MON

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1059%/8h= −115.9% APRnext payment −$1.32 per $10,000 · paid last 24h −0.107%

Price spread now: Backpack against Kraken Futures−0.078%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$830.830% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 4 days (all we have)−0.238%−$24 · spread now −0.078%, 7d avg −0.062%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.062%, so right now this pair is about funding alone: −$32 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.127%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.127% in total (about 6.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MONUSD	0.02501	0.1017	pay 0.0127% / 1h	53m 34s	$269K	$112K	10x
Short	Backpack MON_USDC_PERP	0.02499	−0.0041	pay 0.0005% / 1h	53m 34s	$110K	$153K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$222.32
Price spread: −0.078% → −0.062%: −$1.59
Slippage, 4 orders: −$63.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$306.95
Costs to cover: 0.830%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 59 min ago; Backpack: live order book, 59 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 Kraken Futures live order book, 59 min ago	13.81 bp	27.9 bp −$28	7933.6 bp −$79.3K	doesn't fit	doesn't fit
Sell Backpack live order book, 59 min ago	0.20 bp	11.9 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
Backpack MON_USDC_PERPshort	−0.0041%	1h	0.02499	−0.078%	$110K	$153K	10x
Phoenix MON	0.0000%	1h	0.02497	−0.174%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02498	−0.114%	$73K	$136K	25x	as long as short
Bybit MONUSDT	+0.0016%	8h	0.02495	−0.250%	$20.5M	$13.5M	50x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02515	+0.549%	$5K	$110	5.5x	as long as short
Orderly PERP_MON_USDC	+0.0082%	4h	0.02497	−0.170%	$16K	$48K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02500	−0.050%	$838K	$732K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02496	−0.212%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02497	−0.155%	$404K	$587K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02500	−0.062%	$33.6M	$7.5M	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	0.02499	−0.103%	$100K	$218K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02497	−0.153%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02499	−0.110%	$138K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02498	−0.130%	$23.8M	$27.0M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02496	−0.210%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02500	−0.050%	$103K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02498	−0.130%	$934K	$985K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02502	+0.030%	$2.9M	$763K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02499	−0.090%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02495	−0.248%	$740K	$403K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02496	−0.196%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02501	−0.019%	$563K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02499	−0.090%	$68K	$522K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02498	−0.130%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02499	−0.081%	$48K	$285K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02497	−0.154%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0152%	1h	0.02498	−0.134%	$6K	$1K	5x	as long as short
Aftermath Perps MONUSD	+0.0259%	1h	0.02497	−0.158%	$2K	$78K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02497	−0.186%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02492	−0.370%	$1.3M	$337K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02498	−0.114%	$114K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02530	+1.149%	$110K	$55K	50x	as long as short
Kraken Futures PF_MONUSDlong	+0.1017%	1h	0.02501	long leg	$269K	$112K	10x