Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0415%/8h= −45.5% APRpaid last 24h +0.001%

Price spread now: Phoenix against Paradex+0.171%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.171% dearer against Paradex than usual: you sell high and buy low (spread +0.171% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex MON-USD-PERP	0.02518	0.0099	pay 0.0099% / 8h	5h 06m	$8K	$42	5x
Short	Phoenix MON	0.02522	−0.0316	pay 0.0040% / 1h	6m 52s	$12K	$367K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.171%Rate

Funding earned: −$87.18
Price spread: +0.171% → 0.000%: $17.07
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$81.11
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 54 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 54 min ago	1.18 bp	13.1 bp −$13	44.7 bp −$447	doesn't fit	doesn't fit

Paradex: 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 MONshort	−0.0316%	1h	0.02522	+0.171%	$12K	$367K	5x
Backpack MON_USDC_PERP	−0.0258%	1h	0.02520	+0.071%	$111K	$152K	10x	as long as short
Injective MON/USDC PERP	−0.0253%	1h	0.02528	+0.397%	$5K	$112	5.5x	as long as short
Bybit MONUSDT	−0.0129%	8h	0.02516	−0.075%	$20.7M	$13.1M	50x	as long as short
01 Exchange MONUSD	−0.0072%	1h	0.02519	+0.032%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02521	+0.103%	$104K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02520	+0.083%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDC	+0.0085%	4h	0.02521	+0.119%	$16K	$47K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02519	+0.040%	$840K	$738K	10x	as long as short
Paradex MON-USD-PERPlong	+0.0099%	8h	0.02518	long leg	$8K	$42	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02522	+0.149%	$410K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02520	+0.064%	$34.1M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02521	+0.101%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02522	+0.147%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02521	+0.119%	$140K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02516	−0.067%	$23.9M	$26.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02517	−0.040%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	+0.096%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02518	0.000%	$950K	$970K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02520	+0.079%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02520	+0.079%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02523	+0.199%	$749K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02522	+0.174%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02524	+0.238%	$565K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02523	+0.199%	$68K	$504K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02518	0.000%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02520	+0.075%	$48K	$513K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02519	+0.052%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0260%	1h	0.02526	+0.300%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02521	+0.107%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02517	−0.040%	$1.3M	$325K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0493%	1h	0.02522	+0.156%	$269K	$113K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02534	+0.635%	$112K	$57K	50x	as long as short