Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.022%

Price spread now: Deribit against Phoenix−0.115%70s7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$520.516% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.261%+$26 on $10k

Price spread, last 4 days (all we have)+0.537%+$54 · spread now −0.115%, 7d avg +0.008%

Together, before fees+0.799%+$80 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.123% cheaper against Phoenix than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.008%. The two prices were read 70 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	Phoenix MON	0.02527	0	get 0.0000% / 1h	50m 24s	$12K	$358K	5x
Short	Deribit MON_USDC-PERPETUAL	0.02524	0	get 0.0000% / 1h	50m 24s	$74K	$136K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.115%Rate

Funding earned: $0
Price spread: −0.115% → +0.008%: −$12.25
Slippage, 4 orders: −$37.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$63.9
Costs to cover: 0.516%
Break-even: never at this rate

Slippage from Phoenix: live order book, 66 min ago; Deribit: live order book, 44 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, 66 min ago	1.19 bp	13.1 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Deribit live order book, 44 min ago	9.20 bp	12.7 bp −$13	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	−0.0203%	1h	0.02528	+0.040%	$5K	$111	5.5x	as long as short
Bybit MONUSDT	−0.0067%	8h	0.02523	−0.170%	$20.8M	$13.4M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02527	long leg	$12K	$358K	5x
Deribit MON_USDC-PERPETUALshort	0.0000%	1h	0.02524	−0.115%	$74K	$136K	25x
Orderly PERP_MON_USDC	+0.0072%	4h	0.02525	−0.079%	$16K	$34K	10x	as long as short
Lighter MON	+0.0096%	1h	0.02526	−0.040%	$847K	$732K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02523	−0.177%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02525	−0.063%	$423K	$580K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02525	−0.079%	$34.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02525	−0.063%	$101K	$222K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX MON-USD	+0.0100%	1h	0.02525	−0.082%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02525	−0.083%	$139K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02523	−0.158%	$24.0M	$26.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02523	−0.158%	$4.2M	$6.0M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02525	−0.079%	$104K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02524	−0.119%	$948K	$979K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02527	0.000%	$2.9M	$758K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02526	−0.040%	$2.7M	$2.2M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02528	+0.047%	$114K	$151K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02528	+0.022%	$747K	$410K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02529	+0.081%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02532	+0.215%	$567K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02531	+0.158%	$68K	$514K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02524	−0.119%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02525	−0.063%	$48K	$519K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02524	−0.139%	$38K	—	3x	as long as short
01 Exchange MONUSD	+0.0176%	1h	0.02525	−0.079%	$6K	$1K	5x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02523	−0.142%	$9K	—	50x	as long as short
Aftermath Perps MONUSD	+0.0290%	1h	0.02525	−0.081%	$2K	$74K	10x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02527	0.000%	$1.3M	$341K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0368%	1h	0.02533	+0.257%	$110K	$57K	50x	as long as short
Perpl MON	+0.0447%	43m	0.02525	−0.079%	$115K	$2.3M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0722%	1h	0.02527	−0.013%	$271K	$113K	10x	as long as short