Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h −0.132%

Price spread now: BloFin against Backpack−0.127%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$520.519% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.538%−$54 on $10k

Price spread, last 3 days (all we have)+0.362%+$36 · spread now −0.127%, 7d avg −0.005%

Together, before fees−0.176%−$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.123% cheaper against Backpack than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of −0.005%). If the spread goes back, that is −$12 on $10k: about 41 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.538%, 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	0.02591	0.0100	pay 0.0013% / 1h	52m 26s	$129K	$141K	10x
Short	BloFin MON-USDT	0.02588	0.0340	get 0.0170% / 4h	52m 26s	$1.3M	$310K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.127%Rate

Funding earned: $50.4
Price spread: −0.127% → −0.005%: −$12.27
Slippage, 4 orders: −$29.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$13.81
Costs to cover: 0.519%
Break-even: 8.9 days

Slippage from Backpack: live order book, 26 min ago; BloFin: live order book, 5 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, 26 min ago	0.19 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.94 bp	15.1 bp −$15	40.3 bp −$403	161.4 bp −$16.1K	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	−0.629%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0096%	1h	0.02588	−0.135%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0070%	8h	0.02581	−0.397%	$21.4M	$12.0M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02576	−0.610%	$13K	$360K	5x	as long as short
Perpl MON	0.0000%	43m	0.02587	−0.151%	$128K	$1.8M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02586	−0.216%	$70K	$119K	25x	as long as short
Aftermath Perps MONUSD	+0.0037%	1h	0.02579	−0.476%	$2K	$74K	10x	as long as short
Orderly PERP_MON_USDC	+0.0066%	4h	0.02583	−0.320%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0091%	8h	0.02586	−0.203%	$8K	$42	5x	as long as short
Variational Omni MON	+0.0091%	8h	0.02575	−0.623%	$777K	$408K	—	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	0.02588	−0.127%	$859K	$779K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02590	−0.068%	$397K	$547K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02588	−0.116%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02589	−0.076%	$109K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02588	−0.115%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02589	−0.089%	$143K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02585	−0.229%	$24.6M	$25.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02583	−0.320%	$4.4M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−1.401%	$107K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02589	−0.089%	$997K	$868K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02586	−0.205%	$2.7M	$1.8M	25x	as long as short
Backpack MON_USDC_PERPlong	+0.0100%	1h	0.02591	long leg	$129K	$141K	10x
edgeX MONUSDC	+0.0100%	4h	0.02584	−0.297%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02587	−0.166%	$580K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02578	−0.513%	$69K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02584	−0.282%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02587	−0.184%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02584	−0.286%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0232%	4h	0.02593	+0.066%	$3.0M	$713K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02585	−0.239%	$9K	—	50x	as long as short
BloFin MON-USDTshort	+0.0340%	4h	0.02588	−0.127%	$1.3M	$310K	75x
Kraken Futures PF_MONUSD	+0.0417%	1h	0.02589	−0.094%	$272K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02594	+0.104%	$114K	$50K	50x	as long as short