Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0217%/8h= −23.8% APRpaid last 24h −0.008%

Price spread now: Bybit against Deribit+0.072%7-day average +0.023% · 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−$36as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.018%−$2 on $10k

Price spread, last 3 days (all we have)−0.015%−$1 · spread now +0.072%, 7d avg +0.023%

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

The price spread pays, funding is against you. Bybit is 0.048% dearer against Deribit than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of +0.023%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 4 days (−0.018% in total) that is about 9.9 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.018% in total (about -1.8% 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	Deribit MU_USDC-PERPETUAL	1,043.6	0.0450	pay 0.0056% / 1h	29m 35s	$61K	$246K	10x
Short	Bybit MUUSDT	1,044.4	0.0233	get 0.0233% / 8h	1h 29m	$19.1M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$45.57
Price spread: +0.072% → +0.023%: $4.85
Slippage, 4 orders: −$22.42
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.14
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from Deribit: live order book, 54 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 Deribit live order book, 54 min ago	0.05 bp	10.4 bp −$10	13.8 bp −$138	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.05 bp	7.6 bp −$8	12.1 bp −$121	29.2 bp −$2,919	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	−0.0683%	4h	1,044.2	+0.055%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,043.9	+0.024%	$62.9M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,043.1	−0.051%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046.3	+0.259%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,043.8	+0.018%	$125K	$441K	50x	as long as short
OKX MU-USDT-SWAP	+0.0023%	8h	1,044	+0.033%	$30.9M	$104.8M	50x	as long as short
Aftermath Perps MUUSD	+0.0030%	1h	1,043.7	+0.007%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,043.8	+0.014%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.678%	$14K	$302	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,043.5	−0.011%	—	$194K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MU-USD	+0.0050%	1h	1,043.8	+0.016%	$165K	$184K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,043.9	+0.023%	$685K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043	−0.057%	$2.0M	$2.7M	10x	as long as short
Aster MUUSD1	+0.0069%	8h	1,044.4	+0.075%	$21.5M	$47.4M	20x	as long as short
QFEX MU-USD	+0.0071%	1h	1,043.9	+0.026%	$7.8M	$24.2M	10x	as long as short
Bitget MUUSDT	+0.0094%	8h	1,044	+0.039%	$20.4M	$43.0M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,043.5	−0.010%	$154K	$181K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.2	−0.041%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,043.5	−0.016%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,044.1	+0.040%	$830	$799	20x	as long as short
Aevo MU-PERP	+0.0120%	1h	1,043.7	+0.007%	$33K	—	10x	as long as short
Variational Omni MU	+0.0129%	8h	1,043.8	+0.019%	$2.6M	$2.7M	—	as long as short
Paradex MU-USD-PERP	+0.0131%	8h	1,043.8	+0.018%	$2K	—	5x	as long as short
Binance MUUSDT	+0.0148%	8h	1,044.2	+0.054%	$124.9M	$536.3M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,043.9	+0.023%	$756K	$1.4M	10x	as long as short
Lighter MU	+0.0192%	1h	1,043.9	+0.027%	$1.0M	$4.8M	20x	as long as short
Nado MU-PERP	+0.0204%	1h	1,043	−0.061%	$282K	$858K	10x	as long as short
GRVT MU_USDT_Perp	+0.0205%	8h	1,044.4	+0.073%	$82K	$1.4M	10x	as long as short
Bybit MUUSDTshort	+0.0233%	8h	1,044.4	+0.072%	$19.1M	$32.6M	100x
BloFin MU-USDT	+0.0266%	8h	1,044	+0.037%	$1.4M	$2.0M	20x	as long as short
Bullet MU-USD	+0.0266%	1h	1,044	+0.035%	$25K	$397K	10x	as long as short
tradeXYZ xyz:MU	+0.0338%	1h	1,043.8	+0.016%	$176.4M	$107.1M	10x	as long as short
Phoenix MU	+0.0383%	1h	1,044.6	+0.093%	$534K	$306K	15x	as long as short
Arcus MU-USD	+0.0435%	1h	1,043.5	−0.013%	$73K	$241K	10x	as long as short
Deribit MU_USDC-PERPETUALlong	+0.0450%	1h	1,043.6	long leg	$61K	$246K	10x
RISEx MU/USDC	+0.0499%	1h	1,044.4	+0.074%	$295K	$338K	20x	as long as short
Extended MU_24_5-USD	+0.0640%	1h	1,042.9	−0.066%	$541K	$1.1M	10x	as long as short