Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h +0.026%

Price spread now: Deribit against Orderly+0.004%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.087%, 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	Orderly PERP_MON_USDC	0.02527	0.0084	pay 0.0042% / 4h	1h 10m	$16K	$51K	10x
Short	Deribit MON_USDC-PERPETUAL	0.02527	0	get 0.0000% / 1h	10m 19s	$68K	$125K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$17.67
Price spread: +0.004% → 0.000%: $0.4
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$30.28
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 29 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 29 min ago	11.47 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit

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	−0.0316%	1h	0.02528	+0.047%	$12K	$367K	5x	as long as short
Backpack MON_USDC_PERP	−0.0266%	1h	0.02531	+0.174%	$112K	$152K	10x	as long as short
Injective MON/USDC PERP	−0.0253%	1h	0.02528	+0.040%	$5K	$112	5.5x	as long as short
Bybit MONUSDT	−0.0138%	8h	0.02525	−0.071%	$20.7M	$13.1M	50x	as long as short
01 Exchange MONUSD	−0.0080%	1h	0.02530	+0.119%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02527	−0.016%	$105K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUALshort	0.0000%	1h	0.02527	+0.004%	$68K	$125K	25x
Orderly PERP_MON_USDClong	+0.0084%	4h	0.02527	long leg	$16K	$51K	10x
Lighter MON	+0.0096%	1h	0.02531	+0.158%	$844K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02528	+0.058%	$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
Nado MON-PERP	+0.0100%	1h	0.02532	+0.200%	$412K	$544K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02530	+0.127%	$34.2M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02528	+0.059%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02530	+0.128%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02530	+0.111%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02527	+0.014%	$24.0M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02526	−0.040%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.260%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02528	+0.040%	$953K	$965K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02530	+0.119%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02530	+0.119%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02523	−0.158%	$749K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02525	−0.072%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02526	−0.041%	$565K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02524	−0.119%	$68K	$504K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02527	0.000%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02528	+0.025%	$48K	$513K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02527	0.000%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0256%	1h	0.02528	+0.059%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02526	−0.024%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02526	−0.040%	$1.3M	$320K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0492%	1h	0.02531	+0.162%	$270K	$113K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02534	+0.277%	$112K	$57K	50x	as long as short