Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.056%

Price spread now: OKX against Coinbase International−0.124%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.242%−$24 on $10k

Price spread, last 3 days (all we have)+0.154%+$15 · spread now −0.124%, 7d avg +0.033%

Together, before fees−0.088%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.156% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MU-PERP-INTX	1,050.3	0.0128	pay 0.0016% / 1h	42m 06s	$761K	$1.2M	10x
Short	OKX MU-USDT-SWAP	1,049	0.0078	get 0.0078% / 8h	6h 42m	$30.8M	$100.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$10.48
Price spread: −0.124% → +0.033%: −$15.64
Slippage, 4 orders: −$9.92
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$56.04
Costs to cover: 0.299%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; OKX: live order book, 2 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, 1 min ago	4.15 bp	10.0 bp −$10	13.7 bp −$137	41.1 bp −$4,115	doesn't fit
Sell OKX live order book, 2 min ago	0.05 bp	5.6 bp −$6	7.1 bp −$71	20.9 bp −$2,089	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	−0.077%	$1.3M	$672K	10x	as long as short
Nado MU-PERP	−0.0001%	1h	1,048.5	−0.164%	$273K	$858K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,048.8	−0.144%	$62.2M	$27.5M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,048.9	−0.134%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,048.9	−0.130%	$25K	$396K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050	−0.025%	$11K	$6.1M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.5	−0.172%	$65K	$324K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.6	−0.155%	$129K	$429K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,049.1	−0.112%	$3K	$45K	10x	as long as short
Lighter MU	+0.0032%	1h	1,048.7	−0.151%	$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	1,048.7	−0.151%	$1.1M	$4.1M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,048.4	−0.180%	$559K	$1.2M	10x	as long as short
Bybit MUUSDT	+0.0034%	8h	1,049.1	−0.112%	$19.3M	$32.6M	100x	as long as short
QFEX MU-USD	+0.0040%	1h	1,048.6	−0.157%	$7.5M	$20.2M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.2	−0.105%	$71K	$242K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,049.8	−0.049%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.5	−0.169%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,048.8	−0.141%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.8	−0.143%	$1.9M	$2.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0065%	1h	1,048.7	−0.149%	$178.2M	$100.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0071%	8h	1,048.6	−0.160%	$2K	—	5x	as long as short
OKX MU-USDT-SWAPshort	+0.0078%	8h	1,049	−0.124%	$30.8M	$100.6M	50x
Pacifica MU	+0.0100%	1h	1,048.6	−0.163%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,048.7	−0.150%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,049.8	−0.045%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,048.8	−0.138%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.104%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTXlong	+0.0128%	1h	1,050.3	long leg	$761K	$1.2M	10x
Aevo MU-PERP	+0.0144%	1h	1,048.5	−0.172%	$32K	$1K	10x	as long as short
Aster MUUSD1	+0.0223%	8h	1,049.1	−0.113%	$21.6M	$49.4M	20x	as long as short
Variational Omni MU	+0.0230%	8h	1,049.6	−0.065%	$2.7M	$2.4M	—	as long as short
GRVT MU_USDT_Perp	+0.0233%	8h	1,049.7	−0.050%	$81K	$1.3M	10x	as long as short
Binance MUUSDT	+0.0234%	8h	1,048.8	−0.138%	$126.3M	$523.8M	50x	as long as short
Phoenix MU	+0.0304%	1h	1,050	−0.026%	$537K	$273K	15x	as long as short
Bitget MUUSDT	+0.0319%	8h	1,049	−0.122%	$20.3M	$41.8M	50x	as long as short
BloFin MU-USDT	+0.0368%	8h	1,049.8	−0.044%	$1.5M	$2.0M	20x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,049	−0.122%	$333K	$348K	20x	as long as short