Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0935%/8h= −102.4% APRpaid last 24h −0.195%

Price spread now: Orderly against Kraken Futures−0.055%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.654%−$65 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 −$28 a day on $10k at the current rate, and Orderly is 0.055% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 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 -0.654% in total (about -34.1% 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	Kraken Futures PF_MONUSD	0.02501	0.1017	pay 0.0127% / 1h	49m 36s	$269K	$112K	10x
Short	Orderly PERP_MON_USDC	0.02500	0.0083	get 0.0041% / 4h	2h 49m	$16K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.055%Rate

Funding earned: −$196.31
Price spread: −0.055% → 0.000%: −$5.48
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$217.8
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 63 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 Kraken Futures live order book, 63 min ago	13.81 bp	27.9 bp −$28	7933.6 bp −$79.3K	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	0.02498	−0.147%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02501	−0.011%	$74K	$136K	25x	as long as short
Bybit MONUSDT	+0.0016%	8h	0.02496	−0.219%	$20.5M	$13.5M	50x	as long as short
Backpack MON_USDC_PERP	+0.0019%	1h	0.02500	−0.067%	$110K	$153K	10x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02496	−0.215%	$5K	$111	5.5x	as long as short
Orderly PERP_MON_USDCshort	+0.0083%	4h	0.02500	−0.055%	$16K	$48K	10x
Lighter MON	+0.0096%	1h	0.02500	−0.055%	$838K	$732K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02497	−0.160%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02500	−0.075%	$405K	$588K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02499	−0.083%	$33.6M	$7.5M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02500	−0.040%	$100K	$218K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02500	−0.056%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02499	−0.095%	$138K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02498	−0.135%	$23.7M	$27.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02497	−0.175%	$4.2M	$6.1M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02500	−0.055%	$103K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02499	−0.095%	$934K	$985K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02504	+0.105%	$2.9M	$762K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02500	−0.055%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02497	−0.172%	$740K	$403K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02497	−0.169%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02502	+0.025%	$563K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02500	−0.055%	$68K	$525K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02498	−0.135%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02500	−0.074%	$48K	$285K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02500	−0.067%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0144%	1h	0.02499	−0.111%	$6K	$1K	5x	as long as short
Aftermath Perps MONUSD	+0.0259%	1h	0.02499	−0.097%	$2K	$78K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02500	−0.039%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02497	−0.175%	$1.3M	$337K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02501	−0.003%	$114K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02530	+1.145%	$110K	$55K	50x	as long as short
Kraken Futures PF_MONUSDlong	+0.1017%	1h	0.02501	long leg	$269K	$112K	10x