Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h 0.000%

Price spread now: SoDEX against Orderly−0.039%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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. SoDEX is 0.039% cheaper against Orderly than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 4.1 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	0.02559	0.0068	pay 0.0034% / 4h	18m 55s	$17K	$64K	10x
Short	SoDEX MON-USD	0.02558	0.0100	get 0.0013% / 1h	18m 55s	$5K	$6K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.039%Rate

Funding earned: $6.67
Price spread: −0.039% → 0.000%: −$3.91
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$11.23
Costs to cover: 0.140%
Break-even: 18.8 days

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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
Injective MON/USDC PERP	−0.0121%	1h	0.02576	+0.664%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0080%	1h	0.02558	−0.039%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0030%	8h	0.02556	−0.117%	$21.1M	$12.1M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02563	+0.145%	$13K	$360K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02560	+0.055%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDClong	+0.0068%	4h	0.02559	long leg	$17K	$64K	10x
Aftermath Perps MONUSD	+0.0091%	1h	0.02564	+0.203%	$3K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02556	−0.119%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02560	+0.039%	$850K	$794K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02563	+0.159%	$391K	$545K	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	0.02561	+0.082%	$34.7M	$7.7M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02560	+0.033%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02559	−0.004%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02558	−0.047%	$141K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02558	−0.039%	$24.4M	$25.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02558	−0.039%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−0.156%	$107K	$390	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02559	0.000%	$975K	$911K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02560	+0.039%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02560	+0.031%	$127K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02557	−0.072%	$775K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02561	+0.089%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02564	+0.195%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02562	+0.117%	$68K	$482K	50x	as long as short
SoDEX MON-USDshort	+0.0100%	1h	0.02558	−0.039%	$5K	$6K	5x
Extended MON-USD	+0.0104%	1h	0.02561	+0.085%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02559	0.000%	$39K	—	3x	as long as short
KuCoin MONUSDTM	+0.0246%	4h	0.02565	+0.234%	$3.0M	$718K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02560	+0.047%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02557	−0.078%	$1.3M	$306K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02561	+0.068%	$269K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02561	+0.063%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.950%	$115K	$50K	50x	as long as short