Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.007%

Price spread now: Variational Omni against Orderly−0.176%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.176% cheaper against Orderly than usual: you would sell low and buy high (spread −0.176% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 34 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	0.02507	0.0083	pay 0.0041% / 4h	2h 15m	$16K	$48K	10x
Short	Variational Omni MON	0.02503	0.0100	get 0.0100% / 8h	2h 15m	$739K	$410K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.176%Rate

Funding earned: $3.66
Price spread: −0.176% → 0.000%: −$17.6
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.94
Costs to cover: 0.060%
Break-even: 45.2 days

Slippage unknown: Orderly: no order-book sample; Variational Omni: RFQ quote, 34 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 Variational Omni RFQ quote, 34 min ago	8.02 bp	doesn't fit	124.2 bp −$1,242	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
Backpack MON_USDC_PERP	−0.0104%	1h	0.02507	+0.004%	$114K	$154K	10x	as long as short
Bybit MONUSDT	−0.0009%	8h	0.02504	−0.104%	$20.6M	$13.7M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02499	−0.303%	$12K	$355K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02507	+0.016%	$74K	$135K	25x	as long as short
01 Exchange MONUSD	+0.0024%	1h	0.02507	+0.004%	$6K	$1K	5x	as long as short
Injective MON/USDC PERP	+0.0039%	1h	0.02489	−0.718%	$5K	$113	5.5x	as long as short
Aftermath Perps MONUSD	+0.0082%	1h	0.02495	−0.473%	$6K	$92K	10x	as long as short
Orderly PERP_MON_USDClong	+0.0083%	4h	0.02507	long leg	$16K	$48K	10x
Lighter MON	+0.0096%	1h	0.02507	0.000%	$817K	$767K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02505	−0.062%	$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
Nado MON-PERP	+0.0100%	1h	0.02510	+0.104%	$411K	$571K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02509	+0.088%	$33.7M	$7.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02507	+0.002%	$99K	$221K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02506	−0.036%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02507	−0.004%	$138K	$92K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02506	−0.055%	$23.8M	$27.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02506	−0.040%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02479	−1.097%	$102K	$1K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02506	−0.040%	$940K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02511	+0.160%	$2.9M	$765K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02508	+0.040%	$2.7M	$2.3M	25x	as long as short
Variational Omni MONshort	+0.0100%	8h	0.02503	−0.176%	$739K	$410K	—
edgeX MONUSDC	+0.0100%	4h	0.02501	−0.251%	$41K	$251K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02502	−0.199%	$556K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02503	−0.160%	$68K	$530K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02506	−0.040%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02509	+0.097%	$47K	$283K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02509	+0.084%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02507	−0.008%	$6K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02500	−0.279%	$1.3M	$346K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02507	+0.008%	$114K	$2.2M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0456%	1h	0.02515	+0.299%	$110K	$56K	50x	as long as short
Kraken Futures PF_MONUSD	+0.1014%	1h	0.02509	+0.080%	$269K	$119K	10x	as long as short