Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h −0.018%

Price spread now: QFEX against Binance−0.037%7-day average −0.006% · 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−$26as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 2 days (all we have)+0.005%$0 · spread now −0.037%, 7d avg −0.006%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and QFEX is 0.031% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MUUSDT	1,045.5	0.0193	pay 0.0193% / 8h	26m 01s	$124.3M	$533.2M	50x
Short	QFEX MU-USD	1,045.2	0.0080	get 0.0010% / 1h	26m 01s	$7.8M	$23.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$23.69
Price spread: −0.037% → −0.006%: −$3.12
Slippage, 4 orders: −$3.11
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$49.92
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; QFEX: live order book, 8 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, 3 min ago	0.05 bp	5.2 bp −$5	5.9 bp −$59	13.3 bp −$1,327	doesn't fit
Sell QFEX live order book, 8 min ago	0.67 bp	6.0 bp −$6	6.2 bp −$62	9.4 bp −$936	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	−0.0857%	4h	1,045.2	−0.028%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,045.3	−0.020%	$63.0M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,044.9	−0.063%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,047	+0.144%	$11K	$6.5M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.1	−0.042%	$129K	$455K	50x	as long as short
Aftermath Perps MUUSD	+0.0031%	1h	1,044.8	−0.070%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.3	−0.026%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.495%	$14K	$302	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,045.5	−0.006%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,045	−0.051%	$169K	$189K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MU-USD	+0.0050%	1h	1,045.3	−0.025%	$686K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043.9	−0.156%	$2.0M	$2.7M	10x	as long as short
OKX MU-USDT-SWAP	+0.0076%	8h	1,045.5	−0.004%	$30.8M	$105.0M	50x	as long as short
QFEX MU-USDshort	+0.0080%	1h	1,045.2	−0.037%	$7.8M	$23.9M	10x
Lighter MU	+0.0096%	1h	1,045.3	−0.022%	$1.0M	$4.9M	20x	as long as short
Pacifica MU	+0.0100%	1h	1,045.3	−0.022%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.1	−0.038%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.6	+0.007%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,045.3	−0.024%	$831	$799	20x	as long as short
Paradex MU-USD-PERP	+0.0121%	8h	1,045.2	−0.031%	$2K	—	5x	as long as short
Bitget MUUSDT	+0.0122%	8h	1,045.4	−0.016%	$20.5M	$43.6M	50x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,045.2	−0.031%	$33K	—	10x	as long as short
Bullet MU-USD	+0.0132%	1h	1,045.4	−0.014%	$25K	$394K	10x	as long as short
Aster MUUSD1	+0.0161%	8h	1,045.5	−0.002%	$21.5M	$47.3M	20x	as long as short
Nado MU-PERP	+0.0177%	1h	1,044.8	−0.075%	$271K	$875K	10x	as long as short
Variational Omni MU	+0.0183%	8h	1,045.3	−0.025%	$2.7M	$2.5M	—	as long as short
Deribit MU_USDC-PERPETUAL	+0.0190%	1h	1,045.2	−0.036%	$62K	$272K	10x	as long as short
Binance MUUSDTlong	+0.0193%	8h	1,045.5	long leg	$124.3M	$533.2M	50x
tradeXYZ xyz:MU	+0.0218%	1h	1,045.2	−0.032%	$176.6M	$105.1M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.1	−0.043%	$757K	$1.3M	10x	as long as short
GRVT MU_USDT_Perp	+0.0235%	8h	1,045.3	−0.023%	$82K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0271%	8h	1,045.6	+0.005%	$19.2M	$32.5M	100x	as long as short
BloFin MU-USDT	+0.0314%	8h	1,045.1	−0.040%	$1.5M	$2.0M	20x	as long as short
Extended MU_24_5-USD	+0.0440%	1h	1,044.6	−0.091%	$541K	$1.1M	10x	as long as short
Phoenix MU	+0.0460%	1h	1,045.3	−0.023%	$535K	$306K	15x	as long as short
Arcus MU-USD	+0.0462%	1h	1,045	−0.047%	$70K	$244K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,045.7	+0.018%	$316K	$339K	20x	as long as short