Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h +0.026%

Price spread now: Backpack against KuCoin−0.174%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$980.977% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.718%+$72 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.174%, 7d avg −0.054%

Together, before fees+0.812%+$81 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Backpack is 0.120% cheaper against KuCoin than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.054%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.718%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MONUSDTM	0.02527	0.0100	pay 0.0050% / 4h	3h 26m	$2.9M	$761K	75x
Short	Backpack MON_USDC_PERP	0.02523	0.0087	get 0.0011% / 1h	26m 56s	$112K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.174%Rate

Funding earned: −$2.74
Price spread: −0.174% → −0.054%: −$11.99
Slippage, 4 orders: −$75.72
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$112.44
Costs to cover: 0.977%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 26 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 KuCoin live order book, 5 min ago	9.91 bp	32.7 bp −$33	890.1 bp −$8,901	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	0.20 bp	11.9 bp −$12	doesn't fit	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
Injective MON/USDC PERP	−0.0203%	1h	0.02523	−0.158%	$5K	$112	5.5x	as long as short
Bybit MONUSDT	−0.0008%	8h	0.02520	−0.277%	$20.7M	$13.4M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02525	−0.067%	$12K	$358K	5x	as long as short
Orderly PERP_MON_USDC	+0.0073%	4h	0.02523	−0.158%	$16K	$48K	10x	as long as short
Backpack MON_USDC_PERPshort	+0.0087%	1h	0.02523	−0.174%	$112K	$150K	10x
Lighter MON	+0.0096%	1h	0.02523	−0.158%	$846K	$732K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02523	−0.178%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02526	−0.033%	$411K	$585K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02523	−0.158%	$34.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02524	−0.134%	$101K	$222K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02524	−0.115%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02525	−0.071%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02522	−0.198%	$24.0M	$26.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02521	−0.237%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.277%	$103K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02523	−0.158%	$943K	$983K	50x	as long as short
KuCoin MONUSDTMlong	+0.0100%	4h	0.02527	long leg	$2.9M	$761K	75x
Bitget MONUSDT	+0.0100%	4h	0.02522	−0.198%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02525	−0.097%	$747K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02524	−0.136%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02525	−0.079%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02526	−0.040%	$69K	$520K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02522	−0.198%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02523	−0.157%	$48K	$519K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02521	−0.233%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0216%	1h	0.02525	−0.099%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0226%	1h	0.02522	−0.186%	$74K	$136K	25x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02521	−0.237%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02522	−0.198%	$1.3M	$335K	75x	as long as short
Aftermath Perps MONUSD	+0.0350%	1h	0.02523	−0.177%	$2K	$74K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0368%	1h	0.02530	+0.119%	$110K	$57K	50x	as long as short
Perpl MON	+0.0447%	43m	0.02525	−0.083%	$115K	$2.2M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0722%	1h	0.02527	−0.003%	$271K	$113K	10x	as long as short