Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0246%/8h= −27.0% APRpaid last 24h −0.164%

Price spread now: Bybit against Backpack−0.035%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$162as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$800.797% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.824%−$82 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.035%, 7d avg −0.114%

Together, before fees−0.677%−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.080% dearer against Backpack than usual: you sell high and buy low (spread −0.035% now, against its 7-day average of −0.114%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02585	0.0260	pay 0.0032% / 1h	44m 01s	$137K	$137K	10x
Short	Bybit MONUSDT	0.02584	0.0013	get 0.0013% / 8h	2h 44m	$21.6M	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$51.76
Price spread: −0.035% → −0.114%: $7.95
Slippage, 4 orders: −$58.7
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$123.5
Costs to cover: 0.797%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; Bybit: 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, 44 min ago	0.97 bp	12.6 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.94 bp	31.3 bp −$31	86.2 bp −$862	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	+0.085%	$6K	$107	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0137%	1h	0.02585	+0.012%	$63K	$110K	25x	as long as short
01 Exchange MONUSD	−0.0128%	1h	0.02581	−0.147%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02587	+0.074%	$13K	$384K	5x	as long as short
Bybit MONUSDTshort	+0.0013%	8h	0.02584	−0.035%	$21.6M	$11.8M	50x
Orderly PERP_MON_USDC	+0.0092%	4h	0.02584	−0.031%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02586	+0.046%	$847K	$753K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02582	−0.116%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02585	+0.010%	$349K	$534K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02586	+0.062%	$34.9M	$7.5M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02585	+0.018%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02587	+0.093%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02583	−0.070%	$143K	$107K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02586	+0.046%	$24.6M	$24.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02583	−0.070%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02575	−0.379%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02585	+0.008%	$1.0M	$929K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02586	+0.046%	$2.7M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02584	−0.050%	$776K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02585	−0.009%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02585	+0.008%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02585	+0.008%	$69K	$484K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02584	−0.031%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02585	−0.008%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02583	−0.058%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0132%	1h	0.02588	+0.110%	$263K	$63K	10x	as long as short
BloFin MON-USDT	+0.0140%	4h	0.02586	+0.046%	$1.4M	$243K	75x	as long as short
Backpack MON_USDC_PERPlong	+0.0260%	1h	0.02585	long leg	$137K	$137K	10x
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02584	−0.012%	$9K	—	50x	as long as short
KuCoin MONUSDTM	+0.0354%	4h	0.02591	+0.240%	$3.2M	$789K	75x	as long as short
Aftermath Perps MONUSD	+0.0359%	1h	0.02584	−0.050%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02583	−0.066%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02595	+0.414%	$114K	$51K	50x	as long as short