Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.018%

Price spread now: Phoenix against Bybit+0.332%7-day average +0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$630.629% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 4 days (all we have)+0.872%+$87 · spread now +0.332%, 7d avg +0.139%

Together, before fees+0.739%+$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.194% dearer against Bybit than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.139%. Mind the row above: over the last 7 days funding on this pair cost −0.133%, 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	Bybit MONUSDT	0.02528	−0.0072	get 0.0072% / 8h	5h 59m	$20.8M	$12.8M	50x
Short	Phoenix MON	0.02536	0	get 0.0000% / 1h	59m 21s	$13K	$345K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.332%Rate

Funding earned: $15.14
Price spread: +0.332% → +0.139%: $19.38
Slippage, 4 orders: −$44.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.4
Costs to cover: 0.629%
Break-even: 20.1 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 2 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, 4 min ago	1.97 bp	16.6 bp −$17	49.4 bp −$494	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	1.18 bp	13.1 bp −$13	44.7 bp −$447	doesn't fit	doesn't fit

MON on 32 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	−0.0253%	1h	0.02546	+0.712%	$6K	$105	5.5x	as long as short
01 Exchange MONUSD	−0.0112%	1h	0.02529	+0.055%	$6K	$1K	5x	as long as short
Bybit MONUSDTlong	−0.0072%	8h	0.02528	long leg	$20.8M	$12.8M	50x
Phoenix MONshort	0.0000%	1h	0.02536	+0.332%	$13K	$345K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02531	+0.123%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDC	+0.0077%	4h	0.02531	+0.119%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02533	+0.198%	$844K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02531	+0.121%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02533	+0.199%	$406K	$539K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02532	+0.158%	$34.3M	$7.5M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02534	+0.222%	$101K	$229K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02533	+0.196%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02532	+0.158%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02531	+0.122%	$24.1M	$25.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02530	+0.079%	$4.2M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02531	+0.104%	$105K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02531	+0.119%	$943K	$888K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02534	+0.237%	$2.9M	$742K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02532	+0.158%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02530	+0.087%	$118K	$153K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02533	+0.180%	$753K	$404K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02535	+0.280%	$43K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02539	+0.435%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.356%	$68K	$499K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02530	+0.079%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02533	+0.214%	$49K	$517K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02530	+0.059%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02530	+0.095%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0314%	1h	0.02537	+0.374%	$2K	$74K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02532	+0.150%	$106K	$2.3M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02532	+0.173%	$267K	$97K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02556	+1.100%	$112K	$52K	50x	as long as short