Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0648%/8h= −71.0% APRpaid last 24h −0.222%

Price spread now: Bybit against Coinbase International−0.177%7-day average −0.572% · you buy dearer than you sell

Net, funding: paid 7d − costs−$440as in the Funding arb table

Net, price: spread back to 7d avg − costs−$297as in the Price arb table

costs, in and out, $10k−$3373.365% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.036%−$104 on $10k

Price spread, last 3 days (all we have)−0.598%−$60 · spread now −0.177%, 7d avg −0.572%

Together, before fees−1.634%−$163 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.395% dearer against Coinbase International than usual: you sell high and buy low (spread −0.177% now, against its 7-day average of −0.572%): +$40 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MON-PERP-INTX	0.02600	0.0648	pay 0.0081% / 1h	24m 12s	$114K	$49K	50x
Short	Bybit MONUSDT	0.02595	0	get 0.0000% / 8h	2h 24m	$21.6M	$11.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$136.08
Price spread: −0.177% → −0.572%: $39.52
Slippage, 4 orders: −$315.54
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$433.09
Costs to cover: 3.365%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 63 min ago; Bybit: live order book, 4 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 Coinbase International live order book, 63 min ago	39.55 bp	138.9 bp −$139	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.93 bp	25.3 bp −$25	78.2 bp −$782	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	−0.138%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0248%	1h	0.02598	−0.046%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0096%	1h	0.02599	−0.023%	$63K	$110K	25x	as long as short
Bybit MONUSDTshort	0.0000%	8h	0.02595	−0.177%	$21.6M	$11.8M	50x
Phoenix MON	0.0000%	1h	0.02594	−0.212%	$13K	$384K	5x	as long as short
BloFin MON-USDT	+0.0083%	4h	0.02597	−0.100%	$1.4M	$245K	75x	as long as short
Orderly PERP_MON_USDC	+0.0091%	4h	0.02598	−0.062%	$17K	$64K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02597	−0.093%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02599	−0.023%	$853K	$758K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02600	+0.001%	$374K	$527K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02600	+0.008%	$35.0M	$7.4M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02598	−0.057%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02597	−0.094%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02598	−0.058%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02597	−0.091%	$24.7M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02594	−0.215%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02600	+0.015%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02599	−0.023%	$1.0M	$934K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02598	−0.062%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02596	−0.142%	$777K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02592	−0.291%	$48K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02594	−0.197%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02594	−0.215%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02597	−0.100%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02600	+0.027%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02597	−0.104%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02601	+0.061%	$268K	$67K	10x	as long as short
Aftermath Perps MONUSD	+0.0196%	1h	0.02596	−0.156%	$2K	$73K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02598	−0.050%	$9K	—	50x	as long as short
Backpack MON_USDC_PERP	+0.0286%	1h	0.02599	−0.038%	$138K	$136K	10x	as long as short
KuCoin MONUSDTM	+0.0360%	4h	0.02604	+0.169%	$3.2M	$745K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02599	−0.031%	$146K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTXlong	+0.0648%	1h	0.02600	long leg	$114K	$49K	50x