Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0263%/8h= +28.8% APRpaid last 24h −0.034%

Price spread now: Paradex against Backpack−0.186%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.186% cheaper against Backpack than usual: you would sell low and buy high (spread −0.186% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 2.4 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack MON_USDC_PERP	0.02532	−0.0164	get 0.0021% / 1h	20m 17s	$111K	$148K	10x
Short	Paradex MON-USD-PERP	0.02527	0.0099	get 0.0099% / 8h	6h 20m	$8K	$42	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.186%Rate

Funding earned: $55.22
Price spread: −0.186% → 0.000%: −$18.55
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $22.67
Costs to cover: 0.140%
Break-even: 4.1 days

Slippage unknown: Backpack: live order book, 30 min ago; Paradex: no order-book sample. Net counts fees only.

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, 30 min ago	0.39 bp	11.9 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MON on 33 exchanges

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
Backpack MON_USDC_PERPlong	−0.0164%	1h	0.02532	long leg	$111K	$148K	10x
Phoenix MON	0.0000%	1h	0.02541	+0.355%	$13K	$307K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02531	−0.047%	$72K	$115K	25x	as long as short
Bybit MONUSDT	+0.0031%	8h	0.02528	−0.174%	$21.1M	$13.6M	50x	as long as short
Injective MON/USDC PERP	+0.0033%	1h	0.02541	+0.355%	$6K	$105	5.5x	as long as short
Lighter MON	+0.0096%	1h	0.02533	+0.039%	$831K	$765K	10x	as long as short
Paradex MON-USD-PERPshort	+0.0099%	8h	0.02527	−0.186%	$8K	$42	5x
Nado MON-PERP	+0.0100%	1h	0.02535	+0.116%	$396K	$569K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02534	+0.091%	$34.0M	$6.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02532	+0.011%	$100K	$202K	10x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02532	+0.010%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02529	−0.118%	$140K	$88K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02530	−0.079%	$24.4M	$26.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02529	−0.118%	$4.2M	$6.0M	50x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02532	0.000%	$1.0M	$1.2M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02532	0.000%	$2.9M	$756K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02531	−0.039%	$2.8M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02528	−0.159%	$756K	$379K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02539	+0.267%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02534	+0.062%	$563K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.197%	$69K	$546K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02531	−0.039%	$16K	$36K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02530	−0.079%	$5K	$6K	5x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	+0.902%	$105K	−$0	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02533	+0.042%	$58K	$326K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02530	−0.083%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0128%	1h	0.02534	+0.095%	$6K	$2K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02531	−0.039%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02526	−0.237%	$1.4M	$389K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02534	+0.067%	$117K	$2.1M	10x	as long as short
Aftermath Perps MONUSD	+0.0627%	1h	0.02537	+0.210%	$4K	$95K	10x	as long as short
Kraken Futures PF_MONUSD	+0.0674%	1h	0.02534	+0.073%	$272K	$121K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0800%	1h	0.02561	+1.157%	$113K	$51K	50x	as long as short