Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1105%/8h= −121.0% APRpaid last 24h −0.188%

Price spread now: OKX against Kraken Futures−0.085%7-day average −0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1141.143% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.656%−$66 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now −0.085%, 7d avg −0.145%

Together, before fees−0.798%−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.060% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.085% now, against its 7-day average of −0.145%): +$6 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.656% in total) that is about 15 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.656% in total (about -34.2% a year). A funding rate is set anew for every payment. 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	0.1205	pay 0.0151% / 1h	35m 11s	$269K	$119K	10x
Short	OKX MON-USDT-SWAP	0.02499	0.0100	get 0.0050% / 4h	35m 11s	$4.2M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$232.1
Price spread: −0.085% → −0.145%: $5.97
Slippage, 4 orders: −$94.28
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$340.41
Costs to cover: 1.143%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; OKX: live order book, 3 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, 2 min ago	25.97 bp	34.1 bp −$34	8133.6 bp −$81.3K	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	4.00 bp	17.0 bp −$17	68.0 bp −$680	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	−0.0032%	1h	0.02500	−0.045%	$5K	$110	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02502	+0.039%	$13K	$349K	5x	as long as short
Perpl MON	0.0000%	43m	0.02500	−0.061%	$126K	$2.2M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02499	−0.065%	$73K	$138K	25x	as long as short
Lighter MON	+0.0096%	1h	0.02502	+0.035%	$802K	$785K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02495	−0.253%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02501	−0.010%	$393K	$578K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02498	−0.142%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02500	−0.027%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02499	−0.085%	$138K	$92K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MONUSDT	+0.0100%	4h	0.02499	−0.085%	$23.8M	$27.6M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02497	−0.165%	$20.7M	$13.9M	50x	as long as short
OKX MON-USDT-SWAPshort	+0.0100%	4h	0.02499	−0.085%	$4.2M	$6.2M	50x
Bulk MON-USD	+0.0100%	1h	0.02505	+0.155%	$103K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02499	−0.085%	$939K	$1.1M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02501	−0.005%	$2.9M	$766K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02503	+0.075%	$2.7M	$2.3M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02502	+0.023%	$109K	$157K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02495	−0.244%	$741K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02498	−0.126%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02508	+0.275%	$566K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	−0.005%	$68K	$539K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02499	−0.085%	$16K	$42K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02499	−0.085%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02503	+0.071%	$47K	$314K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02499	−0.105%	$38K	—	3x	as long as short
Hyperliquid MON	+0.0217%	1h	0.02504	+0.103%	$33.9M	$7.8M	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02500	−0.049%	$6K	—	50x	as long as short
01 Exchange MONUSD	+0.0272%	1h	0.02498	−0.141%	$6K	$3K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02497	−0.165%	$1.3M	$340K	75x	as long as short
Aftermath Perps MONUSD	+0.0555%	1h	0.02503	+0.060%	$5K	$101K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0680%	1h	0.02515	+0.547%	$111K	$55K	50x	as long as short
Kraken Futures PF_MONUSDlong	+0.1205%	1h	0.02501	long leg	$269K	$119K	10x