Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.118%

Price spread now: Hyperliquid against Bulk+0.311%7-day average +0.146% · you sell dearer than you buy

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

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.149%+$15 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.311%, 7d avg +0.146%

Together, before fees+0.153%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.164% dearer against Bulk than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of +0.146%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk MON-USD	0.02555	0.0100	pay 0.0013% / 1h	7m 59s	$107K	−$0	10x
Short	Hyperliquid MON	0.02563	0.0100	get 0.0013% / 1h	7m 59s	$34.7M	$7.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bulk. 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 BulkbpFee HyperliquidbpOrdersPrice spread, now +0.311%Rate

Funding earned: $0
Price spread: +0.311% → +0.146%: $16.41
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $0.41
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Bulk: live order book, 6 min ago; Hyperliquid: live order book, 5 min ago. 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 Bulk live order book, 6 min ago	19.57 bp	23.1 bp −$23	71.9 bp −$719	610.1 bp −$61.0K	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.98 bp	12.1 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	−0.0121%	1h	0.02559	+0.158%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0096%	1h	0.02560	+0.185%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0029%	8h	0.02557	+0.080%	$21.1M	$12.1M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02557	+0.064%	$13K	$360K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02561	+0.232%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0070%	4h	0.02560	+0.197%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0091%	1h	0.02559	+0.162%	$3K	$75K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02562	+0.275%	$851K	$794K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02559	+0.159%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02562	+0.278%	$390K	$541K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MONshort	+0.0100%	1h	0.02563	+0.311%	$34.7M	$7.6M	5x
Aster MONUSDT	+0.0100%	4h	0.02560	+0.188%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02557	+0.091%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02560	+0.181%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02559	+0.158%	$24.4M	$25.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02557	+0.080%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USDlong	+0.0100%	1h	0.02555	long leg	$107K	−$0	10x
Gate MON_USDT	+0.0100%	4h	0.02558	+0.119%	$976K	$913K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02560	+0.197%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02561	+0.232%	$127K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02552	−0.131%	$772K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02555	+0.009%	$47K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02557	+0.080%	$579K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02558	+0.119%	$68K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02559	+0.158%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02563	+0.297%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02560	+0.181%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0258%	4h	0.02564	+0.354%	$3.0M	$719K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02560	+0.213%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02556	+0.041%	$1.3M	$306K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02563	+0.309%	$269K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02561	+0.221%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+2.111%	$115K	$50K	50x	as long as short