Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.071%

Price spread now: KuCoin against Phoenix−0.408%48s7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1081.083% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.258%+$26 on $10k

Price spread, last 4 days (all we have)+0.342%+$34 · spread now −0.408%, 7d avg +0.038%

Together, before fees+0.601%+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.447% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.408% now, against its 7-day average of +0.038%). If the spread goes back, that is −$45 on $10k: about 15 days of funding at the current rate (+$3 a day). The two prices were read 48 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	Phoenix MON	0.02522	0	get 0.0000% / 1h	48m 35s	$13K	$281K	5x
Short	KuCoin MONUSDTM	0.02512	0.0100	get 0.0050% / 4h	1h 48m	$2.8M	$753K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhoenixbpFee KuCoinbpOrdersPrice spread, now −0.408%Rate

Funding earned: $21
Price spread: −0.408% → +0.038%: −$44.65
Slippage, 4 orders: −$89.3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$131.95
Costs to cover: 1.083%
Break-even: 51.0 days

Slippage from Phoenix: live order book, 61 min ago; KuCoin: live order book, 1 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 Phoenix live order book, 61 min ago	1.18 bp	13.1 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell KuCoin live order book, 1 min ago	11.93 bp	50.3 bp −$50	457.4 bp −$4,574	doesn't fit	doesn't fit

MON on 33 exchanges

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
Deribit MON_USDC-PERPETUAL	−0.0426%	1h	0.02512	−0.400%	$76K	$115K	25x	as long as short
Backpack MON_USDC_PERP	−0.0248%	1h	0.02512	−0.396%	$113K	$150K	10x	as long as short
Injective MON/USDC PERP	−0.0246%	1h	0.02541	+0.741%	$6K	$101	5.5x	as long as short
01 Exchange MONUSD	−0.0232%	1h	0.02508	−0.571%	$6K	$2K	5x	as long as short
Phoenix MONlong	0.0000%	1h	0.02522	long leg	$13K	$281K	5x
Bybit MONUSDT	+0.0038%	8h	0.02509	−0.527%	$21.0M	$13.5M	50x	as long as short
Paradex MON-USD-PERP	+0.0090%	8h	0.02510	−0.472%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02514	−0.329%	$824K	$737K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02514	−0.345%	$391K	$571K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02514	−0.333%	$33.7M	$6.5M	5x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02513	−0.383%	$99K	$205K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02513	−0.379%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02512	−0.408%	$139K	$85K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02510	−0.488%	$24.1M	$26.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02510	−0.488%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.079%	$103K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02512	−0.408%	$1.1M	$1.2M	50x	as long as short
KuCoin MONUSDTMshort	+0.0100%	4h	0.02512	−0.408%	$2.8M	$753K	75x
Bitget MONUSDT	+0.0100%	4h	0.02513	−0.369%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02511	−0.454%	$750K	$378K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02513	−0.368%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02524	+0.069%	$571K	$1.4M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02516	−0.250%	$68K	$548K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02512	−0.408%	$16K	$36K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02511	−0.448%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02513	−0.377%	$59K	$323K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02512	−0.424%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02517	−0.214%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02513	−0.369%	$1.4M	$387K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02513	−0.377%	$116K	$2.1M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0699%	1h	0.02514	−0.316%	$271K	$124K	10x	as long as short
Aftermath Perps MONUSD	+0.0706%	1h	0.02520	−0.084%	$5K	$96K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02516	−0.250%	$106K	$55K	50x	as long as short