Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.024%

Price spread now: Bybit against Coinbase International−0.368%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.234%−$23 on $10k

Price spread, last 4 days (all we have)+0.465%+$46 · spread now −0.368%, 7d avg +0.038%

Together, before fees+0.231%+$23 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 Bybit is 0.406% cheaper against Coinbase International than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MU-PERP-INTX	1,035.2	0.0096	pay 0.0012% / 1h	49m 36s	$724K	$1.1M	10x
Short	Bybit MUUSDT	1,031.4	0	get 0.0000% / 8h	7h 49m	$18.7M	$32.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.368%Rate

Funding earned: −$20.16
Price spread: −0.368% → +0.038%: −$40.62
Slippage, 4 orders: −$17.03
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$98.81
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Bybit: 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 Coinbase International live order book, 4 min ago	5.62 bp	10.6 bp −$11	12.0 bp −$120	71.1 bp −$7,107	doesn't fit
Sell Bybit live order book, 4 min ago	0.87 bp	8.0 bp −$8	13.8 bp −$138	42.9 bp −$4,291	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	−0.0378%	4h	1,032	−0.316%	$1.3M	$673K	10x	as long as short
Bitget MUUSDT	−0.0102%	8h	1,032.2	−0.296%	$19.9M	$40.5M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,030.6	−0.453%	$21.1M	$68.4M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,031	−0.407%	$121.4M	$541.5M	50x	as long as short
Bybit MUUSDTshort	0.0000%	8h	1,031.4	−0.368%	$18.7M	$32.0M	100x
OKX MU-USDT-SWAP	0.0000%	8h	1,031.6	−0.355%	$29.4M	$100.7M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,031.3	−0.379%	$310K	$380K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,031.2	−0.394%	$61.9M	$27.7M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,032.2	−0.291%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,032.4	−0.272%	$80K	$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	1,032.5	−0.264%	$187K	$3.6M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,031	−0.413%	$11K	$5.4M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,030	−0.507%	$124K	$493K	50x	as long as short
Aftermath Perps MUUSD	+0.0024%	1h	1,032.9	−0.230%	$3K	$43K	10x	as long as short
QFEX MU-USD	+0.0027%	1h	1,031.3	−0.383%	$7.0M	$18.8M	10x	as long as short
Bullet MU-USD	+0.0028%	1h	1,030	−0.511%	$25K	$389K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0032%	1h	1,029.5	−0.554%	$73K	$624K	10x	as long as short
Lighter MU	+0.0032%	1h	1,031.1	−0.398%	$994K	$4.9M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,031	−0.408%	$1.1M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,030.3	−0.475%	$550K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.557%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,031.2	−0.386%	$89K	$244K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,030.2	−0.483%	—	$177K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,030.9	−0.419%	$174.7M	$80.1M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,029.3	−0.574%	$166K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,030.3	−0.480%	$676K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,029.2	−0.581%	$1.9M	$2.8M	10x	as long as short
Paradex MU-USD-PERP	+0.0053%	8h	1,031.3	−0.377%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0064%	1h	1,029.8	−0.527%	$272K	$807K	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,029.4	−0.563%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTXlong	+0.0096%	1h	1,035.2	long leg	$724K	$1.1M	10x
Pacifica MU	+0.0100%	1h	1,031.2	−0.387%	$146K	$194K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,030.5	−0.454%	$5.1M	$4.3M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,032.6	−0.257%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,029.8	−0.528%	$819	$799	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,031.9	−0.326%	$1.5M	$2.1M	20x	as long as short
Phoenix MU	+0.0231%	1h	1,031.9	−0.323%	$528K	$270K	15x	as long as short