Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.011%

Price spread now: QFEX against Bybit−0.015%53s7-day average −0.046% · 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−$300.301% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.036%−$4 on $10k

Price spread, last 7 days−0.013%−$1 · spread now −0.015%, 7d avg −0.046%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: QFEX is 0.031% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.046%. The two prices were read 53 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	Bybit MUUSDT	1,049.8	0.0044	pay 0.0044% / 8h	6h 44m	$19.3M	$32.6M	100x
Short	QFEX MU-USD	1,049.7	0.0040	get 0.0005% / 1h	44m 42s	$7.5M	$20.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Bybit. 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 BybitbpFee QFEXbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$0.88
Price spread: −0.015% → −0.046%: $3.12
Slippage, 4 orders: −$9.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$27.82
Costs to cover: 0.301%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; QFEX: live order book, 4 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 Bybit live order book, 4 min ago	0.33 bp	9.2 bp −$9	10.7 bp −$107	29.7 bp −$2,970	doesn't fit
Sell QFEX live order book, 4 min ago	0.24 bp	6.8 bp −$7	8.1 bp −$81	12.8 bp −$1,285	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	−0.0702%	4h	1,049.5	−0.033%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,049.5	−0.028%	$62.2M	$27.5M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.5	−0.031%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,049.4	−0.039%	$26K	$396K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050.8	+0.097%	$11K	$6.1M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,049.1	−0.067%	$65K	$323K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,049.1	−0.070%	$129K	$429K	50x	as long as short
Nado MU-PERP	0.0000%	1h	1,049.6	−0.016%	$273K	$858K	10x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,049.6	−0.017%	$3K	$45K	10x	as long as short
Lighter MU	+0.0032%	1h	1,049.4	−0.035%	$1.1M	$4.8M	20x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH MU	+0.0032%	1h	1,049.4	−0.035%	$1.1M	$4.1M	10x	as long as short
QFEX MU-USDshort	+0.0040%	1h	1,049.7	−0.015%	$7.5M	$20.3M	10x
Arcus MU-USD	+0.0040%	1h	1,049.6	−0.017%	$71K	$242K	10x	as long as short
Bybit MUUSDTlong	+0.0044%	8h	1,049.8	long leg	$19.3M	$32.6M	100x
Vest MU-USD-PERP	+0.0046%	1h	1,050.6	+0.078%	—	$178K	25x	as long as short
Extended MU_24_5-USD	+0.0048%	1h	1,049.1	−0.067%	$559K	$1.2M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,049.4	−0.039%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,049.5	−0.034%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.8	−0.099%	$1.9M	$2.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0069%	1h	1,049.5	−0.030%	$178.3M	$100.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0071%	8h	1,049.3	−0.049%	$2K	—	5x	as long as short
OKX MU-USDT-SWAP	+0.0081%	8h	1,049.4	−0.040%	$30.9M	$100.7M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,049.3	−0.050%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,049.4	−0.037%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,049.8	−0.001%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049.4	−0.036%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.148%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,050.3	+0.044%	$761K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0144%	1h	1,049.2	−0.060%	$32K	$1K	10x	as long as short
Variational Omni MU	+0.0230%	8h	1,049.6	−0.021%	$2.7M	$2.4M	—	as long as short
Aster MUUSD1	+0.0231%	8h	1,049.8	−0.005%	$21.6M	$49.2M	20x	as long as short
Binance MUUSDT	+0.0238%	8h	1,049.5	−0.029%	$126.4M	$523.9M	50x	as long as short
GRVT MU_USDT_Perp	+0.0291%	8h	1,049.8	+0.002%	$81K	$1.3M	10x	as long as short
Phoenix MU	+0.0304%	1h	1,050	+0.018%	$537K	$273K	15x	as long as short
Bitget MUUSDT	+0.0337%	8h	1,049.7	−0.012%	$20.3M	$41.8M	50x	as long as short
BloFin MU-USDT	+0.0368%	8h	1,049.8	0.000%	$1.5M	$2.0M	20x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,050	+0.015%	$334K	$349K	20x	as long as short