Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: Phoenix against Gate+0.322%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$700.703% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 4 days (all we have)−0.265%−$27 · spread now +0.322%, 7d avg +0.046%

Together, before fees−0.488%−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.275% dearer against Gate than usual: you sell high and buy low (spread +0.322% now, against its 7-day average of +0.046%): +$28 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 9.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MON_USDT	0.02485	0.0100	pay 0.0050% / 4h	1h 33m	$925K	$1.0M	50x
Short	Phoenix MON	0.02493	0	get 0.0000% / 1h	33m 24s	$13K	$353K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.322%Rate

Funding earned: −$21
Price spread: +0.322% → +0.046%: $27.54
Slippage, 4 orders: −$48.25
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$63.71
Costs to cover: 0.703%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Phoenix: live order book, 8 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 Gate live order book, 4 min ago	4.01 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 8 min ago	1.20 bp	12.9 bp −$13	44.5 bp −$445	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
Phoenix MONshort	0.0000%	1h	0.02493	+0.322%	$13K	$353K	5x
Bybit MONUSDT	+0.0057%	8h	0.02485	0.000%	$20.4M	$13.7M	50x	as long as short
Orderly PERP_MON_USDC	+0.0085%	4h	0.02486	+0.040%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02487	+0.080%	$797K	$787K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02484	−0.044%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02490	+0.189%	$396K	$573K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02484	−0.027%	$98K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02485	−0.017%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02486	+0.040%	$138K	$91K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02486	+0.022%	$23.6M	$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
OKX MON-USDT-SWAP	+0.0100%	4h	0.02487	+0.080%	$4.2M	$6.1M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02500	+0.604%	$103K	$1K	10x	as long as short
Gate MON_USDTlong	+0.0100%	4h	0.02485	long leg	$925K	$1.0M	50x
KuCoin MONUSDTM	+0.0100%	4h	0.02489	+0.161%	$2.8M	$764K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02486	+0.040%	$2.7M	$2.3M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02486	+0.024%	$111K	$155K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02489	+0.164%	$739K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02495	+0.421%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02497	+0.483%	$555K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02494	+0.362%	$68K	$536K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02486	+0.040%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02489	+0.153%	$48K	$266K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02485	+0.020%	$38K	—	3x	as long as short
Injective MON/USDC PERP	+0.0109%	1h	0.02489	+0.161%	$5K	$111	5.5x	as long as short
Aftermath Perps MONUSD	+0.0189%	1h	0.02492	+0.293%	$6K	$100K	10x	as long as short
01 Exchange MONUSD	+0.0216%	1h	0.02488	+0.109%	$7K	$2K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02490	+0.205%	$6K	—	50x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0273%	1h	0.02487	+0.080%	$72K	$138K	25x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02483	−0.080%	$1.3M	$346K	75x	as long as short
Hyperliquid MON	+0.0390%	1h	0.02489	+0.169%	$33.6M	$7.8M	5x	as long as short
Perpl MON	+0.0447%	43m	0.02488	+0.117%	$114K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0576%	1h	0.02496	+0.443%	$110K	$54K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0849%	1h	0.02489	+0.148%	$267K	$119K	10x	as long as short