Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:40 UTC+0.0680%/8h= +74.5% APRpaid last 24h +0.199%

Price spread now: Coinbase International against Perpl+0.343%50s7-day average +0.502% · you sell dearer than you buy

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

Long on Perpl Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.747%+$75 on $10k

Price spread, last 4 days (all we have)+0.202%+$20 · spread now +0.343%, 7d avg +0.502%

Together, before fees+0.950%+ Points / potential airdropPerpl: Active · farm board+$95 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.159% cheaper against Perpl than usual: you would sell low and buy high (spread +0.343% now, against its 7-day average of +0.502%). If the spread goes back, that is −$16 on $10k: about 19 hours of funding at the current rate (+$20 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl MON	0.02506	0	get 0.0000% / 43m	28m 22s	$126K	$2.2M	10x
Short	Coinbase International MON-PERP-INTX	0.02515	0.0680	get 0.0085% / 1h	39m 22s	$111K	$55K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.343%Rate

Funding earned: $142.8
Price spread: +0.343% → +0.502%: −$15.87
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $103.13
Costs to cover: 0.238%
Break-even: 1.9 days

Slippage unknown: Perpl: no order-book sample; Coinbase International: live order book, 63 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 Coinbase International live order book, 63 min ago	29.80 bp	131.7 bp −$132	doesn't fit	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
Injective MON/USDC PERP	−0.0032%	1h	0.02500	−0.247%	$5K	$110	5.5x	as long as short
Phoenix MON	0.0000%	1h	0.02510	+0.140%	$13K	$349K	5x	as long as short
Perpl MONlong	0.0000%	43m	0.02506	long leg	$126K	$2.2M	10x
Deribit MON_USDC-PERPETUAL	+0.0069%	1h	0.02511	+0.211%	$73K	$138K	25x	as long as short
Lighter MON	+0.0096%	1h	0.02508	+0.072%	$804K	$785K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02504	−0.074%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02508	+0.089%	$394K	$578K	10x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02507	+0.028%	$99K	$213K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02510	+0.142%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02508	+0.072%	$139K	$92K	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	0.02504	−0.073%	$23.8M	$27.6M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02505	−0.048%	$20.8M	$13.8M	50x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02506	−0.008%	$4.2M	$6.2M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02505	−0.048%	$103K	−$0	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02507	+0.032%	$945K	$1.0M	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02511	+0.192%	$2.9M	$766K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02508	+0.072%	$2.7M	$2.3M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02511	+0.200%	$110K	$157K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02507	+0.032%	$744K	$411K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02509	+0.095%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02511	+0.193%	$566K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02510	+0.152%	$68K	$538K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02511	+0.192%	$16K	$42K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02510	+0.152%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02508	+0.065%	$47K	$314K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02511	+0.192%	$38K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0231% / S −0.0246%	1h	0.02511	+0.176%	$6K	—	50x	as long as short
Hyperliquid MON	+0.0277%	1h	0.02508	+0.092%	$33.9M	$7.8M	5x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02508	+0.072%	$1.3M	$341K	75x	as long as short
01 Exchange MONUSD	+0.0344%	1h	0.02505	−0.052%	$6K	$3K	5x	as long as short
Aftermath Perps MONUSD	+0.0584%	1h	0.02507	+0.023%	$5K	$101K	10x	as long as short
Coinbase International MON-PERP-INTXshort	+0.0680%	1h	0.02515	+0.343%	$111K	$55K	50x
Kraken Futures PF_MONUSD	+0.1200%	1h	0.02512	+0.245%	$270K	$119K	10x	as long as short