Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h +0.047%

Price spread now: Phoenix against Binance+0.001%105s7-day average −0.001% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.317% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.248%+$25 on $10k

Price spread, last 2 days (all we have)−0.086%−$9 · spread now +0.001%, 7d avg −0.001%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 105 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	Binance MUUSDT	1,044.4	0.0151	pay 0.0151% / 8h	1h 27m	$125.0M	$536.1M	50x
Short	Phoenix MU	1,044.4	0.0383	get 0.0048% / 1h	27m 47s	$534K	$306K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.001%Rate

Funding earned: $48.8
Price spread: +0.001% → −0.001%: $0.2
Slippage, 4 orders: −$14.65
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.34
Costs to cover: 0.317%
Break-even: 4.5 days

Slippage from Binance: live order book, 16 min ago; Phoenix: live order book, 55 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 Binance live order book, 16 min ago	0.05 bp	5.1 bp −$5	6.3 bp −$63	16.8 bp −$1,684	doesn't fit
Sell Phoenix live order book, 55 min ago	2.87 bp	10.4 bp −$10	22.0 bp −$220	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	−0.0683%	4h	1,044.2	−0.018%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,044.2	−0.019%	$62.9M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,043.2	−0.112%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046.7	+0.217%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,044.1	−0.024%	$125K	$441K	50x	as long as short
OKX MU-USDT-SWAP	+0.0026%	8h	1,044.2	−0.023%	$30.9M	$104.9M	50x	as long as short
Aftermath Perps MUUSD	+0.0031%	1h	1,043.8	−0.054%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,044.1	−0.029%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.605%	$14K	$302	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,044	−0.039%	—	$194K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MU-USD	+0.0050%	1h	1,044.1	−0.027%	$165K	$184K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043.1	−0.124%	$2.0M	$2.7M	10x	as long as short
SoDEX MU-USD	+0.0051%	1h	1,044.2	−0.021%	$685K	$16K	10x	as long as short
QFEX MU-USD	+0.0071%	1h	1,044.4	−0.002%	$7.8M	$24.2M	10x	as long as short
Aster MUUSD1	+0.0072%	8h	1,044.9	+0.048%	$21.5M	$47.4M	20x	as long as short
Bitget MUUSDT	+0.0096%	8h	1,044.3	−0.012%	$20.4M	$43.1M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,043.7	−0.066%	$154K	$181K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.6	−0.075%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,043.5	−0.089%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,044.4	−0.004%	$830	$799	20x	as long as short
Aevo MU-PERP	+0.0120%	1h	1,044	−0.036%	$33K	—	10x	as long as short
Variational Omni MU	+0.0129%	8h	1,043.8	−0.054%	$2.6M	$2.7M	—	as long as short
Paradex MU-USD-PERP	+0.0132%	8h	1,044.2	−0.017%	$2K	—	5x	as long as short
Binance MUUSDTlong	+0.0151%	8h	1,044.4	long leg	$125.0M	$536.1M	50x
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,043.9	−0.047%	$756K	$1.4M	10x	as long as short
Lighter MU	+0.0192%	1h	1,044.3	−0.010%	$1.0M	$4.8M	20x	as long as short
Nado MU-PERP	+0.0208%	1h	1,043.5	−0.090%	$266K	$868K	10x	as long as short
GRVT MU_USDT_Perp	+0.0208%	8h	1,044.1	−0.030%	$82K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0235%	8h	1,044.6	+0.016%	$19.2M	$32.6M	100x	as long as short
BloFin MU-USDT	+0.0268%	8h	1,044.6	+0.020%	$1.4M	$2.1M	20x	as long as short
Bullet MU-USD	+0.0269%	1h	1,044.4	+0.002%	$26K	$398K	10x	as long as short
tradeXYZ xyz:MU	+0.0333%	1h	1,044	−0.037%	$176.4M	$107.1M	10x	as long as short
Phoenix MUshort	+0.0383%	1h	1,044.4	+0.001%	$534K	$306K	15x
Arcus MU-USD	+0.0435%	1h	1,044	−0.040%	$73K	$241K	10x	as long as short
RISEx MU/USDC	+0.0499%	1h	1,044.7	+0.025%	$295K	$338K	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0507%	1h	1,044.2	−0.020%	$61K	$246K	10x	as long as short
Extended MU_24_5-USD	+0.0656%	1h	1,043.3	−0.103%	$541K	$1.1M	10x	as long as short