Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.164%

Price spread now: Backpack against Gate−0.136%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$790.793% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.728%+$73 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.136%, 7d avg +0.028%

Together, before fees+0.835%+$83 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.163% cheaper against Gate than usual: you would sell low and buy high (spread −0.136% now, against its 7-day average of +0.028%). If the spread goes back, that is −$16 on $10k: about 4.2 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.728% in total) that is about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MON_USDT	0.02583	0.0100	pay 0.0050% / 4h	2h 48m	$1.0M	$927K	50x
Short	Backpack MON_USDC_PERP	0.02579	0.0228	get 0.0029% / 1h	48m 17s	$137K	$138K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.136%Rate

Funding earned: $26.94
Price spread: −0.136% → +0.028%: −$16.34
Slippage, 4 orders: −$54.26
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$68.65
Costs to cover: 0.793%
Break-even: 24.8 days

Slippage from Gate: live order book, 9 min ago; Backpack: live order book, 39 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 Gate live order book, 9 min ago	7.73 bp	24.6 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 39 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	+0.155%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0120%	1h	0.02582	−0.054%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02579	−0.136%	$13K	$384K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02585	+0.062%	$63K	$110K	25x	as long as short
Bybit MONUSDT	+0.0007%	8h	0.02582	−0.039%	$21.6M	$11.8M	50x	as long as short
BloFin MON-USDT	+0.0066%	4h	0.02579	−0.155%	$1.4M	$242K	75x	as long as short
Orderly PERP_MON_USDC	+0.0092%	4h	0.02583	0.000%	$17K	$64K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02584	+0.039%	$847K	$753K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02581	−0.082%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02584	+0.036%	$348K	$535K	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	0.02584	+0.054%	$34.8M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02583	−0.009%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02582	−0.038%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02583	−0.004%	$143K	$107K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02583	0.000%	$24.5M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02580	−0.116%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02575	−0.310%	$108K	$3K	10x	as long as short
Gate MON_USDTlong	+0.0100%	4h	0.02583	long leg	$1.0M	$927K	50x
Bitget MONUSDT	+0.0100%	4h	0.02584	+0.039%	$2.7M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02573	−0.406%	$773K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02576	−0.286%	$47K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02577	−0.213%	$579K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02578	−0.194%	$69K	$482K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02583	0.000%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02584	+0.055%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02582	−0.039%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0132%	1h	0.02586	+0.116%	$263K	$63K	10x	as long as short
Backpack MON_USDC_PERPshort	+0.0228%	1h	0.02579	−0.136%	$137K	$138K	10x
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.1052%	1h	0.02583	+0.012%	$13K	—	50x	as long as short
KuCoin MONUSDTM	+0.0354%	4h	0.02587	+0.155%	$3.2M	$788K	75x	as long as short
Aftermath Perps MONUSD	+0.0398%	1h	0.02583	+0.004%	$2K	$73K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02582	−0.027%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02625	+1.638%	$115K	$51K	50x	as long as short