Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0095%/8h= +10.5% APRpaid last 24h −0.005%

Price spread now: Paradex against Phoenix−0.263%106s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Paradex

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

Funding pays, the price is against you. Paradex is 0.263% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.263% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 9.2 days of funding at the current rate (+$3 a day). The two prices were read 106 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	0.02563	0	get 0.0000% / 1h	19m 38s	$13K	$360K	5x
Short	Paradex MON-USD-PERP	0.02556	0.0095	get 0.0095% / 8h	19m 38s	$8K	$42	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.263%Rate

Funding earned: $20.04
Price spread: −0.263% → 0.000%: −$26.28
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$17.23
Costs to cover: 0.110%
Break-even: 13.0 days

Slippage unknown: Phoenix: live order book, 57 min ago; Paradex: no order-book sample. 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 Phoenix live order book, 57 min ago	1.16 bp	12.9 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

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
Injective MON/USDC PERP	−0.0121%	1h	0.02576	+0.519%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0080%	1h	0.02555	−0.316%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0030%	8h	0.02555	−0.300%	$21.1M	$12.1M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02563	long leg	$13K	$360K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02557	−0.242%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0068%	4h	0.02555	−0.300%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0091%	1h	0.02566	+0.114%	$3K	$75K	10x	as long as short
Paradex MON-USD-PERPshort	+0.0095%	8h	0.02556	−0.263%	$8K	$42	5x
Lighter MON	+0.0096%	1h	0.02558	−0.183%	$849K	$794K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02559	−0.157%	$390K	$545K	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	0.02560	−0.109%	$34.6M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02557	−0.205%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02559	−0.148%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02558	−0.191%	$141K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02555	−0.300%	$24.4M	$25.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02556	−0.261%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−0.300%	$107K	$390	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02558	−0.183%	$974K	$911K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02560	−0.105%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02556	−0.246%	$127K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02557	−0.216%	$775K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02561	−0.056%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02564	+0.051%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02562	−0.027%	$68K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02555	−0.300%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02560	−0.086%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02556	−0.258%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0246%	4h	0.02562	−0.027%	$3.0M	$718K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02557	−0.219%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02556	−0.261%	$1.3M	$306K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02559	−0.157%	$269K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02557	−0.211%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.803%	$115K	$50K	50x	as long as short