Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.045%

Price spread now: Orderly against GMX+0.051%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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. Orderly is 0.051% dearer against GMX than usual: you sell high and buy low (spread +0.051% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MON/USD [ETH-USDC]	0.02525	L +0.0260% / S −0.0429%	pay 0.0033% / 1h	27m 33s	$9K	—	50x
Short	Orderly PERP_MON_USDC	0.02526	0.0073	get 0.0037% / 4h	3h 27m	$16K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.051%Rate

Funding earned: −$39.24
Price spread: +0.051% → 0.000%: $5.15
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$52.09
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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 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	−0.0203%	1h	0.02523	−0.067%	$5K	$112	5.5x	as long as short
Bybit MONUSDT	−0.0008%	8h	0.02522	−0.099%	$20.8M	$13.4M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02525	+0.024%	$12K	$358K	5x	as long as short
Orderly PERP_MON_USDCshort	+0.0073%	4h	0.02526	+0.051%	$16K	$48K	10x
Backpack MON_USDC_PERP	+0.0092%	1h	0.02526	+0.063%	$112K	$150K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02526	+0.051%	$847K	$732K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02523	−0.087%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02529	+0.185%	$413K	$585K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02525	+0.024%	$34.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02525	+0.001%	$101K	$222K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02524	−0.024%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02525	+0.020%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02523	−0.081%	$24.0M	$26.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02522	−0.107%	$4.2M	$6.1M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.186%	$103K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02525	+0.012%	$944K	$983K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02529	+0.170%	$2.9M	$761K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02525	+0.012%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02525	−0.006%	$747K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02524	−0.045%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02525	+0.012%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02526	+0.051%	$69K	$520K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02525	+0.012%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02525	+0.029%	$48K	$519K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02525	−0.008%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0216%	1h	0.02525	−0.008%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0225%	1h	0.02526	+0.067%	$74K	$136K	25x	as long as short
GMX MON/USD [ETH-USDC]long	L +0.0260% / S −0.0429%	1h	0.02525	long leg	$9K	—	50x
BloFin MON-USDT	+0.0340%	4h	0.02523	−0.067%	$1.3M	$336K	75x	as long as short
Aftermath Perps MONUSD	+0.0351%	1h	0.02524	−0.043%	$2K	$74K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0368%	1h	0.02530	+0.210%	$110K	$57K	50x	as long as short
Perpl MON	+0.0447%	43m	0.02528	+0.123%	$115K	$2.2M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0721%	1h	0.02528	+0.141%	$272K	$113K	10x	as long as short