Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.005%

Price spread now: Phoenix against Binance−0.150%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$570.567% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.264%−$26 on $10k

Price spread, last 3 days (all we have)+0.581%+$58 · spread now −0.150%, 7d avg +0.050%

Together, before fees+0.317%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.200% cheaper against Binance than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MONUSDT	0.02598	0.0100	pay 0.0050% / 4h	2h 22m	$24.7M	$24.6M	75x
Short	Phoenix MON	0.02594	0	get 0.0000% / 1h	22m 40s	$13K	$384K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$21
Price spread: −0.150% → +0.050%: −$20.02
Slippage, 4 orders: −$39.68
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$97.71
Costs to cover: 0.567%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Phoenix: live order book, 64 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 Binance live order book, 4 min ago	1.93 bp	13.3 bp −$13	49.3 bp −$493	493.3 bp −$49.3K	doesn't fit
Sell Phoenix live order book, 64 min ago	1.16 bp	12.9 bp −$13	44.4 bp −$444	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	0.02596	−0.077%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0240%	1h	0.02598	+0.004%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0096%	1h	0.02598	+0.015%	$63K	$110K	25x	as long as short
Bybit MONUSDT	0.0000%	8h	0.02596	−0.077%	$21.7M	$11.8M	50x	as long as short
Phoenix MONshort	0.0000%	1h	0.02594	−0.150%	$13K	$384K	5x
Orderly PERP_MON_USDC	+0.0091%	4h	0.02598	0.000%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02597	−0.022%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02601	+0.115%	$854K	$758K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02601	+0.120%	$374K	$527K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02601	+0.119%	$35.0M	$7.4M	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	0.02599	+0.033%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02597	−0.033%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02599	+0.038%	$143K	$106K	3x	as long as short
Binance MONUSDTlong	+0.0100%	4h	0.02598	long leg	$24.7M	$24.6M	75x
OKX MON-USDT-SWAP	+0.0100%	4h	0.02596	−0.077%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02600	+0.077%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02599	+0.038%	$1.0M	$934K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02599	+0.038%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02596	−0.080%	$777K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02592	−0.230%	$48K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02594	−0.135%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02594	−0.154%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02597	−0.038%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02601	+0.100%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02596	−0.058%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02602	+0.136%	$268K	$67K	10x	as long as short
BloFin MON-USDT	+0.0157%	4h	0.02597	−0.038%	$1.4M	$245K	75x	as long as short
Aftermath Perps MONUSD	+0.0193%	1h	0.02596	−0.077%	$2K	$73K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02599	+0.019%	$9K	—	50x	as long as short
Backpack MON_USDC_PERP	+0.0292%	1h	0.02599	+0.042%	$138K	$136K	10x	as long as short
KuCoin MONUSDTM	+0.0362%	4h	0.02604	+0.231%	$3.2M	$745K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02599	+0.027%	$146K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02600	+0.062%	$114K	$49K	50x	as long as short