Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0727%/8h= +79.6% APRpaid last 24h +0.103%

Price spread now: Bullet against edgeX+0.144%53s7-day average +0.018% · 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−$230.228% of the position

Long on edgeX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.113%−$11 on $10k

Price spread, last 4 days (all we have)−0.160%−$16 · spread now +0.144%, 7d avg +0.018%

Together, before fees−0.273%+ Points / potential airdropedgeX: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Bullet is 0.126% dearer against edgeX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.018%. Mind the row above: over the last 4 days funding on this pair cost −0.113%, so the current rate has only just turned in your favour. The two prices were read 53 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 -0.113% in total (about -11.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX MUUSDC	1,038.8	−0.0530	get 0.0265% / 4h	1h 53m	$1.3M	$694K	10x
Short	Bullet MU-USD	1,040.3	0.0197	get 0.0025% / 1h	53m 30s	$24K	$386K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against edgeX. 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 edgeXbpFee BulletbpOrdersPrice spread, now +0.144%Rate

Funding earned: $152.71
Price spread: +0.144% → +0.018%: $12.63
Slippage, 4 orders: −$5.78
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: $142.56
Costs to cover: 0.228%
Break-even: 0.5 days

Slippage from edgeX: live order book, 3 min ago; Bullet: live order book, 58 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 edgeX live order book, 3 min ago	0.58 bp	5.2 bp −$5	7.0 bp −$70	30.5 bp −$3,047	doesn't fit
Sell Bullet live order book, 58 min ago	0.48 bp	6.2 bp −$6	20.8 bp −$208	doesn't fit	doesn't fit

MU on 37 exchanges

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 MUUSDClong	−0.0530%	4h	1,038.8	long leg	$1.3M	$694K	10x
Aster MUUSD1	0.0000%	8h	1,040.4	+0.148%	$21.2M	$73.4M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,040.5	+0.156%	$121.7M	$555.1M	50x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,040.3	+0.142%	$29.7M	$107.8M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,040.2	+0.134%	$61.2M	$27.9M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,040.6	+0.165%	$19.9M	$43.6M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,039.5	+0.060%	$2.6M	$2.6M	—	as long as short
StandX MU-USD	0.0000%	1h	1,039.5	+0.064%	$188K	$3.7M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,041.9	+0.296%	$11K	$5.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,039.5	+0.064%	$37K	$717K	10x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MU-USDT	0.0000%	8h	1,039.9	+0.107%	$119K	$474K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,040.2	+0.128%	$1.2M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.206%	$19K	$5K	12x	as long as short
Aftermath Perps MUUSD	+0.0034%	1h	1,039.1	+0.023%	$3K	$41K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,041.3	+0.241%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,040.1	+0.122%	$170K	$180K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,040.1	+0.117%	$683K	$13K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,039.1	+0.030%	$1.9M	$3.2M	10x	as long as short
QFEX MU-USD	+0.0058%	1h	1,040.3	+0.138%	$7.0M	$19.2M	10x	as long as short
Bybit MUUSDT	+0.0073%	8h	1,040.6	+0.169%	$18.8M	$32.3M	100x	as long as short
Paradex MU-USD-PERP	+0.0079%	8h	1,040.1	+0.126%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,039.8	+0.090%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,040	+0.110%	$151K	$227K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,039.7	+0.079%	$5.2M	$5.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,040.4	+0.151%	$71K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,039.9	+0.106%	$827	$799	20x	as long as short
Nado MU-PERP	+0.0107%	1h	1,039.7	+0.086%	$277K	$842K	10x	as long as short
RISEx MU/USDC	+0.0118%	1h	1,040.3	+0.142%	$300K	$351K	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,040.1	+0.125%	$1.4M	$2.5M	20x	as long as short
Arcus MU-USD	+0.0139%	1h	1,039.8	+0.088%	$90K	$148K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0192%	1h	1,039.6	+0.069%	$727K	$1.2M	10x	as long as short
Bullet MU-USDshort	+0.0197%	1h	1,040.3	+0.144%	$24K	$386K	10x
Lighter MU	+0.0200%	1h	1,040.3	+0.138%	$1.0M	$5.0M	20x	as long as short
GRVT MU_USDT_Perp	+0.0219%	8h	1,040	+0.115%	$81K	$1.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0227%	1h	1,040.2	+0.132%	$177.4M	$75.6M	10x	as long as short
Phoenix MU	+0.0310%	1h	1,039.4	+0.055%	$532K	$159K	15x	as long as short
Extended MU_24_5-USD	+0.0336%	1h	1,039.4	+0.054%	$551K	$1.1M	10x	as long as short