Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h −0.014%

Price spread now: Injective against Orderly−0.040%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.040% cheaper against Orderly than usual: you would sell low and buy high (spread −0.040% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 5.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MON_USDC	0.02490	0.0085	pay 0.0043% / 4h	1h 30m	$16K	$48K	10x
Short	Injective MON/USDC PERP	0.02489	0.0109	get 0.0014% / 1h	30m 41s	$5K	$111	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now −0.040%Rate

Funding earned: $5.01
Price spread: −0.040% → 0.000%: −$4.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$5.02
Costs to cover: 0.060%
Break-even: 14.0 days

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Phoenix MON	0.0000%	1h	0.02487	−0.112%	$13K	$353K	5x	as long as short
Bybit MONUSDT	+0.0064%	8h	0.02489	−0.040%	$20.5M	$13.7M	50x	as long as short
Orderly PERP_MON_USDClong	+0.0085%	4h	0.02490	long leg	$16K	$48K	10x
Lighter MON	+0.0096%	1h	0.02491	+0.040%	$799K	$787K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02489	−0.024%	$7K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02495	+0.209%	$397K	$572K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02489	−0.042%	$99K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02487	−0.123%	$12K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02491	+0.060%	$138K	$91K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02489	−0.040%	$23.7M	$27.6M	75x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MON-USDT-SWAP	+0.0100%	4h	0.02490	0.000%	$4.2M	$6.1M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02485	−0.200%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02490	0.000%	$928K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02493	+0.120%	$2.8M	$764K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02490	0.000%	$2.7M	$2.3M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02493	+0.129%	$111K	$155K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02489	−0.058%	$738K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02485	−0.186%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02488	−0.100%	$561K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02489	−0.040%	$68K	$536K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02491	+0.040%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02494	+0.156%	$48K	$266K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02491	+0.040%	$38K	—	3x	as long as short
Injective MON/USDC PERPshort	+0.0109%	1h	0.02489	−0.040%	$5K	$111	5.5x
Aftermath Perps MONUSD	+0.0206%	1h	0.02492	+0.086%	$6K	$100K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0246%	1h	0.02491	+0.032%	$6K	—	50x	as long as short
01 Exchange MONUSD	+0.0232%	1h	0.02493	+0.104%	$7K	$2K	5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0272%	1h	0.02492	+0.100%	$72K	$138K	25x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02483	−0.281%	$1.3M	$346K	75x	as long as short
Hyperliquid MON	+0.0389%	1h	0.02493	+0.129%	$33.7M	$7.8M	5x	as long as short
Perpl MON	+0.0447%	43m	0.02494	+0.161%	$119K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0576%	1h	0.02496	+0.241%	$110K	$54K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0848%	1h	0.02494	+0.143%	$268K	$119K	10x	as long as short