Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0407%/8h= +44.5% APRpaid last 24h −0.037%

Price spread now: KuCoin against Backpack−0.024%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$191as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1151.146% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.760%−$76 on $10k

Price spread, last 4 days (all we have)+0.115%+$11 · spread now −0.024%, 7d avg +0.056%

Together, before fees−0.645%−$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.080% cheaper against Backpack than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.056%). If the spread goes back, that is −$8 on $10k: about 16 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 7 days funding on this pair cost −0.760%, 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	0.02503	−0.0307	get 0.0038% / 1h	41m 05s	$112K	$151K	10x
Short	KuCoin MONUSDTM	0.02502	0.0100	get 0.0050% / 4h	41m 05s	$2.8M	$752K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.024%Rate

Funding earned: $85.37
Price spread: −0.024% → +0.056%: −$7.96
Slippage, 4 orders: −$92.58
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$37.17
Costs to cover: 1.146%
Break-even: 10.0 days

Slippage from Backpack: live order book, 17 min ago; KuCoin: live order book, 6 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, 17 min ago	0.20 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	15.99 bp	47.3 bp −$47	462.9 bp −$4,629	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
01 Exchange MONUSD	−0.0440%	1h	0.02499	−0.152%	$6K	$1K	5x	as long as short
Backpack MON_USDC_PERPlong	−0.0307%	1h	0.02503	long leg	$112K	$151K	10x
Injective MON/USDC PERP	−0.0176%	1h	0.02517	+0.575%	$5K	$109	5.5x	as long as short
Bybit MONUSDT	−0.0173%	8h	0.02500	−0.104%	$20.5M	$13.2M	50x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0150%	1h	0.02501	−0.060%	$74K	$135K	25x	as long as short
Phoenix MON	0.0000%	1h	0.02499	−0.144%	$12K	$359K	5x	as long as short
Perpl MON	0.0000%	43m	0.02502	−0.036%	$107K	$2.3M	10x	as long as short
Orderly PERP_MON_USDC	+0.0071%	4h	0.02501	−0.064%	$16K	$41K	10x	as long as short
Variational Omni MON	+0.0079%	8h	0.02498	−0.202%	$740K	$407K	—	as long as short
Paradex MON-USD-PERP	+0.0088%	8h	0.02499	−0.138%	$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	0.02501	−0.064%	$842K	$747K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02502	−0.015%	$429K	$560K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02503	+0.024%	$33.8M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02502	−0.010%	$100K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02502	−0.013%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02500	−0.104%	$138K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02501	−0.064%	$23.8M	$26.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02500	−0.104%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02495	−0.293%	$102K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02501	−0.064%	$948K	$983K	50x	as long as short
KuCoin MONUSDTMshort	+0.0100%	4h	0.02502	−0.024%	$2.8M	$752K	75x
Bitget MONUSDT	+0.0100%	4h	0.02504	+0.056%	$2.7M	$2.1M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02500	−0.115%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02501	−0.083%	$559K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	−0.064%	$67K	$507K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02500	−0.104%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02504	+0.071%	$48K	$521K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02501	−0.080%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02501	−0.048%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0267%	1h	0.02504	+0.075%	$2K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02499	−0.144%	$1.3M	$337K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02514	+0.436%	$110K	$57K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0544%	1h	0.02504	+0.055%	$269K	$116K	10x	as long as short