Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.005%

Price spread now: OKX against Phoenix−0.248%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$630.626% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 3 days (all we have)+0.164%+$16 · spread now −0.248%, 7d avg −0.095%

Together, before fees+0.390%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.154% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.248% now, against its 7-day average of −0.095%). If the spread goes back, that is −$15 on $10k: about 5.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MON	0.02576	0	get 0.0000% / 1h	33m 14s	$13K	$351K	5x
Short	OKX MON-USDT-SWAP	0.02570	0.0100	get 0.0050% / 4h	3h 33m	$4.3M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.248%Rate

Funding earned: $21
Price spread: −0.248% → −0.095%: −$15.36
Slippage, 4 orders: −$45.62
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$56.99
Costs to cover: 0.626%
Break-even: 26.0 days

Slippage from Phoenix: live order book, 38 min ago; OKX: live order book, 5 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, 38 min ago	1.17 bp	13.0 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	3.89 bp	17.2 bp −$17	82.6 bp −$826	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	0.02576	−0.016%	$6K	$107	5.5x	as long as short
Phoenix MONlong	0.0000%	1h	0.02576	long leg	$13K	$351K	5x
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02573	−0.116%	$69K	$119K	25x	as long as short
Orderly PERP_MON_USDC	+0.0068%	4h	0.02573	−0.132%	$17K	$64K	10x	as long as short
01 Exchange MONUSD	+0.0088%	1h	0.02577	+0.027%	$6K	$1K	5x	as long as short
Lighter MON	+0.0096%	1h	0.02575	−0.054%	$858K	$754K	10x	as long as short
Paradex MON-USD-PERP	+0.0098%	8h	0.02574	−0.074%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02579	+0.097%	$393K	$536K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02577	+0.043%	$35.0M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02576	−0.007%	$107K	$231K	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	0.02578	+0.043%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02576	−0.031%	$142K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02573	−0.132%	$24.6M	$25.7M	75x	as long as short
Bybit MONUSDT	+0.0100%	8h	0.02571	−0.210%	$21.3M	$12.3M	50x	as long as short
OKX MON-USDT-SWAPshort	+0.0100%	4h	0.02570	−0.248%	$4.3M	$6.0M	50x
Bulk MON-USD	+0.0100%	1h	0.02575	−0.054%	$106K	$2K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02575	−0.054%	$982K	$904K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02574	−0.093%	$2.7M	$1.9M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02575	−0.066%	$128K	$141K	10x	as long as short
Variational Omni MON	+0.0100%	8h	0.02581	+0.182%	$780K	$407K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02578	+0.055%	$44K	$248K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02581	+0.196%	$585K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02577	+0.023%	$69K	$484K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02573	−0.132%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02577	+0.034%	$49K	$513K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02573	−0.151%	$39K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0139%	1h	0.02577	+0.025%	$4K	$76K	10x	as long as short
KuCoin MONUSDTM	+0.0140%	4h	0.02578	+0.062%	$3.0M	$725K	75x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0598%	1h	0.02573	−0.144%	$8K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02578	+0.062%	$1.4M	$308K	75x	as long as short
Perpl MON	+0.0447%	43m	0.02573	−0.136%	$178K	$2.0M	10x	as long as short
Kraken Futures PF_MONUSD	+0.0464%	1h	0.02577	+0.008%	$271K	$78K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0808%	1h	0.02579	+0.116%	$113K	$51K	50x	as long as short