Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0246%/8h= +26.9% APRpaid last 24h +0.052%

Price spread now: KuCoin against Phoenix+0.090%63s7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as 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−$1001.001% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.222%+$22 on $10k

Price spread, last 3 days (all we have)−0.127%−$13 · spread now +0.090%, 7d avg +0.043%

Together, before fees+0.095%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and KuCoin is 0.046% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.043%. The two prices were read 63 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	0.02563	0	get 0.0000% / 1h	18m 26s	$13K	$360K	5x
Short	KuCoin MONUSDTM	0.02565	0.0246	get 0.0123% / 4h	18m 26s	$3.0M	$718K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.090%Rate

Funding earned: $51.66
Price spread: +0.090% → +0.043%: $4.64
Slippage, 4 orders: −$81.09
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$43.79
Costs to cover: 1.001%
Break-even: 12.9 days

Slippage from Phoenix: live order book, 58 min ago; KuCoin: live order book, 4 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	1.16 bp	12.9 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	13.63 bp	33.1 bp −$33	441.7 bp −$4,417	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	−0.0121%	1h	0.02576	+0.519%	$6K	$107	5.5x	as long as short
01 Exchange MONUSD	−0.0088%	1h	0.02559	−0.160%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0030%	8h	0.02557	−0.207%	$21.1M	$12.1M	50x	as long as short
Phoenix MONlong	0.0000%	1h	0.02563	long leg	$13K	$360K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02560	−0.090%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0068%	4h	0.02559	−0.144%	$17K	$64K	10x	as long as short
Aftermath Perps MONUSD	+0.0090%	1h	0.02563	+0.026%	$3K	$75K	10x	as long as short
Paradex MON-USD-PERP	+0.0096%	8h	0.02558	−0.184%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02560	−0.105%	$850K	$794K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02562	−0.016%	$34.7M	$7.7M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02561	−0.082%	$106K	$231K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02559	−0.148%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02559	−0.144%	$141K	$105K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02559	−0.144%	$24.4M	$25.5M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02559	−0.144%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02555	−0.300%	$107K	$390	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02559	−0.144%	$975K	$911K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02561	−0.066%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02560	−0.113%	$127K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02557	−0.216%	$775K	$408K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02561	−0.056%	$47K	$244K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02564	+0.051%	$581K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02562	−0.027%	$68K	$482K	50x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02561	−0.048%	$390K	$545K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02558	−0.183%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02561	−0.067%	$51K	$407K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02559	−0.144%	$39K	—	3x	as long as short
KuCoin MONUSDTMshort	+0.0246%	4h	0.02565	+0.090%	$3.0M	$718K	75x
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02560	−0.101%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02557	−0.222%	$1.3M	$306K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02561	−0.077%	$269K	$78K	10x	as long as short
Perpl MON	+0.0447%	43m	0.02561	−0.074%	$125K	$1.8M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0480%	1h	0.02609	+1.803%	$115K	$50K	50x	as long as short