Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:50 UTC−0.0347%/8h= −37.9% APRpaid last 24h −0.012%

Price spread now: ApeX Omni against Perpl+0.117%65s7-day average −0.029% · you sell dearer than you buy

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

Long on Perpl Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.117%, 7d avg −0.029%

Together, before fees−0.363%+ Points / potential airdropPerpl: Active · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.147% dearer against Perpl than usual: you sell high and buy low (spread +0.117% now, against its 7-day average of −0.029%): +$15 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 7 days (−0.210% in total) that is about 4.9 days. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.210% in total (about -11.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl MON	0.02554	0.0447	pay 0.0040% / 43m	10m 48s	$118K	$2.1M	10x
Short	ApeX Omni MONUSDT	0.02557	0.0100	get 0.0013% / 1h	55m 48s	$69K	$545K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee ApeX OmnibpOrdersPrice spread, now +0.117%Rate

Funding earned: −$72.77
Price spread: +0.117% → −0.029%: $14.67
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$81.89
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; ApeX Omni: live order book, 37 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 Perpl no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 37 min ago	12.01 bp	24.0 bp −$24	119.9 bp −$1,199	doesn't fit	doesn't fit

Perpl: 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	−0.0051%	1h	0.02553	−0.055%	$113K	$152K	10x	as long as short
Phoenix MON	0.0000%	1h	0.02557	+0.098%	$14K	$307K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02553	−0.047%	$73K	$133K	25x	as long as short
Injective MON/USDC PERP	+0.0033%	1h	0.02505	−1.919%	$5K	$104	5.5x	as long as short
Lighter MON	+0.0096%	1h	0.02554	0.000%	$833K	$759K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02557	+0.116%	$8K	$42	5x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02553	−0.031%	$34.4M	$6.6M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02553	−0.042%	$101K	$202K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02553	−0.025%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02557	+0.133%	$142K	$89K	3x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MONUSDT	+0.0100%	4h	0.02550	−0.157%	$24.6M	$26.8M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02548	−0.235%	$21.3M	$13.5M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02548	−0.235%	$4.3M	$6.1M	50x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02554	0.000%	$1.1M	$1.1M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02552	−0.078%	$2.9M	$763K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02553	−0.039%	$2.8M	$2.3M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02549	−0.215%	$757K	$375K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02555	+0.052%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02557	+0.133%	$580K	$1.5M	10x	as long as short
ApeX Omni MONUSDTshort	+0.0100%	1h	0.02557	+0.117%	$69K	$545K	50x
Nado MON-PERP	+0.0100%	1h	0.02553	−0.032%	$392K	$578K	10x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02554	0.000%	$16K	$36K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02552	−0.078%	$5K	$6K	5x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	+0.040%	$105K	−$0	10x	as long as short
Extended MON-USD	+0.0104%	1h	0.02553	−0.021%	$61K	$329K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02550	−0.137%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02553	−0.027%	$7K	—	50x	as long as short
01 Exchange MONUSD	+0.0232%	1h	0.02553	−0.020%	$6K	$3K	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02562	+0.313%	$1.4M	$401K	75x	as long as short
Perpl MONlong	+0.0447%	43m	0.02554	long leg	$118K	$2.1M	10x
Aftermath Perps MONUSD	+0.0647%	1h	0.02557	+0.110%	$4K	$97K	10x	as long as short
Kraken Futures PF_MONUSD	+0.0669%	1h	0.02554	+0.014%	$274K	$117K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0800%	1h	0.02575	+0.826%	$114K	$53K	50x	as long as short