Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h +0.164%

Price spread now: Backpack against Aster+0.030%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$930.930% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.551%+$55 on $10k

Price spread, last 4 days (all we have)−0.529%−$53 · spread now +0.030%, 7d avg −0.006%

Together, before fees+0.022%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.035% dearer against Aster than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MONUSDT	0.02577	0.0100	pay 0.0050% / 4h	2h 52m	$107K	$233K	10x
Short	Backpack MON_USDC_PERP	0.02578	0.0161	get 0.0020% / 1h	52m 48s	$136K	$138K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now +0.030%Rate

Funding earned: $12.86
Price spread: +0.030% → −0.006%: $3.54
Slippage, 4 orders: −$75.01
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$76.6
Costs to cover: 0.930%
Break-even: 48.7 days

Slippage from Aster: live order book, 33 min ago; Backpack: live order book, 35 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 Aster live order book, 33 min ago	15.51 bp	32.5 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 35 min ago	0.97 bp	12.2 bp −$12	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
Injective MON/USDC PERP	−0.0739%	1h	0.02587	+0.394%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0184%	1h	0.02583	+0.220%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02574	−0.126%	$13K	$384K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02579	+0.080%	$62K	$104K	25x	as long as short
Bybit MONUSDT	+0.0002%	8h	0.02573	−0.153%	$21.5M	$11.8M	50x	as long as short
Orderly PERP_MON_USDC	+0.0092%	4h	0.02576	−0.033%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02576	−0.033%	$844K	$753K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02573	−0.140%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02581	+0.148%	$348K	$536K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02579	+0.072%	$34.7M	$7.4M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDTlong	+0.0100%	4h	0.02577	long leg	$107K	$233K	10x
dYdX MON-USD	+0.0100%	1h	0.02577	+0.007%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02575	−0.071%	$142K	$108K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02574	−0.097%	$24.5M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02573	−0.149%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02610	+1.287%	$110K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02576	−0.033%	$999K	$926K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02576	−0.033%	$2.7M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02579	+0.103%	$775K	$403K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02586	+0.345%	$48K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02587	+0.413%	$582K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02587	+0.394%	$69K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02576	−0.033%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02578	+0.064%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02574	−0.110%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0132%	1h	0.02579	+0.069%	$258K	$59K	10x	as long as short
BloFin MON-USDT	+0.0132%	4h	0.02575	−0.071%	$1.4M	$241K	75x	as long as short
Backpack MON_USDC_PERPshort	+0.0161%	1h	0.02578	+0.030%	$136K	$138K	10x
GMX MON/USD [ETH-USDC]	L +0.0313% / S −0.1052%	1h	0.02580	+0.123%	$13K	—	50x	as long as short
KuCoin MONUSDTM	+0.0360%	4h	0.02582	+0.200%	$3.1M	$790K	75x	as long as short
Aftermath Perps MONUSD	+0.0415%	1h	0.02590	+0.506%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02579	+0.080%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02625	+1.881%	$115K	$51K	50x	as long as short