Funding you earn now, next payment 08:00 UTC+0.0191%/8h= +20.9% APRnext payment +$0.24 per $10,000 · paid last 24h +0.045%
Price spread now: Phoenix against Arcus−0.028%109s7-day average +0.049% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$410.413% of the position
Funding, last 4 days (all we have)−0.041%−$4 on $10k
+Price spread, last 4 days (all we have)−0.025%−$2 · spread now −0.028%, 7d avg +0.049%
=Funding pays, the price is against you. Phoenix is 0.077% cheaper against Arcus than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of +0.049%). If the spread goes back, that is −$8 on $10k: about 32 hours of funding at the current rate (+$6 a day). The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.041% in total (about -3.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.24 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus MU-USD | 1,030.8 | 0.0040 | pay 0.0005% / 1h | 45m 34s | $89K | $244K | 10x |
| Short | Phoenix MU | 1,030.5 | 0.0231 | get 0.0029% / 1h | 45m 34s | $527K | $270K | 15x |
Arcus MU-USD
Phoenix MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Arcus. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $40.08
- Price spread: −0.028% → +0.049%
- −$7.67
- Slippage, 4 orders
- −$29.79
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$8.88
- Costs to cover
- 0.413%
- Break-even
- 8.6 days
Slippage from Arcus: live order book, 53 min ago; Phoenix: live order book, 52 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 Arcus live order book, 53 min ago | 3.13 bp | 8.3 bp −$8 | 13.9 bp −$139 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 52 min ago | 2.89 bp | 10.8 bp −$11 | 23.4 bp −$234 | doesn't fit | doesn't fit |
MU on 37 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX MUUSDC | −0.0134% | 4h | 1,031.6 | +0.076% | $1.3M | $673K | 10x | as long as short |
| Bitget MUUSDT | −0.0088% | 8h | 1,031.2 | +0.038% | $19.8M | $40.0M | 50x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,031.1 | +0.029% | $21.1M | $68.6M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,031 | +0.023% | $121.4M | $542.2M | 50x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,031.1 | +0.028% | $18.6M | $32.1M | 100x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,031 | +0.024% | $29.6M | $100.8M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,031.1 | +0.026% | $310K | $380K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,030.8 | −0.004% | $61.9M | $27.8M | 75x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,030.2 | −0.054% | $2.5M | $2.6M | — | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,031.9 | +0.104% | $72K | $1.4M | 10x | as long as short |
edgeX MUUSDC
Bitget MUUSDT
Aster MUUSD1
Binance MUUSDT
Bybit MUUSDT
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
Variational Omni MU
GRVT MU_USDT_PerpShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| StandX MU-USD | 0.0000% | 1h | 1,030.6 | −0.016% | $186K | $3.6M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,031.2 | +0.044% | $11K | $5.4M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,029.9 | −0.091% | $119K | $492K | 50x | as long as short |
| Aftermath Perps MUUSD | +0.0024% | 1h | 1,031.1 | +0.029% | $3K | $43K | 10x | as long as short |
| QFEX MU-USD | +0.0027% | 1h | 1,029.5 | −0.127% | $6.9M | $18.8M | 10x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,030.8 | +0.005% | $1.1M | $4.4M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,029.9 | −0.088% | $550K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | +1.996% | $19K | $5K | 12x | as long as short |
| Arcus MU-USDlong | +0.0040% | 1h | 1,030.8 | long leg | $89K | $244K | 10x | |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,029.7 | −0.109% | — | $177K | 25x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,029 | −0.174% | $166K | $177K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,029.9 | −0.085% | $676K | $15K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,030.1 | −0.069% | $1.9M | $2.8M | 10x | as long as short |
| Lighter MU | +0.0056% | 1h | 1,030.7 | −0.006% | $991K | $4.9M | 20x | as long as short |
| Paradex MU-USD-PERP | +0.0057% | 8h | 1,031.1 | +0.029% | $2K | — | 5x | as long as short |
| tradeXYZ xyz:MU | +0.0070% | 1h | 1,030.4 | −0.038% | $174.4M | $80.4M | 10x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,029.9 | −0.084% | $32K | $1K | 10x | as long as short |
| Nado MU-PERP | +0.0088% | 1h | 1,029.6 | −0.119% | $272K | $806K | 10x | as long as short |
| Bullet MU-USD | +0.0092% | 1h | 1,030.3 | −0.048% | $25K | $390K | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0096% | 1h | 1,030.8 | −0.004% | $720K | $1.1M | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,030.9 | +0.008% | $146K | $194K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,030.4 | −0.034% | $5.1M | $4.4M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,030.9 | +0.015% | $70K | $270K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,030.1 | −0.063% | $819 | $799 | 20x | as long as short |
| BloFin MU-USDT | +0.0120% | 8h | 1,030.4 | −0.037% | $1.5M | $2.2M | 20x | as long as short |
| Phoenix MUshort | +0.0231% | 1h | 1,030.5 | −0.028% | $527K | $270K | 15x | |
| Deribit MU_USDC-PERPETUAL | +0.0362% | 1h | 1,030.2 | −0.059% | $73K | $625K | 10x | as long as short |
StandX MU-USD
SunX MU-USDT
HTX MU-USDT
Aftermath Perps MUUSD
QFEX MU-USD
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
Vest MU-USD-PERP
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
Lighter MU
Paradex MU-USD-PERP
tradeXYZ xyz:MU
Aevo MU-PERP
Nado MU-PERP
Bullet MU-USD
Coinbase International MU-PERP-INTX
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
BloFin MU-USDT
Deribit MU_USDC-PERPETUAL