Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.005%

Price spread now: OKX against Phoenix+0.093%7-day average −0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$660.664% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 3 days (all we have)−0.177%−$18 · spread now +0.093%, 7d avg −0.095%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.188% dearer against Phoenix than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MON	0.02580	0	get 0.0000% / 1h	29m 03s	$13K	$351K	5x
Short	OKX MON-USDT-SWAP	0.02582	0.0100	get 0.0050% / 4h	3h 29m	$4.3M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Phoenix. 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 PhoenixbpFee OKXbpOrdersPrice spread, now +0.093%Rate

Funding earned: $21
Price spread: +0.093% → −0.095%: $18.78
Slippage, 4 orders: −$49.38
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$26.6
Costs to cover: 0.664%
Break-even: 15.9 days

Slippage from Phoenix: live order book, 42 min ago; OKX: live order book, 4 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, 42 min ago	1.17 bp	13.0 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	3.89 bp	22.0 bp −$22	69.8 bp −$698	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	−0.0444%	1h	0.02576	−0.140%	$6K	$107	5.5x	as long as short
Phoenix MONlong	0.0000%	1h	0.02580	long leg	$13K	$351K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02583	+0.140%	$70K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0068%	4h	0.02581	+0.054%	$17K	$64K	10x	as long as short
01 Exchange MONUSD	+0.0088%	1h	0.02583	+0.120%	$6K	$1K	5x	as long as short
Lighter MON	+0.0096%	1h	0.02584	+0.171%	$861K	$754K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02580	+0.003%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02586	+0.244%	$394K	$534K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02586	+0.236%	$35.1M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02581	+0.055%	$107K	$231K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02581	+0.046%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02582	+0.078%	$142K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02581	+0.054%	$24.7M	$25.5M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02581	+0.054%	$21.4M	$12.2M	50x	as long as short
OKX MON-USDT-SWAPshort	+0.0100%	4h	0.02582	+0.093%	$4.3M	$5.9M	50x
Bulk MON-USD	+0.0100%	1h	0.02575	−0.178%	$106K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02581	+0.054%	$978K	$907K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02583	+0.132%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02583	+0.140%	$128K	$140K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02575	−0.194%	$778K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02576	−0.155%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02579	−0.023%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02574	−0.217%	$69K	$486K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02582	+0.093%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02586	+0.253%	$49K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02582	+0.074%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0142%	4h	0.02584	+0.171%	$3.0M	$724K	75x	as long as short
Aftermath Perps MONUSD	+0.0167%	1h	0.02579	−0.038%	$4K	$76K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02582	+0.101%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02579	−0.023%	$1.4M	$307K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02580	+0.023%	$180K	$2.0M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0462%	1h	0.02585	+0.197%	$271K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02584	+0.174%	$113K	$51K	50x	as long as short