Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.057%

Price spread now: Bybit against GMX+0.138%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.138% dearer against GMX than usual: you sell high and buy low (spread +0.138% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MON/USD [ETH-USDC]	0.02540	L +0.0231% / S −0.0246%	pay 0.0029% / 1h	10m 00s	$6K	—	50x
Short	Bybit MONUSDT	0.02543	−0.0001	pay 0.0001% / 8h	4h 10m	$21.6M	$12.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$48.74
Price spread: +0.138% → 0.000%: $13.78
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$57.96
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	3.94 bp	20.1 bp −$20	66.4 bp −$664	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MON on 33 exchanges

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
Phoenix MON	−0.0316%	1h	0.02541	+0.020%	$12K	$284K	5x	as long as short
01 Exchange MONUSD	−0.0128%	1h	0.02541	+0.051%	$6K	$2K	5x	as long as short
Backpack MON_USDC_PERP	−0.0009%	1h	0.02542	+0.071%	$114K	$140K	10x	as long as short
Bybit MONUSDTshort	−0.0001%	8h	0.02543	+0.138%	$21.6M	$12.4M	50x
Perpl MON	0.0000%	43m	0.02542	+0.083%	$118K	$2.1M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02541	+0.028%	$83K	$99K	25x	as long as short
Injective MON/USDC PERP	+0.0033%	1h	0.02541	+0.039%	$6K	$92	5.5x	as long as short
Paradex MON-USD-PERP	+0.0075%	8h	0.02539	−0.026%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02543	+0.118%	$839K	$696K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02543	+0.119%	$409K	$519K	10x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02543	+0.138%	$34.2M	$5.7M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02542	+0.088%	$100K	$187K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02540	+0.008%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02540	+0.012%	$140K	$80K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02542	+0.089%	$24.4M	$24.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02542	+0.079%	$4.2M	$5.4M	50x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02541	+0.039%	$1.2M	$1.3M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02543	+0.118%	$2.9M	$639K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02543	+0.118%	$2.8M	$2.0M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02538	−0.087%	$757K	$328K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02539	−0.025%	$42K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02544	+0.143%	$567K	$1.4M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02542	+0.079%	$69K	$545K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02540	0.000%	$16K	$35K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02540	0.000%	$5K	$6K	5x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02540	0.000%	$104K	$238	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02543	+0.134%	$58K	$511K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02540	0.000%	$38K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0204%	1h	0.02544	+0.165%	$275K	$114K	10x	as long as short
GMX MON/USD [ETH-USDC]long	L +0.0231% / S −0.0246%	1h	0.02540	long leg	$6K	—	50x
BloFin MON-USDT	+0.0340%	4h	0.02537	−0.118%	$1.4M	$365K	75x	as long as short
Aftermath Perps MONUSD	+0.0448%	1h	0.02540	+0.003%	$7K	$95K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0632%	1h	0.02545	+0.185%	$107K	$55K	50x	as long as short