Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.003%

Price spread now: Variational Omni against Phoenix+0.128%69s7-day average −0.153% · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.012%−$1 on $10k

Price spread, last 4 days (all we have)−0.357%−$36 · spread now +0.128%, 7d avg −0.153%

Together, before fees−0.369%+ Points / potential airdropVariational Omni: Active · farm board−$37 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 Variational Omni is 0.280% dearer against Phoenix than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.153%. The two prices were read 69 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	0.02499	0	get 0.0000% / 1h	14m 10s	$12K	$355K	5x
Short	Variational Omni MON	0.02503	0.0100	get 0.0100% / 8h	2h 14m	$739K	$410K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.128%Rate

Funding earned: $21
Price spread: +0.128% → −0.153%: $28.04
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $42.04
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 33 min ago; Variational Omni: RFQ quote, 35 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 Phoenix live order book, 33 min ago	0.80 bp	12.9 bp −$13	52.5 bp −$525	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 35 min ago	8.02 bp	doesn't fit	124.2 bp −$1,242	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
Backpack MON_USDC_PERP	−0.0097%	1h	0.02514	+0.600%	$114K	$154K	10x	as long as short
Bybit MONUSDT	−0.0009%	8h	0.02509	+0.384%	$20.6M	$13.7M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02499	long leg	$12K	$355K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02512	+0.504%	$74K	$135K	25x	as long as short
01 Exchange MONUSD	+0.0016%	1h	0.02511	+0.460%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02489	−0.416%	$5K	$113	5.5x	as long as short
Aftermath Perps MONUSD	+0.0071%	1h	0.02497	−0.077%	$5K	$94K	10x	as long as short
Orderly PERP_MON_USDC	+0.0083%	4h	0.02511	+0.464%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02512	+0.504%	$818K	$767K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02509	+0.388%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02514	+0.568%	$412K	$571K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02514	+0.600%	$33.7M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02511	+0.444%	$99K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02508	+0.364%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02510	+0.424%	$139K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02511	+0.464%	$23.8M	$27.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02511	+0.464%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02479	−0.796%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02510	+0.424%	$942K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02513	+0.544%	$2.9M	$765K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02514	+0.584%	$2.7M	$2.3M	25x	as long as short
Variational Omni MONshort	+0.0100%	8h	0.02503	+0.128%	$739K	$410K	—
edgeX MONUSDC	+0.0100%	4h	0.02501	+0.052%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02502	+0.104%	$556K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02503	+0.144%	$68K	$530K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02511	+0.464%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02513	+0.553%	$47K	$283K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02512	+0.508%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02511	+0.476%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02500	+0.024%	$1.3M	$346K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02513	+0.524%	$114K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02515	+0.604%	$110K	$56K	50x	as long as short
Kraken Futures PF_MONUSD	+0.1012%	1h	0.02514	+0.574%	$270K	$119K	10x	as long as short