Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0300%/8h= −32.9% APRpaid last 24h −0.023%

Price spread now: Orderly against Deribit−0.044%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Orderly is 0.044% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% a year). A funding rate is set anew for every payment. 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	Deribit MON_USDC-PERPETUAL	0.02505	0.0389	pay 0.0049% / 1h	3m 15s	$73K	$138K	25x
Short	Orderly PERP_MON_USDC	0.02504	0.0089	get 0.0044% / 4h	1h 03m	$16K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.044%Rate

Funding earned: −$63.07
Price spread: −0.044% → 0.000%: −$4.39
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$80.46
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 16 min ago; Orderly: no order-book sample. Net counts fees only.

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 Deribit live order book, 16 min ago	9.00 bp	12.5 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Phoenix MON	0.0000%	1h	0.02505	−0.004%	$13K	$353K	5x	as long as short
Perpl MON	0.0000%	43m	0.02505	0.000%	$126K	$2.2M	10x	as long as short
Orderly PERP_MON_USDCshort	+0.0089%	4h	0.02504	−0.044%	$16K	$48K	10x
Lighter MON	+0.0096%	1h	0.02507	+0.076%	$804K	$787K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02504	−0.044%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02510	+0.196%	$393K	$575K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02504	−0.025%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02503	−0.076%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02505	−0.008%	$139K	$91K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02504	−0.044%	$23.8M	$27.6M	75x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MONUSDT	+0.0100%	8h	0.02503	−0.084%	$20.7M	$13.8M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02504	−0.044%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02500	−0.204%	$103K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02505	−0.004%	$934K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02509	+0.156%	$2.9M	$766K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02506	+0.036%	$2.7M	$2.3M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02507	+0.064%	$110K	$156K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02504	−0.061%	$743K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02505	−0.001%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02507	+0.074%	$565K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02506	+0.036%	$68K	$536K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02504	−0.044%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02509	+0.151%	$47K	$268K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02503	−0.076%	$38K	—	3x	as long as short
Injective MON/USDC PERP	+0.0109%	1h	0.02500	−0.204%	$5K	$113	5.5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02503	−0.100%	$6K	—	50x	as long as short
01 Exchange MONUSD	+0.0272%	1h	0.02507	+0.084%	$6K	$3K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02506	+0.036%	$1.3M	$348K	75x	as long as short
Deribit MON_USDC-PERPETUALlong	+0.0389%	1h	0.02505	long leg	$73K	$138K	25x
Hyperliquid MON	+0.0422%	1h	0.02509	+0.164%	$33.9M	$7.8M	5x	as long as short
Aftermath Perps MONUSD	+0.0460%	1h	0.02504	−0.028%	$6K	$100K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0576%	1h	0.02511	+0.244%	$110K	$53K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0843%	1h	0.02507	+0.089%	$269K	$119K	10x	as long as short