Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0351%/8h= +38.5% APRpaid last 24h +0.016%

Price spread now: Paradex against Injective−0.221%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.221% cheaper against Injective than usual: you would sell low and buy high (spread −0.221% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 2.1 days of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MON/USDC PERP	0.02531	−0.0253	get 0.0032% / 1h	53m 02s	$5K	$106	5.5x
Short	Paradex MON-USD-PERP	0.02525	0.0099	get 0.0099% / 8h	5h 53m	$8K	$42	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Injective. 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 InjectivebpFee ParadexbpOrdersPrice spread, now −0.221%Rate

Funding earned: $73.76
Price spread: −0.221% → 0.000%: −$22.07
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: $47.67
Costs to cover: 0.040%
Break-even: 2.5 days

Slippage unknown: Injective: no order-book sample; Paradex: 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 Injective no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

Injective and Paradex: 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 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
Phoenix MON	−0.0316%	1h	0.02527	−0.142%	$13K	$367K	5x	as long as short
Injective MON/USDC PERPlong	−0.0253%	1h	0.02531	long leg	$5K	$106	5.5x
Bybit MONUSDT	−0.0057%	8h	0.02533	+0.059%	$20.8M	$12.8M	50x	as long as short
Backpack MON_USDC_PERP	−0.0049%	1h	0.02534	+0.119%	$118K	$148K	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02533	+0.063%	$68K	$125K	25x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02527	−0.170%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0077%	4h	0.02531	0.000%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02533	+0.079%	$844K	$738K	10x	as long as short
Paradex MON-USD-PERPshort	+0.0099%	8h	0.02525	−0.221%	$8K	$42	5x
Nado MON-PERP	+0.0100%	1h	0.02529	−0.075%	$405K	$539K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02537	+0.225%	$34.4M	$7.4M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02529	−0.070%	$101K	$229K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02530	−0.047%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02530	−0.055%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02534	+0.114%	$24.1M	$25.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02533	+0.079%	$4.2M	$5.8M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02530	−0.040%	$105K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02530	−0.040%	$951K	$912K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02531	0.000%	$2.9M	$742K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02536	+0.198%	$2.7M	$2.0M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02538	+0.280%	$750K	$404K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02526	−0.216%	$43K	$247K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02527	−0.168%	$565K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02524	−0.277%	$68K	$498K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02531	0.000%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02537	+0.225%	$48K	$518K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02532	+0.020%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02531	+0.016%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0317%	1h	0.02532	+0.039%	$2K	$74K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02530	−0.047%	$105K	$2.3M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02533	+0.066%	$267K	$97K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02535	+0.142%	$111K	$51K	50x	as long as short