Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h +0.004%

Price spread now: Phoenix against Orderly+0.230%54s7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.230% dearer against Orderly than usual: you sell high and buy low (spread +0.230% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 9.2 days. 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	Orderly PERP_MON_USDC	0.02478	0.0083	pay 0.0042% / 4h	2h 33m	$16K	$48K	10x
Short	Phoenix MON	0.02484	0	get 0.0000% / 1h	33m 24s	$12K	$355K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.230%Rate

Funding earned: −$17.52
Price spread: +0.230% → 0.000%: $23
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.52
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 13 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 Phoenix live order book, 13 min ago	0.80 bp	12.9 bp −$13	44.6 bp −$446	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
Backpack MON_USDC_PERP	−0.0120%	1h	0.02478	−0.008%	$115K	$156K	10x	as long as short
Bybit MONUSDT	−0.0004%	8h	0.02471	−0.282%	$20.3M	$13.6M	50x	as long as short
Phoenix MONshort	0.0000%	1h	0.02484	+0.230%	$12K	$355K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02476	−0.081%	$73K	$136K	25x	as long as short
01 Exchange MONUSD	+0.0032%	1h	0.02473	−0.214%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02496	+0.726%	$5K	$111	5.5x	as long as short
Orderly PERP_MON_USDClong	+0.0083%	4h	0.02478	long leg	$16K	$48K	10x
Lighter MON	+0.0096%	1h	0.02475	−0.121%	$819K	$752K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02474	−0.167%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02476	−0.090%	$403K	$579K	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	0.02476	−0.065%	$33.2M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02475	−0.133%	$98K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02472	−0.238%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02475	−0.121%	$137K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02472	−0.242%	$23.5M	$27.4M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02473	−0.202%	$4.1M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02490	+0.484%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02472	−0.242%	$924K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02474	−0.161%	$2.8M	$763K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02475	−0.121%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02482	+0.166%	$737K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02489	+0.456%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02488	+0.389%	$560K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02490	+0.484%	$68K	$528K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02475	−0.121%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02472	−0.257%	$47K	$288K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02475	−0.125%	$37K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0213%	1h	0.02484	+0.255%	$5K	$81K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02475	−0.101%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02491	+0.525%	$1.3M	$345K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02476	−0.085%	$113K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02530	+2.098%	$110K	$54K	50x	as long as short
Kraken Futures PF_MONUSD	+0.1027%	1h	0.02479	+0.021%	$266K	$114K	10x	as long as short