Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0131%/8h= +14.4% APRpaid last 24h +0.164%

Price spread now: Backpack against OKX+0.042%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$670.666% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.750%+$75 on $10k

Price spread, last 4 days (all we have)−0.174%−$17 · spread now +0.042%, 7d avg +0.066%

Together, before fees+0.575%+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.024% cheaper against OKX than usual: you would sell low and buy high (spread +0.042% now, against its 7-day average of +0.066%). If the spread goes back, that is −$2 on $10k: about 15 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.750% in total) that is about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MON-USDT-SWAP	0.02591	0.0100	pay 0.0050% / 4h	2h 27m	$4.4M	$6.0M	50x
Short	Backpack MON_USDC_PERP	0.02592	0.0231	get 0.0029% / 1h	27m 35s	$137K	$136K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.042%Rate

Funding earned: $27.53
Price spread: +0.042% → +0.066%: −$2.4
Slippage, 4 orders: −$46.57
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.44
Costs to cover: 0.666%
Break-even: 17.5 days

Slippage from OKX: live order book, 5 min ago; Backpack: live order book, 60 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 OKX live order book, 5 min ago	3.85 bp	20.3 bp −$20	90.7 bp −$907	doesn't fit	doesn't fit
Sell Backpack live order book, 60 min ago	0.97 bp	12.2 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
Injective MON/USDC PERP	−0.0739%	1h	0.02596	+0.193%	$6K	$109	5.5x	as long as short
01 Exchange MONUSD	−0.0264%	1h	0.02593	+0.085%	$6K	$1K	5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0251%	1h	0.02592	+0.027%	$63K	$110K	25x	as long as short
Bybit MONUSDT	−0.0010%	8h	0.02590	−0.039%	$21.6M	$11.8M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02591	+0.015%	$13K	$384K	5x	as long as short
Orderly PERP_MON_USDC	+0.0091%	4h	0.02589	−0.077%	$17K	$64K	10x	as long as short
BloFin MON-USDT	+0.0093%	4h	0.02590	−0.039%	$1.4M	$246K	75x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02593	+0.073%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02594	+0.116%	$850K	$753K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02594	+0.131%	$375K	$527K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid MON	+0.0100%	1h	0.02596	+0.189%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02591	−0.015%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02595	+0.143%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02593	+0.085%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02593	+0.077%	$24.6M	$24.6M	75x	as long as short
OKX MON-USDT-SWAPlong	+0.0100%	4h	0.02591	long leg	$4.4M	$6.0M	50x
Bulk MON-USD	+0.0100%	1h	0.02600	+0.347%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02592	+0.039%	$1.0M	$933K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02595	+0.154%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02593	+0.092%	$778K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02595	+0.159%	$48K	$243K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02593	+0.077%	$582K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02594	+0.116%	$69K	$481K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02590	−0.039%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02596	+0.177%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02590	−0.039%	$39K	—	3x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02595	+0.154%	$267K	$67K	10x	as long as short
Aftermath Perps MONUSD	+0.0214%	1h	0.02594	+0.107%	$2K	$73K	10x	as long as short
Backpack MON_USDC_PERPshort	+0.0231%	1h	0.02592	+0.042%	$137K	$136K	10x
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02592	+0.046%	$9K	—	50x	as long as short
KuCoin MONUSDTM	+0.0334%	4h	0.02594	+0.116%	$3.2M	$745K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02591	+0.015%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02609	+0.691%	$115K	$49K	50x	as long as short