Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0880%/8h= +96.3% APRpaid last 24h +0.033%

Price spread now: Backpack against Orderly−0.031%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.031% cheaper against Orderly than usual: you would sell low and buy high (spread −0.031% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$26 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MNT_USDC	0.6535	0.0100	pay 0.0100% / 8h	51m 44s	$1K	—	10x
Short	Backpack MNT_USDC_PERP	0.6533	0.0980	get 0.0122% / 1h	51m 44s	$41K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.031%Rate

Funding earned: $184.72
Price spread: −0.031% → 0.000%: −$3.06
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $165.66
Costs to cover: 0.160%
Break-even: 0.7 days

Slippage unknown: Orderly: no order-book sample; Backpack: 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Orderly and Backpack: 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.

MNT on 15 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6535	+0.001%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6535	+0.001%	$785	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	−0.138%	$3K	$210K	12x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6545	+0.147%	$6.6M	$930K	5x	as long as short
Bybit MNTUSDT	+0.0100%	8h	0.6534	−0.015%	$42.9M	$14.2M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6518	−0.260%	$410K	$145K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6531	−0.061%	$2.5M	$585K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6531	−0.061%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6508	−0.419%	$272K	$146K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6507	−0.428%	$11K	$633K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDClong	+0.0100%	8h	0.6535	long leg	$1K	—	10x
BloFin MNT-USDT	+0.0220%	8h	0.6528	−0.107%	$89K	$219K	25x	as long as short
Lighter MNT	+0.0248%	1h	0.6553	+0.271%	$140K	$68K	5x	as long as short
Kraken Futures PF_MNTUSD	+0.0646%	1h	0.6534	−0.021%	$17K	$20K	20x	as long as short
Backpack MNT_USDC_PERPshort	+0.0980%	1h	0.6533	−0.031%	$41K	$46K	10x