Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0730%/8h= −79.9% APRpaid last 24h −0.197%

Price spread now: Bybit against Kraken Futures−0.274%7-day average −0.190% · you buy dearer than you sell

Net, funding: paid 7d − costs−$164as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$930.928% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.709%−$71 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now −0.274%, 7d avg −0.190%

Together, before fees−0.861%−$86 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Bybit is 0.085% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.190%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MONUSD	0.02527	0.0722	pay 0.0090% / 1h	26m 56s	$271K	$113K	10x
Short	Bybit MONUSDT	0.02520	−0.0008	pay 0.0008% / 8h	3h 26m	$20.7M	$13.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.274%Rate

Funding earned: −$153.22
Price spread: −0.274% → −0.190%: −$8.49
Slippage, 4 orders: −$71.78
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$254.49
Costs to cover: 0.928%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 26 min ago; Bybit: live order book, 2 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, 26 min ago	13.81 bp	27.9 bp −$28	7933.6 bp −$79.3K	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.98 bp	16.5 bp −$16	65.4 bp −$654	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	−0.0203%	1h	0.02523	−0.156%	$5K	$112	5.5x	as long as short
Bybit MONUSDTshort	−0.0008%	8h	0.02520	−0.274%	$20.7M	$13.4M	50x
Phoenix MON	0.0000%	1h	0.02525	−0.065%	$12K	$358K	5x	as long as short
Orderly PERP_MON_USDC	+0.0073%	4h	0.02523	−0.156%	$16K	$48K	10x	as long as short
Backpack MON_USDC_PERP	+0.0087%	1h	0.02523	−0.172%	$112K	$150K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02523	−0.156%	$846K	$732K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02523	−0.175%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02526	−0.030%	$411K	$585K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02523	−0.156%	$34.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02524	−0.131%	$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	−0.112%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02525	−0.069%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02522	−0.195%	$24.0M	$26.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02521	−0.235%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.274%	$103K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02523	−0.156%	$943K	$983K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02527	+0.003%	$2.9M	$761K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02522	−0.195%	$2.7M	$2.2M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02525	−0.094%	$747K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02524	−0.133%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02525	−0.077%	$568K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02526	−0.037%	$69K	$520K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02522	−0.195%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02523	−0.154%	$48K	$519K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02521	−0.231%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0216%	1h	0.02525	−0.096%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0226%	1h	0.02522	−0.183%	$74K	$136K	25x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02521	−0.235%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02522	−0.195%	$1.3M	$335K	75x	as long as short
Aftermath Perps MONUSD	+0.0350%	1h	0.02523	−0.174%	$2K	$74K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0368%	1h	0.02530	+0.121%	$110K	$57K	50x	as long as short
Perpl MON	+0.0447%	43m	0.02525	−0.081%	$115K	$2.2M	10x	as long as short
Kraken Futures PF_MONUSDlong	+0.0722%	1h	0.02527	long leg	$271K	$113K	10x