MON Funding Rate — live across 16 venues
Perpetual funding · compared across 16 venues · net of estimated fees · updated every few minutesLive annualized MON perpetual funding across all 16 venues Perpia tracks. Right now MON funding is positive on 10 and negative on 6, ranging from +10.9% on Hyperliquid to -133.5% on BackPack — a spread of 144.4%. The widest delta-neutral trade is long BackPack / short Lighter at 141.8% net APR.
MON funding trend & liquidity
168h of historyAverages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.
Loading MON rate history…
Build a route
any two of the 16 venuesThis is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.
Venues: pick the two legs
sorted by rate · 16 venues| Venue | Funding APR ↓ | Interval | Use as |
|---|---|---|---|
| Hyperliquid↗ | +10.9% | every 1h | |
| Variational↗ | +10.9% | every 8h | |
| KuCoin↗ | +10.9% | every 4h | |
| Pacifica↗ | +10.9% | every 1h | |
| Sodex↗ | +10.9% | every 1h | |
| Lighter↗short | +10.5% | every 8h | |
| Gate.io↗ | +7.7% | every 4h | |
| Extended↗ | +5.3% | every 1h | |
| Binance↗ | +5.1% | every 4h | |
| Bitget↗ | +2.4% | every 4h | |
| below — these venues pay the longs: this is the leg you buy | |||
| Bybit↗ | −6.5% | every 8h | |
| Nado↗ | −8.0% | every 24h | |
| Risex↗ | −14.2% | every 1h | |
| Aster↗ | −16.4% | every 4h | |
| OKX↗ | −21.0% | every 4h | |
| BackPack↗long | −133.5% | every 1h | |
Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the BackPack vs Lighter page. 79 pairs scanned for MON.
MON arbitrage — 30-day backtest
long BackPack · short LighterOver the last 30 days, holding long BackPack / short Lighter would have produced 20.5% APR — versus the 141.8% the live spread implies right now (equity $10,000 → $10,168). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.
Open full interactive backtest →MON — FAQ
Is MON funding positive right now?
MON perpetual funding is positive on 10 of 16 venues Perpia tracks and negative on 6. The highest is +10.9% on Hyperliquid; the lowest is -133.5% on BackPack.
What is the best MON funding arbitrage right now?
Go long BackPack and short Lighter for about 141.8% net APR after fees — the widest delta-neutral MON spread Perpia currently sees.
Which exchange has the highest MON funding rate?
Hyperliquid, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.
How MON funding arbitrage works
Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.
Markets related to MON
also quoted on both BackPack and LighterThe same two exchanges you would already have funded for the MON trade. Every spread between them is on the BackPack vs Lighter page.