Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.005%

Price spread now: BloFin against Deribit+0.544%357s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$710.706% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 3 days (all we have)−0.550%−$55 · spread now +0.544%, 7d avg −0.016%

Together, before fees−0.397%−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and BloFin is 0.561% dearer against Deribit than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of −0.016%. The two prices were read 357 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.153% in total (about 8.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MON_USDC-PERPETUAL	0.02535	0	get 0.0000% / 1h	43m 21s	$68K	$125K	25x
Short	BloFin MON-USDT	0.02549	0.0340	get 0.0170% / 4h	2h 43m	$1.4M	$310K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.544%Rate

Funding earned: $71.4
Price spread: +0.544% → −0.016%: $56.05
Slippage, 4 orders: −$51.56
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $56.89
Costs to cover: 0.706%
Break-even: 1.4 days

Slippage from Deribit: live order book, 1 min ago; BloFin: live order book, 9 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 Deribit live order book, 1 min ago	12.62 bp	20.6 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 9 min ago	5.87 bp	15.6 bp −$16	47.6 bp −$476	149.0 bp −$14.9K	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	−0.0388%	1h	0.02541	+0.229%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0024%	1h	0.02535	+0.004%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0009%	8h	0.02530	−0.205%	$20.8M	$12.7M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02540	+0.189%	$13K	$349K	5x	as long as short
Deribit MON_USDC-PERPETUALlong	0.0000%	1h	0.02535	long leg	$68K	$125K	25x
Orderly PERP_MON_USDC	+0.0060%	4h	0.02534	−0.047%	$16K	$55K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02539	+0.131%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02535	−0.008%	$845K	$740K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02536	+0.017%	$101K	$229K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02537	+0.063%	$13K	—	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MON	+0.0100%	1h	0.02539	+0.134%	$141K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02534	−0.029%	$24.2M	$26.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02527	−0.323%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02535	−0.004%	$105K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02535	−0.008%	$950K	$898K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02538	+0.110%	$2.9M	$745K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02536	+0.032%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02540	+0.178%	$120K	$161K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02530	−0.221%	$761K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02537	+0.081%	$43K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02530	−0.196%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.071%	$68K	$491K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02541	+0.240%	$406K	$543K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02534	−0.047%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02541	+0.211%	$48K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02532	−0.122%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02536	+0.051%	$9K	—	50x	as long as short
BloFin MON-USDTshort	+0.0340%	4h	0.02549	+0.544%	$1.4M	$310K	75x
Aftermath Perps MONUSD	+0.0358%	1h	0.02541	+0.232%	$4K	$76K	10x	as long as short
Hyperliquid MON	+0.0394%	1h	0.02540	+0.201%	$34.6M	$7.6M	5x	as long as short
Perpl MON	+0.0447%	43m	0.02538	+0.103%	$105K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02538	+0.103%	$111K	$52K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0843%	1h	0.02538	+0.095%	$276K	$88K	10x	as long as short