Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC+0.0176%/8h= +19.3% APRpaid last 24h −0.005%

Price spread now: Perpl against Injective−0.568%54s7-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 Perpl

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 airdropPerpl: Active · farm boardneeds both histories

Funding pays, the price is against you. Perpl is 0.568% cheaper against Injective than usual: you would sell low and buy high (spread −0.568% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$57 on $10k: about 11 days of funding at the current rate (+$5 a day). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MON/USDC PERP	0.02517	−0.0176	get 0.0022% / 1h	42m 07s	$5K	$109	5.5x
Short	Perpl MON	0.02503	0	get 0.0000% / 43m	13m 07s	$107K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.568%Rate

Funding earned: $36.92
Price spread: −0.568% → 0.000%: −$56.81
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$33.71
Costs to cover: 0.138%
Break-even: 13.4 days

Slippage unknown: Injective: no order-book sample; Perpl: 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 Perpl no order-book sample	—	—	—	—	—

Injective and Perpl: 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
01 Exchange MONUSD	−0.0448%	1h	0.02498	−0.755%	$6K	$1K	5x	as long as short
Backpack MON_USDC_PERP	−0.0299%	1h	0.02501	−0.628%	$112K	$151K	10x	as long as short
Injective MON/USDC PERPlong	−0.0176%	1h	0.02517	long leg	$5K	$109	5.5x
Bybit MONUSDT	−0.0168%	8h	0.02499	−0.731%	$20.5M	$13.2M	50x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0150%	1h	0.02500	−0.656%	$74K	$135K	25x	as long as short
Phoenix MON	0.0000%	1h	0.02505	−0.485%	$12K	$359K	5x	as long as short
Perpl MONshort	0.0000%	43m	0.02503	−0.568%	$107K	$2.3M	10x
Orderly PERP_MON_USDC	+0.0072%	4h	0.02500	−0.675%	$16K	$41K	10x	as long as short
Variational Omni MON	+0.0086%	8h	0.02500	−0.674%	$740K	$407K	—	as long as short
Paradex MON-USD-PERP	+0.0088%	8h	0.02498	−0.756%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MON	+0.0096%	1h	0.02500	−0.675%	$842K	$747K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02502	−0.587%	$429K	$559K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02502	−0.612%	$33.8M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02502	−0.583%	$100K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02502	−0.586%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02500	−0.675%	$138K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02498	−0.739%	$23.7M	$26.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02499	−0.715%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02495	−0.863%	$102K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02501	−0.636%	$948K	$983K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02502	−0.596%	$2.8M	$752K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02502	−0.596%	$2.7M	$2.1M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02498	−0.752%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02501	−0.655%	$559K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	−0.636%	$67K	$507K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02498	−0.755%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02502	−0.613%	$48K	$521K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02500	−0.671%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02500	−0.663%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0265%	1h	0.02505	−0.466%	$2K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02502	−0.596%	$1.3M	$337K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02514	−0.139%	$110K	$57K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0544%	1h	0.02504	−0.533%	$269K	$116K	10x	as long as short