Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0092%/8h= +10.0% APRpaid last 24h −0.037%

Price spread now: Bybit against Deribit−0.046%55s7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as 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−$680.678% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 3 days (all we have)−0.201%−$20 · spread now −0.046%, 7d avg −0.131%

Together, before fees−0.342%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.085% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.131%. Mind the row above: over the last 7 days funding on this pair cost −0.141%, so the current rate has only just turned in your favour. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MON_USDC-PERPETUAL	0.02599	0	get 0.0000% / 1h	9m 25s	$70K	$119K	25x
Short	Bybit MONUSDT	0.02598	0.0092	get 0.0092% / 8h	7h 09m	$21.6M	$12.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.046%Rate

Funding earned: $19.25
Price spread: −0.046% → −0.131%: $8.5
Slippage, 4 orders: −$49.77
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.02
Costs to cover: 0.678%
Break-even: 21.6 days

Slippage from Deribit: live order book, 40 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 Deribit live order book, 40 min ago	11.94 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.92 bp	18.2 bp −$18	67.4 bp −$674	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	−0.0444%	1h	0.02570	−1.123%	$6K	$108	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02599	0.000%	$14K	$351K	5x	as long as short
Deribit MON_USDC-PERPETUALlong	0.0000%	1h	0.02599	long leg	$70K	$119K	25x
01 Exchange MONUSD	+0.0016%	1h	0.02598	−0.054%	$6K	$1K	5x	as long as short
Orderly PERP_MON_USDC	+0.0063%	4h	0.02597	−0.085%	$17K	$59K	10x	as long as short
Bybit MONUSDTshort	+0.0092%	8h	0.02598	−0.046%	$21.6M	$12.2M	50x
Paradex MON-USD-PERP	+0.0092%	8h	0.02598	−0.058%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02600	+0.031%	$866K	$755K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02604	+0.181%	$402K	$523K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02604	+0.192%	$35.5M	$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	+0.002%	$108K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02601	+0.052%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02598	−0.031%	$144K	$103K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02598	−0.045%	$24.8M	$25.4M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02598	−0.046%	$4.4M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02560	−1.492%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02598	−0.046%	$979K	$930K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02601	+0.069%	$3.0M	$728K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02601	+0.069%	$2.8M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02599	−0.008%	$129K	$142K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02593	−0.255%	$780K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02595	−0.175%	$44K	$247K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02600	+0.032%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02593	−0.239%	$69K	$487K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02596	−0.123%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02603	+0.158%	$50K	$517K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02596	−0.123%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0202%	1h	0.02592	−0.282%	$4K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02600	+0.038%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02594	−0.200%	$1.4M	$309K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02602	+0.115%	$120K	$2.1M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0460%	1h	0.02599	−0.003%	$273K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02604	+0.204%	$114K	$52K	50x	as long as short