Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.063%

Price spread now: Phoenix against Bitget+0.004%69s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as 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−$370.372% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now +0.004%, 7d avg +0.004%

Together, before fees+0.162%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 69 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	Bitget MUUSDT	1,044.1	0.0060	pay 0.0060% / 8h	2h 28m	$20.5M	$42.9M	50x
Short	Phoenix MU	1,044.1	0.0230	get 0.0029% / 1h	28m 17s	$534K	$303K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.004%Rate

Funding earned: $35.73
Price spread: +0.004% → +0.004%: $0
Slippage, 4 orders: −$18.24
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1.52
Costs to cover: 0.372%
Break-even: 7.3 days

Slippage from Bitget: live order book, 1 min ago; Phoenix: live order book, 59 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 Bitget live order book, 1 min ago	0.05 bp	8.6 bp −$9	10.9 bp −$109	21.2 bp −$2,122	doesn't fit
Sell Phoenix live order book, 59 min ago	2.88 bp	10.4 bp −$10	21.9 bp −$219	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	−0.0845%	4h	1,043.7	−0.032%	$1.3M	$674K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,044.4	+0.036%	$21.5M	$43.0M	20x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,044.1	+0.002%	$30.7M	$104.4M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,044	−0.003%	$63.0M	$28.9M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,042.7	−0.126%	$188K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046	+0.190%	$11K	$6.7M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,044	−0.005%	$125K	$443K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,043.6	−0.045%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,043.9	−0.013%	$1.1M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.637%	$14K	$302	12x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MU	+0.0038%	8h	1,043.9	−0.016%	$2.7M	$2.7M	—	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,043.8	−0.021%	—	$193K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,043.7	−0.034%	$165K	$176K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043.1	−0.097%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0057%	1h	1,044.2	+0.014%	$7.8M	$24.1M	10x	as long as short
SoDEX MU-USD	+0.0060%	1h	1,044	−0.002%	$685K	$16K	10x	as long as short
Bitget MUUSDTlong	+0.0060%	8h	1,044.1	long leg	$20.5M	$42.9M	50x
Binance MUUSDT	+0.0073%	8h	1,044.1	+0.001%	$124.8M	$540.2M	50x	as long as short
Aevo MU-PERP	+0.0096%	1h	1,044	−0.006%	$33K	—	10x	as long as short
Pacifica MU	+0.0100%	1h	1,044.1	+0.001%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.5	−0.053%	$5.2M	$4.0M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,043.5	−0.057%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,044.2	+0.009%	$830	$799	20x	as long as short
Paradex MU-USD-PERP	+0.0108%	8h	1,044.1	+0.008%	$2K	—	5x	as long as short
GRVT MU_USDT_Perp	+0.0126%	8h	1,043.9	−0.018%	$82K	$1.4M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0152%	1h	1,043.3	−0.078%	$756K	$1.8M	10x	as long as short
Bybit MUUSDT	+0.0160%	8h	1,044.4	+0.030%	$19.1M	$32.4M	100x	as long as short
tradeXYZ xyz:MU	+0.0172%	1h	1,044.1	+0.004%	$176.4M	$107.0M	10x	as long as short
BloFin MU-USDT	+0.0191%	8h	1,044.3	+0.020%	$1.5M	$2.1M	20x	as long as short
Nado MU-PERP	+0.0192%	1h	1,043.3	−0.070%	$307K	$845K	10x	as long as short
RISEx MU/USDC	+0.0202%	1h	1,044.3	+0.020%	$288K	$331K	20x	as long as short
Lighter MU	+0.0224%	1h	1,044	−0.005%	$1.0M	$4.8M	20x	as long as short
Arcus MU-USD	+0.0226%	1h	1,044	−0.004%	$63K	$236K	10x	as long as short
Bullet MU-USD	+0.0230%	1h	1,044.1	+0.004%	$25K	$399K	10x	as long as short
Phoenix MUshort	+0.0230%	1h	1,044.1	+0.004%	$534K	$303K	15x
Deribit MU_USDC-PERPETUAL	+0.0315%	1h	1,044.1	0.000%	$57K	$212K	10x	as long as short
Extended MU_24_5-USD	+0.0616%	1h	1,042.9	−0.113%	$539K	$1.0M	10x	as long as short