Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:10 UTC+0.0123%/8hpaid last 24h −0.028%

Price spread now: Perpl against Variational Omni+0.170%53s7-day average +0.146% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.086%+$9 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now +0.170%, 7d avg +0.146%

Together, before fees+0.168%+ Points / potential airdropVariational Omni: Active · Perpl: Active · farm board+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Perpl is 0.024% dearer against Variational Omni than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.146%. The two prices were read 53 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	Variational Omni MON	0.02525	0.0100	pay 0.0100% / 8h	4h 33m	$753K	$366K	—
Short	Perpl MON	0.02529	0.0223	get 0.0020% / 43m	11m 28s	$208K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee PerplbpOrdersPrice spread, now +0.170%Rate

Funding earned: $25.88
Price spread: +0.170% → +0.146%: $2.39
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $14.47
Costs to cover: 0.138%
Break-even: 3.1 days

Slippage unknown: Variational Omni: RFQ quote, 8 min ago; Perpl: no order-book sample. Net counts fees only.

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 Variational Omni RFQ quote, 8 min ago	9.85 bp	doesn't fit	108.3 bp −$1,083	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0242%	1h	0.02534	+0.376%	$6K	$109	5.5x	as long as short
Backpack MON_USDC_PERP	−0.0196%	1h	0.02526	+0.071%	$133K	$135K	10x	as long as short
01 Exchange MONUSD	−0.0152%	1h	0.02522	−0.084%	$6K	$1K	5x	as long as short
Bybit MONUSDT	−0.0025%	8h	0.02524	−0.020%	$21.0M	$11.2M	50x	as long as short
Phoenix MON	0.0000%	1h	0.02531	+0.273%	$13K	$374K	5x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02526	+0.075%	$47K	$74K	25x	as long as short
BloFin MON-USDT	+0.0065%	4h	0.02522	−0.100%	$1.3M	$219K	75x	as long as short
Lighter MON	+0.0096%	1h	0.02526	+0.059%	$823K	$745K	10x	as long as short
Paradex MON-USD-PERP	+0.0100%	8h	0.02526	+0.042%	$8K	$42	5x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02528	+0.130%	$314K	$527K	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	0.02528	+0.138%	$34.1M	$7.4M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02529	+0.191%	$105K	$240K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02527	+0.103%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02527	+0.099%	$144K	$104K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02525	+0.001%	$23.9M	$23.8M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02523	−0.060%	$4.3M	$5.7M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02530	+0.217%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02526	+0.059%	$957K	$934K	50x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02528	+0.138%	$2.6M	$1.7M	25x	as long as short
Variational Omni MONlong	+0.0100%	8h	0.02525	long leg	$753K	$366K	—
edgeX MONUSDC	+0.0100%	4h	0.02534	+0.363%	$47K	$241K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02531	+0.257%	$568K	$1.3M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02531	+0.257%	$68K	$488K	50x	as long as short
Orderly PERP_MON_USDC	+0.0100%	4h	0.02524	−0.020%	$16K	$64K	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02524	−0.020%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02529	+0.170%	$45K	$400K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02525	−0.001%	$38K	—	3x	as long as short
KuCoin MONUSDTM	+0.0216%	4h	0.02530	+0.217%	$3.0M	$773K	75x	as long as short
Perpl MONshort	+0.0223%	43m	0.02529	+0.170%	$208K	$1.7M	10x
GMX MON/USD [ETH-USDC]	L +0.0230% / S −0.0343%	1h	0.02525	+0.035%	$6K	—	50x	as long as short
Kraken Futures PF_MONUSD	+0.0422%	1h	0.02528	+0.155%	$252K	$61K	10x	as long as short
Aftermath Perps MONUSD	+0.0448%	1h	0.02533	+0.318%	$2K	$72K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0624%	1h	0.02546	+0.835%	$113K	$50K	50x	as long as short