Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.026%

Price spread now: Lighter against Orderly−0.120%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 Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Lighter is 0.120% cheaper against Orderly than usual: you would sell low and buy high (spread −0.120% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 34 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.101% in total) that is about 8.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MON_USDC	0.02509	0.0084	pay 0.0042% / 4h	1h 55m	$16K	$48K	10x
Short	Lighter MON	0.02506	0.0096	get 0.0012% / 1h	55m 47s	$809K	$782K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.120%Rate

Funding earned: $2.47
Price spread: −0.120% → 0.000%: −$11.96
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$15.49
Costs to cover: 0.060%
Break-even: 50.9 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 49 min ago. 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 Lighter live order book, 49 min ago	8.01 bp	20.9 bp −$21	132.3 bp −$1,323	doesn't fit	doesn't fit

Orderly: 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	0.02517	+0.323%	$12K	$336K	5x	as long as short
Bybit MONUSDT	+0.0030%	8h	0.02505	−0.159%	$20.6M	$13.7M	50x	as long as short
Backpack MON_USDC_PERP	+0.0032%	1h	0.02507	−0.064%	$114K	$154K	10x	as long as short
Aftermath Perps MONUSD	+0.0072%	1h	0.02515	+0.223%	$6K	$98K	10x	as long as short
Orderly PERP_MON_USDClong	+0.0084%	4h	0.02509	long leg	$16K	$48K	10x
Lighter MONshort	+0.0096%	1h	0.02506	−0.120%	$809K	$782K	10x
Paradex MON-USD-PERP	+0.0099%	8h	0.02506	−0.121%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02513	+0.144%	$402K	$578K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02506	−0.112%	$99K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02510	+0.040%	$13K	—	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica MON	+0.0100%	1h	0.02509	+0.004%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02506	−0.120%	$23.8M	$27.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02506	−0.120%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	+0.433%	$103K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02508	−0.040%	$939K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02512	+0.120%	$2.9M	$766K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02507	−0.080%	$2.7M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02507	−0.097%	$743K	$413K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02513	+0.157%	$41K	$249K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02519	+0.386%	$559K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02517	+0.319%	$68K	$532K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02506	−0.120%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02510	+0.047%	$53K	$262K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02507	−0.084%	$38K	—	3x	as long as short
Injective MON/USDC PERP	+0.0109%	1h	0.02506	−0.120%	$5K	$108	5.5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02507	−0.076%	$6K	—	50x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0268%	1h	0.02509	−0.012%	$74K	$135K	25x	as long as short
01 Exchange MONUSD	+0.0312%	1h	0.02509	−0.008%	$7K	$2K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02511	+0.080%	$1.3M	$348K	75x	as long as short
Hyperliquid MON	+0.0406%	1h	0.02510	+0.040%	$33.9M	$7.8M	5x	as long as short
Perpl MON	+0.0447%	43m	0.02510	+0.048%	$115K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0576%	1h	0.02542	+1.335%	$112K	$55K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0842%	1h	0.02509	+0.002%	$269K	$118K	10x	as long as short