Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.008%

Price spread now: BloFin against Phoenix+0.008%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$590.592% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.444%+$44 on $10k

Price spread, last 3 days (all we have)+0.267%+$27 · spread now +0.008%, 7d avg −0.007%

Together, before fees+0.711%+$71 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MON	0.02592	0	get 0.0000% / 1h	8m 31s	$13K	$384K	5x
Short	BloFin MON-USDT	0.02592	0.0095	get 0.0047% / 4h	2h 08m	$1.4M	$246K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now +0.008%Rate

Funding earned: $19.92
Price spread: +0.008% → −0.007%: $1.49
Slippage, 4 orders: −$40.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$37.78
Costs to cover: 0.592%
Break-even: 20.3 days

Slippage from Phoenix: live order book, 13 min ago; BloFin: live order book, 9 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, 13 min ago	1.15 bp	13.2 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell BloFin live order book, 9 min ago	7.71 bp	16.9 bp −$17	35.7 bp −$357	125.2 bp −$12.5K	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	−0.0739%	1h	0.02599	+0.278%	$6K	$110	5.5x	as long as short
Deribit MON_USDC-PERPETUAL	−0.0482%	1h	0.02592	+0.012%	$66K	$114K	25x	as long as short
01 Exchange MONUSD	−0.0280%	1h	0.02585	−0.255%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0015%	8h	0.02588	−0.127%	$21.6M	$11.8M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02592	long leg	$13K	$384K	5x
Paradex MON-USD-PERP	+0.0077%	8h	0.02591	−0.040%	$8K	$42	5x	as long as short
Orderly PERP_MON_USDC	+0.0084%	4h	0.02588	−0.147%	$17K	$64K	10x	as long as short
BloFin MON-USDTshort	+0.0095%	4h	0.02592	+0.008%	$1.4M	$246K	75x
Lighter MON	+0.0096%	1h	0.02592	+0.008%	$851K	$758K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02593	+0.057%	$387K	$534K	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	0.02593	+0.054%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02589	−0.097%	$108K	$233K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02596	+0.160%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02592	+0.008%	$143K	$106K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02590	−0.069%	$24.6M	$24.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02587	−0.185%	$4.4M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02600	+0.316%	$109K	$3K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02592	+0.008%	$1.0M	$935K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02593	+0.046%	$2.8M	$1.8M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02588	−0.129%	$782K	$412K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02591	−0.043%	$48K	$242K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02594	+0.086%	$584K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02592	+0.008%	$69K	$480K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02590	−0.069%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02593	+0.050%	$52K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02590	−0.069%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0113%	1h	0.02596	+0.156%	$2K	$73K	10x	as long as short
Kraken Futures PF_MONUSD	+0.0131%	1h	0.02595	+0.115%	$267K	$67K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0598%	1h	0.02593	+0.050%	$9K	—	50x	as long as short
Backpack MON_USDC_PERP	+0.0287%	1h	0.02592	+0.012%	$138K	$137K	10x	as long as short
KuCoin MONUSDTM	+0.0354%	4h	0.02597	+0.201%	$3.2M	$747K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02591	−0.019%	$145K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0648%	1h	0.02607	+0.575%	$114K	$50K	50x	as long as short