Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.164%

Price spread now: Backpack against Bitget0.000%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$750.753% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.745%+$75 on $10k

Price spread, last 4 days (all we have)−0.037%−$4 · spread now 0.000%, 7d avg −0.008%

Together, before fees+0.708%+$71 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MONUSDT	0.02576	0.0100	pay 0.0050% / 4h	2h 51m	$2.7M	$1.8M	25x
Short	Backpack MON_USDC_PERP	0.02576	0.0177	get 0.0022% / 1h	51m 25s	$136K	$138K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $16.2
Price spread: 0.000% → −0.008%: $0.84
Slippage, 4 orders: −$53.29
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$58.26
Costs to cover: 0.753%
Break-even: 32.2 days

Slippage from Bitget: live order book, 1 min ago; Backpack: live order book, 36 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 Bitget live order book, 1 min ago	7.76 bp	22.7 bp −$23	80.9 bp −$809	doesn't fit	doesn't fit
Sell Backpack live order book, 36 min ago	0.97 bp	12.2 bp −$12	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	−0.0739%	1h	0.02587	+0.427%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0128%	1h	0.02573	−0.105%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0001%	8h	0.02573	−0.116%	$21.5M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02574	−0.093%	$13K	$384K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02578	+0.062%	$62K	$104K	25x	as long as short
Orderly PERP_MON_USDC	+0.0092%	4h	0.02577	+0.039%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02575	−0.039%	$844K	$753K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02574	−0.095%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02578	+0.060%	$347K	$535K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02578	+0.066%	$34.7M	$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	0.02577	+0.047%	$107K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02577	+0.040%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02575	−0.039%	$142K	$108K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02574	−0.077%	$24.5M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02573	−0.116%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02575	−0.039%	$108K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02576	0.000%	$999K	$926K	50x	as long as short
Bitget MONUSDTlong	+0.0100%	4h	0.02576	long leg	$2.7M	$1.8M	25x
Variational Omni MON	+0.0100%	8h	0.02579	+0.135%	$775K	$403K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02576	−0.015%	$47K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02587	+0.445%	$582K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02576	0.000%	$69K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02576	0.000%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02577	+0.051%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02573	−0.128%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0132%	1h	0.02580	+0.151%	$262K	$63K	10x	as long as short
BloFin MON-USDT	+0.0132%	4h	0.02575	−0.039%	$1.4M	$241K	75x	as long as short
Backpack MON_USDC_PERPshort	+0.0177%	1h	0.02576	0.000%	$136K	$138K	10x
GMX MON/USD [ETH-USDC]	L +0.0313% / S −0.1052%	1h	0.02576	+0.016%	$13K	—	50x	as long as short
KuCoin MONUSDTM	+0.0356%	4h	0.02579	+0.116%	$3.1M	$790K	75x	as long as short
Aftermath Perps MONUSD	+0.0411%	1h	0.02585	+0.367%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02574	−0.062%	$144K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02625	+1.914%	$115K	$51K	50x	as long as short