MON

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0350%/8h= +38.3% APRnext payment +$0.44 per $10,000 · paid last 24h +0.120%

Price spread now: Coinbase International against Backpack+1.123%7-day average +0.484% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$790.787% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)−0.806%−$81 · spread now +1.123%, 7d avg +0.484%

Together, before fees−0.593%−$59 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.639% dearer against Backpack than usual: you sell high and buy low: +$64 more if the spread goes back to its 7-day average of +0.484%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.213% in total (about 11.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.44 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02502	0.0018	pay 0.0002% / 1h	8m 08s	$110K	$152K	10x
Short	Coinbase International MON-PERP-INTX	0.02530	0.0368	get 0.0046% / 1h	8m 08s	$110K	$57K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +1.123%Rate

Funding earned: $73.45
Price spread: +1.123% → +0.484%: $63.88
Slippage, 4 orders: −$58.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $58.67
Costs to cover: 0.787%
Break-even: 1.4 days

Slippage from Backpack: live order book, 45 min ago; Coinbase International: live order book, 45 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, 45 min ago	0.20 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 45 min ago	17.19 bp	27.5 bp −$27	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	−0.0203%	1h	0.02515	+0.524%	$5K	$114	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02513	+0.436%	$12K	$358K	5x	as long as short
Bybit MONUSDT	+0.0006%	8h	0.02497	−0.196%	$20.5M	$13.5M	50x	as long as short
Backpack MON_USDC_PERPlong	+0.0018%	1h	0.02502	long leg	$110K	$152K	10x
Deribit MON_USDC-PERPETUAL	+0.0070%	1h	0.02501	−0.048%	$74K	$136K	25x	as long as short
Orderly PERP_MON_USDC	+0.0078%	4h	0.02499	−0.116%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02502	+0.004%	$839K	$733K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02498	−0.148%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02501	−0.042%	$404K	$586K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02503	+0.032%	$33.7M	$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	0.02499	−0.135%	$100K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02501	−0.053%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02499	−0.116%	$138K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02499	−0.116%	$23.8M	$27.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02500	−0.076%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02510	+0.328%	$103K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02499	−0.116%	$934K	$990K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02501	−0.036%	$2.9M	$765K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02502	+0.004%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02506	+0.145%	$743K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02515	+0.537%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02517	+0.594%	$567K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02517	+0.604%	$68K	$521K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02500	−0.076%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02501	−0.017%	$50K	$274K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02499	−0.096%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0200%	1h	0.02497	−0.188%	$6K	$1K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02500	−0.092%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0322%	1h	0.02509	+0.271%	$2K	$78K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02500	−0.076%	$1.3M	$338K	75x	as long as short
Coinbase International MON-PERP-INTXshort	+0.0368%	1h	0.02530	+1.123%	$110K	$57K	50x
Perpl MON	+0.0447%	43m	0.02502	+0.012%	$113K	$2.2M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0728%	1h	0.02503	+0.054%	$269K	$113K	10x	as long as short