Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.145%

Price spread now: Backpack against Pacifica+0.086%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$620.623% of the position

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.704%+$70 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now +0.086%, 7d avg +0.002%

Together, before fees+0.487%+ Points / potential airdropPacifica: Active · farm board+$49 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: Backpack is 0.084% dearer against Pacifica than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica MON	0.02563	0.0100	pay 0.0013% / 1h	4m 05s	$141K	$104K	3x
Short	Backpack MON_USDC_PERP	0.02565	0.0100	get 0.0013% / 1h	4m 05s	$127K	$141K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → +0.002%: $8.4
Slippage, 4 orders: −$44.26
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$53.86
Costs to cover: 0.623%
Break-even: never at this rate

Slippage from Pacifica: live order book, 9 min ago; Backpack: live order book, 9 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 Pacifica live order book, 9 min ago	3.91 bp	20.9 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	0.19 bp	11.8 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	−0.0121%	1h	0.02559	−0.156%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0096%	1h	0.02563	0.000%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0034%	8h	0.02561	−0.078%	$21.1M	$12.1M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02558	−0.215%	$13K	$360K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02565	+0.086%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02562	−0.039%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02565	+0.078%	$852K	$794K	10x	as long as short
Paradex MON-USD-PERP	+0.0097%	8h	0.02562	−0.038%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02566	+0.100%	$391K	$541K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02567	+0.152%	$34.7M	$7.6M	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	0.02564	+0.025%	$107K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02564	+0.026%	$13K	—	5x	as long as short
Pacifica MONlong	+0.0100%	1h	0.02563	long leg	$141K	$104K	3x
Binance MONUSDT	+0.0100%	4h	0.02564	+0.048%	$24.5M	$25.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02563	0.000%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−0.314%	$107K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02563	0.000%	$979K	$914K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02565	+0.078%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERPshort	+0.0100%	1h	0.02565	+0.086%	$127K	$141K	10x
Variational Omni MON	+0.0100%	8h	0.02554	−0.345%	$772K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02555	−0.311%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02560	−0.118%	$580K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02557	−0.234%	$68K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02563	0.000%	$5K	$6K	5x	as long as short
Aftermath Perps MONUSD	+0.0102%	1h	0.02559	−0.140%	$3K	$75K	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02567	+0.170%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02564	+0.020%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0254%	4h	0.02569	+0.234%	$3.0M	$718K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02565	+0.074%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02554	−0.351%	$1.3M	$306K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0421%	1h	0.02566	+0.107%	$269K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02565	+0.066%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.791%	$115K	$50K	50x	as long as short