSDTlong	+0.0100%	8h	0.02548	long leg	$21.3M	$13.5M	50x
OKX MON-USDT-SWAP	+0.0100%	4h	0.02548	0.000%	$4.3M	$6.1M	50x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02554	+0.235%	$1.1M	$1.1M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02552	+0.157%	$2.9M	$763K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02553	+0.196%	$2.8M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02549	+0.020%	$757K	$375K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02555	+0.287%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02557	+0.369%	$580K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02557	+0.353%	$69K	$545K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02553	+0.203%	$392K	$578K	10x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02554	+0.235%	$16K	$36K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02552	+0.157%	$5K	$6K	5x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	+0.275%	$105K	−$0	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02553	+0.214%	$61K	$329K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02550	+0.098%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02553	+0.208%	$7K	—	50x	as long as short
01 Exchange MONUSD	+0.0232%	1h	0.02553	+0.216%	$6K	$3K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02562	+0.549%	$1.4M	$401K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02554	+0.235%	$118K	$2.1M	10x	as long as short
Aftermath Perps MONUSD	+0.0647%	1h	0.02557	+0.345%	$4K	$97K	10x	as long as short
Kraken Futures PF_MONUSD	+0.0669%	1h	0.02554	+0.250%	$274K	$117K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0800%	1h	0.02575	+1.064%	$114K	$53K	50x	as long as short