Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0185%/8h= +20.2% APRpaid last 24h +0.026%

Price spread now: Phoenix against BloFin+0.033%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.033%, 7d avg 0.000%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.034% dearer against BloFin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of 0.000%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.009% in total (about 0.5% a year). A funding rate is set anew for every payment. 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	BloFin MU-USDT	1,046.1	0.0120	pay 0.0120% / 8h	3h 26m	$1.5M	$2.0M	20x
Short	Phoenix MU	1,046.4	0.0305	get 0.0038% / 1h	26m 27s	$535K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.033%Rate

Funding earned: $38.8
Price spread: +0.033% → 0.000%: $3.37
Slippage, 4 orders: −$14.86
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $8.31
Costs to cover: 0.339%
Break-even: 5.5 days

Slippage from BloFin: live order book, 6 min ago; Phoenix: live order book, 26 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 BloFin live order book, 6 min ago	0.05 bp	6.0 bp −$6	6.2 bp −$62	6.4 bp −$639	doesn't fit
Sell Phoenix live order book, 26 min ago	2.86 bp	10.7 bp −$11	22.5 bp −$225	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	−0.0080%	4h	1,046.5	+0.042%	$1.3M	$671K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,046.1	+0.006%	$21.3M	$56.5M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,045.8	−0.028%	$124.6M	$521.1M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,045.9	−0.017%	$18.8M	$31.8M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,045.3	−0.070%	$31.0M	$99.4M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,045.7	−0.036%	$338K	$353K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,045.4	−0.061%	$62.1M	$27.8M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,045.8	−0.020%	$20.5M	$41.5M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,046.8	+0.067%	$2.7M	$2.4M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,046.9	+0.077%	$79K	$1.4M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX MU-USD	0.0000%	1h	1,047.2	+0.105%	$189K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,047.2	+0.111%	$11K	$5.8M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,045.7	−0.035%	$73K	$475K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.9	−0.011%	$130K	$432K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,046.3	+0.020%	$3K	$44K	10x	as long as short
QFEX MU-USD	+0.0032%	1h	1,045.2	−0.085%	$7.1M	$17.9M	10x	as long as short
Lighter MU	+0.0032%	1h	1,045.5	−0.053%	$1.1M	$5.1M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.5	−0.055%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,045.1	−0.090%	$549K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.508%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,046.2	+0.011%	$71K	$233K	10x	as long as short
Nado MU-PERP	+0.0042%	1h	1,045.4	−0.065%	$281K	$828K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.4	+0.035%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,045.4	−0.062%	$177.0M	$96.6M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,045.4	−0.062%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,046.1	+0.006%	$687K	$16K	10x	as long as short
Paradex MU-USD-PERP	+0.0050%	8h	1,045.6	−0.041%	$2K	—	5x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,045.9	−0.014%	$1.9M	$2.2M	10x	as long as short
Bullet MU-USD	+0.0052%	1h	1,046.4	+0.033%	$25K	$394K	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,045.7	−0.036%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,045.6	−0.040%	$147K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.6	−0.041%	$5.2M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,046.6	+0.048%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,046.2	+0.018%	$832	$799	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0120%	1h	1,047.1	+0.098%	$751K	$1.2M	10x	as long as short
BloFin MU-USDTlong	+0.0120%	8h	1,046.1	long leg	$1.5M	$2.0M	20x
Phoenix MUshort	+0.0305%	1h	1,046.4	+0.033%	$535K	$271K	15x