Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0199%/8h= +21.8% APRpaid last 24h −0.156%

Price spread now: Binance against Backpack+0.074%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$540.540% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.714%−$71 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now +0.074%, 7d avg −0.025%

Together, before fees−0.637%−$64 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Binance is 0.099% dearer against Backpack than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.025%. Mind the row above: over the last 7 days funding on this pair cost −0.714%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02578	−0.0099	get 0.0012% / 1h	56m 33s	$128K	$141K	10x
Short	Binance MONUSDT	0.02580	0.0100	get 0.0050% / 4h	56m 33s	$24.6M	$25.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.074%Rate

Funding earned: $41.77
Price spread: +0.074% → −0.025%: $9.88
Slippage, 4 orders: −$34
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$2.35
Costs to cover: 0.540%
Break-even: 7.4 days

Slippage from Backpack: live order book, 21 min ago; Binance: live order book, 15 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 Backpack live order book, 21 min ago	0.19 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	1.95 bp	14.7 bp −$15	61.7 bp −$617	306.3 bp −$30.6K	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	−0.0121%	1h	0.02575	−0.116%	$6K	$103	5.5x	as long as short
Backpack MON_USDC_PERPlong	−0.0099%	1h	0.02578	long leg	$128K	$141K	10x
01 Exchange MONUSD	−0.0096%	1h	0.02581	+0.097%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0074%	8h	0.02577	−0.050%	$21.3M	$11.9M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02576	−0.097%	$13K	$360K	5x	as long as short
Perpl MON	0.0000%	43m	0.02573	−0.178%	$128K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02575	−0.109%	$70K	$119K	25x	as long as short
Aftermath Perps MONUSD	+0.0020%	1h	0.02566	−0.461%	$2K	$74K	10x	as long as short
Orderly PERP_MON_USDC	+0.0066%	4h	0.02573	−0.194%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0090%	8h	0.02578	+0.004%	$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
Lighter MON	+0.0096%	1h	0.02580	+0.078%	$861K	$772K	10x	as long as short
Variational Omni MON	+0.0099%	8h	0.02554	−0.925%	$772K	$408K	—	as long as short
Hyperliquid MON	+0.0100%	1h	0.02582	+0.155%	$34.9M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02579	+0.042%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02580	+0.072%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02579	+0.050%	$142K	$105K	3x	as long as short
Binance MONUSDTshort	+0.0100%	4h	0.02580	+0.074%	$24.6M	$25.0M	75x
OKX MON-USDT-SWAP	+0.0100%	4h	0.02578	0.000%	$4.4M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−0.892%	$107K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02579	+0.039%	$995K	$867K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02582	+0.155%	$2.7M	$1.8M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02567	−0.431%	$47K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02558	−0.762%	$574K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02568	−0.388%	$68K	$482K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02581	+0.103%	$392K	$545K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02574	−0.155%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02580	+0.084%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02575	−0.112%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0240%	4h	0.02581	+0.116%	$3.0M	$711K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02575	−0.105%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02577	−0.039%	$1.3M	$308K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0419%	1h	0.02577	−0.025%	$271K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02579	+0.047%	$114K	$50K	50x	as long as short