Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC+0.0649%/8h= +71.1% APRpaid last 24h 0.000%

Price spread now: Perpl against Injective−0.775%54s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Perpl

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—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

Funding pays, the price is against you. Perpl is 0.775% cheaper against Injective than usual: you would sell low and buy high (spread −0.775% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$78 on $10k: about 4.0 days of funding at the current rate (+$19 a day). The two prices were read 54 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	Injective MON/USDC PERP	0.02515	−0.0203	get 0.0025% / 1h	1m 32s	$5K	$114	5.5x
Short	Perpl MON	0.02496	0.0447	get 0.0040% / 43m	41m 32s	$114K	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Injective. 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 InjectivebpFee PerplbpOrdersPrice spread, now −0.775%Rate

Funding earned: $136.34
Price spread: −0.775% → 0.000%: −$77.53
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $44.98
Costs to cover: 0.138%
Break-even: 4.7 days

Slippage unknown: Injective: no order-book sample; Perpl: 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 Injective no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Injective and Perpl: 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 PERPlong	−0.0203%	1h	0.02515	long leg	$5K	$114	5.5x
Phoenix MON	0.0000%	1h	0.02503	−0.485%	$12K	$358K	5x	as long as short
Backpack MON_USDC_PERP	+0.0008%	1h	0.02496	−0.763%	$110K	$153K	10x	as long as short
Bybit MONUSDT	+0.0010%	8h	0.02492	−0.915%	$20.5M	$13.5M	50x	as long as short
Orderly PERP_MON_USDC	+0.0079%	4h	0.02495	−0.795%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02495	−0.795%	$837K	$733K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02493	−0.867%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02495	−0.795%	$403K	$586K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02495	−0.807%	$33.6M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02495	−0.797%	$100K	$218K	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	0.02495	−0.784%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02495	−0.803%	$138K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02494	−0.835%	$23.7M	$27.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02494	−0.835%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02500	−0.596%	$103K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02494	−0.835%	$931K	$993K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02499	−0.636%	$2.9M	$762K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02496	−0.755%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02500	−0.594%	$741K	$403K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02496	−0.752%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02502	−0.516%	$563K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02495	−0.795%	$68K	$522K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02495	−0.795%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02494	−0.817%	$49K	$282K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02494	−0.835%	$38K	—	3x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0111%	1h	0.02496	−0.775%	$73K	$136K	25x	as long as short
01 Exchange MONUSD	+0.0192%	1h	0.02496	−0.775%	$6K	$1K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0259% / S −0.0429%	1h	0.02494	−0.815%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0272%	1h	0.02502	−0.535%	$2K	$78K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02499	−0.636%	$1.3M	$337K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0368%	1h	0.02530	+0.596%	$110K	$57K	50x	as long as short
Perpl MONshort	+0.0447%	43m	0.02496	−0.775%	$114K	$2.2M	10x
Kraken Futures PF_MONUSD	+0.0730%	1h	0.02498	−0.690%	$268K	$113K	10x	as long as short