MON arbitrage explained
Right now Monad (MON) trades on 10 venues we scan: 9 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.0258 and the highest bid on Hyperliquid perp at $0.0258.
The widest MON perpetual spread is between Bybit and Hyperliquid: long MON on Bybit at $0.0258 and short on Hyperliquid at $0.0258 for +0.17% gross, or +0.01% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.090% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best MON route is to buy spot on Bybit and short the perpetual on Hyperliquid: -0.03% gross, -0.23% net, with +0.030% a day of funding on the short leg.
Spot–spot MON arbitrage (buy on Bybit, withdraw, deposit and sell on OKX) shows -0.04% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small MON gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: MON funding rates · MON spread charts · Monad price · arbitrage scanner for all coins.