Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0216%/8h= −23.6% APRpaid last 24h +0.020%

Price spread now: BloFin against Deribit+0.076%57s7-day average +0.033% · you sell dearer than you buy

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−$380.380% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.145%+$15 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now +0.076%, 7d avg +0.033%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.043% dearer against Deribit than usual: you sell high and buy low (spread +0.076% now, against its 7-day average of +0.033%): +$4 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 16 hours. Mind the row above: over the last 4 days funding on this pair paid +0.145%, so the current rate has only just turned against you. The two prices were read 57 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	Deribit MU_USDC-PERPETUAL	1,024.8	0.0336	pay 0.0042% / 1h	25m 49s	$72K	$629K	10x
Short	BloFin MU-USDT	1,025.6	0.0120	get 0.0120% / 8h	7h 25m	$1.5M	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$45.32
Price spread: +0.076% → +0.033%: $4.31
Slippage, 4 orders: −$19.03
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$79.05
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Deribit: live order book, 8 min ago; BloFin: 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 Deribit live order book, 8 min ago	4.77 bp	16.8 bp −$17	22.2 bp −$222	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.05 bp	6.2 bp −$6	7.8 bp −$78	14.6 bp −$1,457	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	−0.0522%	4h	1,025.4	+0.058%	$1.3M	$696K	10x	as long as short
Bitget MUUSDT	−0.0022%	8h	1,024.9	+0.007%	$19.6M	$41.1M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,025.3	+0.051%	$20.9M	$69.1M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,025.2	+0.040%	$121.5M	$548.8M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,025.2	+0.042%	$18.6M	$32.4M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,025.1	+0.030%	$29.1M	$102.3M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,025.3	+0.052%	$292K	$382K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,024.9	+0.004%	$61.5M	$28.3M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,025.8	+0.093%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,025.3	+0.049%	$73K	$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	1,024.9	+0.006%	$186K	$3.6M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,026.1	+0.128%	$11K	$5.4M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,025.1	+0.023%	$119K	$491K	50x	as long as short
QFEX MU-USD	+0.0027%	1h	1,025.3	+0.051%	$6.9M	$18.9M	10x	as long as short
Aftermath Perps MUUSD	+0.0029%	1h	1,025.2	+0.034%	$3K	$43K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,024.6	−0.019%	$1.1M	$4.5M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,024.3	−0.053%	$541K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+2.591%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,024.7	−0.012%	$89K	$243K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,024.9	+0.007%	—	$179K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,024.4	−0.040%	$166K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,024.8	−0.005%	$672K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,024.9	+0.008%	$1.9M	$3.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0061%	8h	1,025.3	+0.050%	$2K	—	5x	as long as short
Lighter MU	+0.0072%	1h	1,024.9	+0.010%	$988K	$5.0M	20x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,024.5	−0.030%	$31K	$1K	10x	as long as short
tradeXYZ xyz:MU	+0.0091%	1h	1,024.6	−0.020%	$173.2M	$80.3M	10x	as long as short
Nado MU-PERP	+0.0096%	1h	1,024.7	−0.010%	$264K	$814K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,024.5	−0.030%	$716K	$1.1M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,025.3	+0.050%	$145K	$194K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,024.7	−0.009%	$5.1M	$4.6M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,024.7	−0.011%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,024.8	−0.001%	$815	$799	20x	as long as short
BloFin MU-USDTshort	+0.0120%	8h	1,025.6	+0.076%	$1.5M	$2.2M	20x
Bullet MU-USD	+0.0129%	1h	1,025.1	+0.028%	$25K	$388K	10x	as long as short
Phoenix MU	+0.0231%	1h	1,024.2	−0.060%	$524K	$270K	15x	as long as short
Deribit MU_USDC-PERPETUALlong	+0.0336%	1h	1,024.8	long leg	$72K	$629K	10x