Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.019%

Price spread now: Deribit against Variational Omni+0.016%7-day average +0.156% · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.075%+$7 on $10k

Price spread, last 4 days (all we have)+0.650%+$65 · spread now +0.016%, 7d avg +0.156%

Together, before fees+0.725%+ Points / potential airdropVariational Omni: Active · farm board+$72 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.141% cheaper against Variational Omni than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.156%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.075%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MON	0.02531	0.0100	pay 0.0100% / 8h	5h 33m	$752K	$405K	—
Short	Deribit MON_USDC-PERPETUAL	0.02531	0	get 0.0000% / 1h	33m 36s	$68K	$125K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$21
Price spread: +0.016% → +0.156%: −$14.08
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$42.08
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 30 min ago; Deribit: live order book, 5 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 Variational Omni RFQ quote, 30 min ago	9.85 bp	doesn't fit	80.8 bp −$808	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	11.47 bp	15.0 bp −$15	doesn't fit	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
Phoenix MON	−0.0316%	1h	0.02527	−0.143%	$13K	$367K	5x	as long as short
Backpack MON_USDC_PERP	−0.0261%	1h	0.02533	+0.079%	$114K	$151K	10x	as long as short
Injective MON/USDC PERP	−0.0253%	1h	0.02535	+0.178%	$6K	$111	5.5x	as long as short
Bybit MONUSDT	−0.0155%	8h	0.02532	+0.063%	$20.8M	$12.9M	50x	as long as short
01 Exchange MONUSD	−0.0008%	1h	0.02535	+0.193%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02532	+0.063%	$105K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUALshort	0.0000%	1h	0.02531	+0.016%	$68K	$125K	25x
Orderly PERP_MON_USDC	+0.0083%	4h	0.02531	+0.019%	$16K	$51K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02535	+0.178%	$845K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02535	+0.165%	$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
Hyperliquid MON	+0.0100%	1h	0.02534	+0.150%	$34.3M	$7.4M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02532	+0.052%	$101K	$229K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02530	0.000%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02533	+0.099%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02533	+0.099%	$24.1M	$26.1M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02534	+0.138%	$4.2M	$5.8M	50x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02532	+0.059%	$954K	$926K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02535	+0.178%	$2.9M	$742K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02535	+0.178%	$2.7M	$2.0M	25x	as long as short
Variational Omni MONlong	+0.0100%	8h	0.02531	long leg	$752K	$405K	—
edgeX MONUSDC	+0.0100%	4h	0.02535	+0.174%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02538	+0.294%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02536	+0.217%	$68K	$501K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02537	+0.246%	$408K	$541K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02531	+0.019%	$5K	$6K	5x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02530	−0.020%	$105K	$4K	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02536	+0.218%	$50K	$516K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02531	+0.019%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0247%	1h	0.02532	+0.041%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02530	−0.004%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02539	+0.336%	$1.3M	$308K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02532	+0.065%	$270K	$100K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02533	+0.083%	$111K	$52K	50x	as long as short