Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.030%

Price spread now: Variational Omni against Lighter−0.137%7-day average −0.186% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.089%−$9 on $10k

Price spread, last 3 days (all we have)+0.284%+$28 · spread now −0.137%, 7d avg −0.186%

Together, before fees+0.195%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.049% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.186%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MON	0.02592	0.0096	pay 0.0012% / 1h	8m 45s	$851K	$758K	10x
Short	Variational Omni MON	0.02588	0.0100	get 0.0100% / 8h	2h 08m	$782K	$412K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.137%Rate

Funding earned: $0.84
Price spread: −0.137% → −0.186%: $4.93
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $5.77
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 11 min ago; Variational Omni: RFQ quote, 15 min ago. 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 Lighter live order book, 11 min ago	7.69 bp	16.8 bp −$17	114.8 bp −$1,148	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 15 min ago	17.36 bp	doesn't fit	187.1 bp −$1,871	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	−0.0739%	1h	0.02599	+0.270%	$6K	$110	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0482%	1h	0.02592	+0.004%	$66K	$114K	25x	as long as short
01 Exchange MONUSD	−0.0264%	1h	0.02585	−0.274%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0015%	8h	0.02589	−0.123%	$21.6M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02592	−0.008%	$13K	$384K	5x	as long as short
Paradex MON-USD-PERP	+0.0083%	8h	0.02590	−0.068%	$8K	$42	5x	as long as short
Orderly PERP_MON_USDC	+0.0084%	4h	0.02588	−0.154%	$17K	$64K	10x	as long as short
BloFin MON-USDT	+0.0095%	4h	0.02592	0.000%	$1.4M	$246K	75x	as long as short
Lighter MONlong	+0.0096%	1h	0.02592	long leg	$851K	$758K	10x
Nado MON-PERP	+0.0100%	1h	0.02593	+0.049%	$387K	$534K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02593	+0.046%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02589	−0.107%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02598	+0.248%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02591	−0.039%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02590	−0.077%	$24.6M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02587	−0.193%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02600	+0.309%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02592	0.000%	$1.0M	$935K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02593	+0.039%	$2.8M	$1.8M	25x	as long as short
Variational Omni MONshort	+0.0100%	8h	0.02588	−0.137%	$782K	$412K	—
edgeX MONUSDC	+0.0100%	4h	0.02591	−0.051%	$48K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02594	+0.078%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02592	0.000%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02590	−0.077%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02593	+0.042%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02590	−0.077%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0113%	1h	0.02596	+0.149%	$2K	$73K	10x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02595	+0.107%	$267K	$67K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02593	+0.042%	$9K	—	50x	as long as short
Backpack MON_USDC_PERP	+0.0287%	1h	0.02592	+0.004%	$138K	$137K	10x	as long as short
KuCoin MONUSDTM	+0.0360%	4h	0.02596	+0.154%	$3.2M	$747K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02591	−0.027%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02607	+0.567%	$114K	$50K	50x	as long as short