Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0399%/8h= −43.7% APRpaid last 24h +0.037%

Price spread now: Backpack against KuCoin−0.032%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1151.146% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.760%+$76 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now −0.032%, 7d avg −0.056%

Together, before fees+0.701%+$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.024% dearer against KuCoin than usual: you sell high and buy low (spread −0.032% now, against its 7-day average of −0.056%): +$2 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 7 days funding on this pair paid +0.760%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MONUSDTM	0.02502	0.0100	pay 0.0050% / 4h	41m 50s	$2.8M	$752K	75x
Short	Backpack MON_USDC_PERP	0.02501	−0.0299	pay 0.0037% / 1h	41m 50s	$112K	$151K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$83.8
Price spread: −0.032% → −0.056%: $2.37
Slippage, 4 orders: −$92.58
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$196
Costs to cover: 1.146%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 16 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 KuCoin live order book, 5 min ago	15.99 bp	43.2 bp −$43	876.6 bp −$8,766	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	0.20 bp	10.8 bp −$11	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
01 Exchange MONUSD	−0.0448%	1h	0.02498	−0.160%	$6K	$1K	5x	as long as short
Backpack MON_USDC_PERPshort	−0.0299%	1h	0.02501	−0.032%	$112K	$151K	10x
Injective MON/USDC PERP	−0.0176%	1h	0.02517	+0.600%	$5K	$109	5.5x	as long as short
Bybit MONUSDT	−0.0168%	8h	0.02498	−0.148%	$20.5M	$13.2M	50x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0150%	1h	0.02500	−0.060%	$74K	$135K	25x	as long as short
Phoenix MON	0.0000%	1h	0.02505	+0.112%	$12K	$359K	5x	as long as short
Perpl MON	0.0000%	43m	0.02503	+0.028%	$107K	$2.3M	10x	as long as short
Orderly PERP_MON_USDC	+0.0072%	4h	0.02500	−0.080%	$16K	$41K	10x	as long as short
Variational Omni MON	+0.0086%	8h	0.02500	−0.078%	$740K	$407K	—	as long as short
Paradex MON-USD-PERP	+0.0088%	8h	0.02498	−0.161%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MON	+0.0096%	1h	0.02500	−0.080%	$842K	$747K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02502	+0.009%	$429K	$559K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02502	−0.016%	$33.8M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02502	+0.013%	$100K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02502	+0.010%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02500	−0.080%	$138K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02499	−0.120%	$23.7M	$26.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02498	−0.160%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02495	−0.269%	$102K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02501	−0.040%	$948K	$983K	50x	as long as short
KuCoin MONUSDTMlong	+0.0100%	4h	0.02502	long leg	$2.8M	$752K	75x
Bitget MONUSDT	+0.0100%	4h	0.02502	0.000%	$2.7M	$2.1M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02498	−0.157%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02501	−0.059%	$559K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02501	−0.040%	$67K	$507K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02498	−0.160%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02502	−0.017%	$48K	$521K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02500	−0.076%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02500	−0.068%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0265%	1h	0.02505	+0.130%	$2K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02502	0.000%	$1.3M	$337K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02514	+0.460%	$110K	$57K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0544%	1h	0.02504	+0.063%	$269K	$116K	10x	as long as short