MON

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0563%/8h= −61.7% APRnext payment −$0.70 per $10,000 · paid last 24h −0.130%

Price spread now: Backpack against Coinbase International−0.267%7-day average −0.497% · you buy dearer than you sell

Net, funding: paid 7d − costs−$347as in the Funding arb table

Net, price: spread back to 7d avg − costs−$303as in the Price arb table

costs, in and out, $10k−$3263.261% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.211%−$21 on $10k

Price spread, last 4 days (all we have)−0.175%−$18 · spread now −0.267%, 7d avg −0.497%

Together, before fees−0.386%−$39 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.230% dearer against Coinbase International than usual: you sell high and buy low (spread −0.267% now, against its 7-day average of −0.497%): +$23 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 7 days (−0.211% in total) that is about 7.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.211% in total (about -11.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.70 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MON-PERP-INTX	0.02512	0.0456	pay 0.0057% / 1h	16m 38s	$110K	$54K	50x
Short	Backpack MON_USDC_PERP	0.02505	−0.0107	pay 0.0013% / 1h	16m 38s	$114K	$154K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.267%Rate

Funding earned: −$118.32
Price spread: −0.267% → −0.497%: $23.03
Slippage, 4 orders: −$306.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$421.36
Costs to cover: 3.261%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 31 min ago; Backpack: live order book, 31 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 Coinbase International live order book, 31 min ago	29.25 bp	144.1 bp −$144	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 31 min ago	0.80 bp	10.1 bp −$10	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_PERPshort	−0.0107%	1h	0.02505	−0.267%	$114K	$154K	10x
Bybit MONUSDT	−0.0011%	8h	0.02501	−0.434%	$20.5M	$13.7M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02499	−0.498%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02504	−0.318%	$74K	$135K	25x	as long as short
01 Exchange MONUSD	+0.0016%	1h	0.02507	−0.215%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02489	−0.912%	$5K	$113	5.5x	as long as short
Orderly PERP_MON_USDC	+0.0083%	4h	0.02504	−0.315%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02504	−0.315%	$816K	$767K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02503	−0.348%	$8K	$42	5x	as long as short
Aftermath Perps MONUSD	+0.0100%	1h	0.02490	−0.870%	$6K	$92K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02507	−0.199%	$411K	$571K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02506	−0.227%	$33.6M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02505	−0.259%	$99K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02503	−0.356%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02504	−0.315%	$138K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02504	−0.315%	$23.8M	$27.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02502	−0.394%	$4.2M	$6.1M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02479	−1.290%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02504	−0.315%	$939K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02510	−0.076%	$2.9M	$764K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02505	−0.275%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02488	−0.969%	$733K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02489	−0.928%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02502	−0.394%	$556K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	−0.434%	$68K	$530K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02503	−0.354%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02506	−0.242%	$47K	$283K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02503	−0.350%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02503	−0.358%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02506	−0.235%	$1.3M	$347K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02507	−0.215%	$114K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTXlong	+0.0456%	1h	0.02512	long leg	$110K	$54K	50x
Kraken Futures PF_MONUSD	+0.1015%	1h	0.02507	−0.200%	$269K	$119K	10x	as long as short