Funding you earn now, next payment 01:00 UTC+0.0240%/8h= +26.3% APRnext payment +$0.30 per $10,000 · paid last 24h +0.047%
Price spread now: Phoenix against Deribit−0.013%70s7-day average +0.032% · 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−$520.516% of the position
Funding, last 4 days (all we have)+0.030%+$3 on $10k
+Price spread, last 3 days (all we have)+0.026%+$3 · spread now −0.013%, 7d avg +0.032%
=Funding pays, the price is against you. Phoenix is 0.045% cheaper against Deribit than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.032%). If the spread goes back, that is −$5 on $10k: about 15 hours of funding at the current rate (+$7 a day). At the pace of the last 4 days (+0.030% in total) that is about 5.7 days. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.030% in total (about 2.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.30 per $10,000. 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 | 1,049.8 | 0.0064 | pay 0.0008% / 1h | 3m 54s | $66K | $348K | 10x |
| Short | Phoenix MU | 1,049.7 | 0.0304 | get 0.0038% / 1h | 3m 54s | $537K | $273K | 15x |
Deribit MU_USDC-PERPETUAL
Phoenix MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $50.38
- Price spread: −0.013% → +0.032%
- −$4.5
- Slippage, 4 orders
- −$37.65
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$5.77
- Costs to cover
- 0.516%
- Break-even
- 7.8 days
Slippage from Deribit: live order book, 65 min ago; Phoenix: live order book, 63 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, 65 min ago | 3.09 bp | 12.8 bp −$13 | 14.8 bp −$148 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 63 min ago | 3.80 bp | 12.1 bp −$12 | 26.4 bp −$264 | doesn't fit | doesn't fit |
MU on 36 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 | −0.0984% | 4h | 1,049.3 | −0.048% | $1.3M | $671K | 10x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,050.5 | +0.059% | $19.2M | $32.6M | 100x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,050.1 | +0.028% | $62.1M | $27.8M | 75x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,049.6 | −0.020% | $190K | $3.4M | 20x | as long as short |
| Bullet MU-USD | 0.0000% | 1h | 1,050.2 | +0.033% | $25K | $395K | 10x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,051.8 | +0.182% | $11K | $5.9M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,050 | +0.018% | $129K | $426K | 50x | as long as short |
| Nado MU-PERP | +0.0005% | 1h | 1,049.4 | −0.040% | $278K | $853K | 10x | as long as short |
| GRVT MU_USDT_Perp | +0.0013% | 8h | 1,048.9 | −0.092% | $80K | $1.3M | 10x | as long as short |
| Aftermath Perps MUUSD | +0.0017% | 1h | 1,049.3 | −0.052% | $3K | $45K | 10x | as long as short |
edgeX MUUSDC
Bybit MUUSDT
Gate MU_USDT
StandX MU-USD
Bullet MU-USD
SunX MU-USDT
HTX MU-USDT
Nado MU-PERP
GRVT MU_USDT_Perp
Aftermath Perps MUUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter MU | +0.0032% | 1h | 1,049.9 | +0.004% | $1.2M | $4.9M | 20x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,049.8 | 0.000% | $1.2M | $4.2M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,049.4 | −0.046% | $564K | $1.1M | 10x | as long as short |
| QFEX MU-USD | +0.0040% | 1h | 1,050 | +0.011% | $7.3M | $18.9M | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,049.5 | −0.033% | $71K | $236K | 10x | as long as short |
| OKX MU-USDT-SWAP | +0.0041% | 8h | 1,050.2 | +0.034% | $30.8M | $100.2M | 50x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,050.8 | +0.089% | — | $175K | 25x | as long as short |
| tradeXYZ xyz:MU | +0.0050% | 1h | 1,050 | +0.015% | $178.2M | $99.4M | 10x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,049.8 | −0.004% | $170K | $202K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,050.1 | +0.024% | $689K | $16K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,049.4 | −0.045% | $1.9M | $2.2M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0059% | 8h | 1,050 | +0.018% | $2K | — | 5x | as long as short |
| Deribit MU_USDC-PERPETUALlong | +0.0064% | 1h | 1,049.8 | long leg | $66K | $348K | 10x | |
| Pacifica MU | +0.0100% | 1h | 1,049.8 | −0.009% | $148K | $187K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,050 | +0.016% | $5.3M | $3.5M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,050 | +0.015% | $71K | $268K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,050.2 | +0.031% | $835 | $799 | 20x | as long as short |
| Injective MU/USDC PERP | +0.0107% | 1h | 1,051.4 | +0.145% | $19K | $5K | 12x | as long as short |
| Aster MUUSD1 | +0.0125% | 8h | 1,050.1 | +0.022% | $21.6M | $51.7M | 20x | as long as short |
| Aevo MU-PERP | +0.0128% | 1h | 1,049.8 | −0.006% | $32K | $1K | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0128% | 1h | 1,048.1 | −0.171% | $755K | $1.2M | 10x | as long as short |
| Variational Omni MU | +0.0154% | 8h | 1,049.9 | +0.009% | $2.7M | $2.4M | — | as long as short |
| Binance MUUSDT | +0.0173% | 8h | 1,050.3 | +0.047% | $126.6M | $521.7M | 50x | as long as short |
| Bitget MUUSDT | +0.0182% | 8h | 1,050.2 | +0.034% | $20.6M | $41.3M | 50x | as long as short |
| Phoenix MUshort | +0.0304% | 1h | 1,049.7 | −0.013% | $537K | $273K | 15x | |
| RISEx MU/USDC | +0.0507% | 1h | 1,050.3 | +0.039% | $334K | $349K | 20x | as long as short |
Lighter MU
Lighter RH MU
Extended MU_24_5-USD
QFEX MU-USD
Arcus MU-USD
OKX MU-USDT-SWAP
Vest MU-USD-PERP
tradeXYZ xyz:MU
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
Paradex MU-USD-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Injective MU/USDC PERP
Aster MUUSD1
Aevo MU-PERP
Coinbase International MU-PERP-INTX
Variational Omni MU
Binance MUUSDT
Bitget MUUSDT
RISEx MU/USDC