Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.127%
Price spread now: Backpack against Phoenix−0.085%7-day average −0.015% · you buy dearer than you sell
Net, funding: paid 7d − costs+$50as in the Funding arb table
Net, price: spread back to 7d avg − costs−$55as in the Price arb table
costs, in and out, $10k−$480.480% of the position
Funding, last 7 days+0.981%+$98 on $10k
+Price spread, last 3 days (all we have)+0.110%+$11 · spread now −0.085%, 7d avg −0.015%
=Funding pays, the price is against you. Backpack is 0.070% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of −0.015%). If the spread goes back, that is −$7 on $10k: about 2.3 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.981% in total) that is about 12 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MON | 0.02601 | 0 | get 0.0000% / 1h | 13m 00s | $14K | $351K | 5x |
| Short | Backpack MON_USDC_PERP | 0.02599 | 0.0100 | get 0.0013% / 1h | 13m 00s | $129K | $142K | 10x |
Phoenix MON
Backpack MON_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $21
- Price spread: −0.085% → −0.015%
- −$7
- Slippage, 4 orders
- −$31.04
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$34.04
- Costs to cover
- 0.480%
- Break-even
- 18.3 days
Slippage from Phoenix: live order book, 58 min ago; Backpack: live order book, 60 min ago.
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 Phoenix live order book, 58 min ago | 1.17 bp | 13.0 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 60 min ago | 0.19 bp | 11.8 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
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 | −0.0444% | 1h | 0.02570 | −1.196% | $6K | $108 | 5.5x | as long as short |
| Phoenix MONlong | 0.0000% | 1h | 0.02601 | long leg | $14K | $351K | 5x | |
| Deribit MON_USDC-PERPETUAL | 0.0000% | 1h | 0.02601 | +0.008% | $70K | $119K | 25x | as long as short |
| 01 Exchange MONUSD | +0.0016% | 1h | 0.02599 | −0.096% | $6K | $1K | 5x | as long as short |
| Orderly PERP_MON_USDC | +0.0064% | 4h | 0.02600 | −0.042% | $17K | $59K | 10x | as long as short |
| Bybit MONUSDT | +0.0068% | 8h | 0.02595 | −0.227% | $21.6M | $12.2M | 50x | as long as short |
| Paradex MON-USD-PERP | +0.0091% | 8h | 0.02592 | −0.352% | $8K | $42 | 5x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02600 | −0.042% | $866K | $755K | 10x | as long as short |
| Nado MON-PERP | +0.0100% | 1h | 0.02605 | +0.169% | $402K | $525K | 10x | as long as short |
| Hyperliquid MON | +0.0100% | 1h | 0.02601 | +0.004% | $35.4M | $7.5M | 5x | as long as short |
Injective MON/USDC PERP
Deribit MON_USDC-PERPETUAL
01 Exchange MONUSD
Orderly PERP_MON_USDC
Bybit MONUSDT
Paradex MON-USD-PERP
Lighter MON
Nado MON-PERP
Hyperliquid MONShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster MONUSDT | +0.0100% | 4h | 0.02602 | +0.051% | $108K | $231K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02591 | −0.379% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02592 | −0.350% | $143K | $103K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02596 | −0.203% | $24.8M | $25.4M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02593 | −0.311% | $4.4M | $5.9M | 50x | as long as short |
| Bulk MON-USD | +0.0100% | 1h | 0.02560 | −1.564% | $106K | $4K | 10x | as long as short |
| Gate MON_USDT | +0.0100% | 4h | 0.02599 | −0.081% | $980K | $928K | 50x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02598 | −0.119% | $2.8M | $1.9M | 25x | as long as short |
| Backpack MON_USDC_PERPshort | +0.0100% | 1h | 0.02599 | −0.085% | $129K | $142K | 10x | |
| Variational Omni MON | +0.0100% | 8h | 0.02572 | −1.134% | $773K | $411K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02582 | −0.742% | $44K | $249K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02584 | −0.639% | $578K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02584 | −0.657% | $69K | $488K | 50x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02599 | −0.081% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02601 | −0.007% | $50K | $517K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02600 | −0.046% | $39K | — | 3x | as long as short |
| KuCoin MONUSDTM | +0.0116% | 4h | 0.02603 | +0.073% | $3.0M | $727K | 75x | as long as short |
| Aftermath Perps MONUSD | +0.0200% | 1h | 0.02583 | −0.687% | $4K | $74K | 10x | as long as short |
| GMX MON/USD [ETH-USDC] | L +0.0261% / S −0.0598% | 1h | 0.02599 | −0.088% | $9K | — | 50x | as long as short |
| BloFin MON-USDT | +0.0340% | 4h | 0.02601 | −0.004% | $1.4M | $310K | 75x | as long as short |
| Perpl MON | +0.0447% | 43m | 0.02603 | +0.058% | $121K | $2.1M | 10x | as long as short |
| Kraken Futures PF_MONUSD | +0.0459% | 1h | 0.02603 | +0.065% | $273K | $78K | 10x | as long as short |
| Coinbase International MON-PERP-INTX | +0.0808% | 1h | 0.02604 | +0.131% | $114K | $52K | 50x | as long as short |
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
Bulk MON-USD
Gate MON_USDT
Bitget MONUSDT
Variational Omni MON
edgeX MONUSDC
GRVT MON_USDT_Perp
ApeX Omni MONUSDT
SoDEX MON-USD
Extended MON-USD
Aevo MON-PERP
KuCoin MONUSDTM
Aftermath Perps MONUSD
GMX MON/USD [ETH-USDC]
BloFin MON-USDT
Perpl MON
Kraken Futures PF_MONUSD
Coinbase International MON-PERP-INTX