Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1317%/8h= +144.2% APRpaid last 24h +0.009%

Price spread now: Phoenix against edgeX+0.006%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.450%−$45 on $10k

Price spread, last 3 days (all we have)−0.049%−$5 · spread now +0.006%, 7d avg +0.019%

Together, before fees−0.499%+ Points / potential airdropedgeX: Active · farm board−$50 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.019%, so right now this pair is about funding alone: +$40 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.450%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.450% in total (about -23.4% 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	edgeX MUUSDC	1,045.2	−0.0857	get 0.0429% / 4h	26m 28s	$1.3M	$672K	10x
Short	Phoenix MU	1,045.3	0.0460	get 0.0057% / 1h	26m 28s	$535K	$306K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.006%Rate

Funding earned: $276.57
Price spread: +0.006% → +0.019%: −$1.37
Slippage, 4 orders: −$20.11
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $239.1
Costs to cover: 0.361%
Break-even: 0.9 days

Slippage from edgeX: live order book, 2 min ago; Phoenix: live order book, 51 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, 2 min ago	0.38 bp	5.0 bp −$5	6.7 bp −$67	27.4 bp −$2,741	doesn't fit
Sell Phoenix live order book, 51 min ago	3.83 bp	13.1 bp −$13	28.1 bp −$281	doesn't fit	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 MUUSDClong	−0.0857%	4h	1,045.2	long leg	$1.3M	$672K	10x
Gate MU_USDT	0.0000%	8h	1,045.2	−0.008%	$63.0M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,044.9	−0.035%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046.7	+0.141%	$11K	$6.5M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,044.9	−0.035%	$129K	$455K	50x	as long as short
Aftermath Perps MUUSD	+0.0031%	1h	1,044.8	−0.041%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.1	−0.010%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.523%	$14K	$302	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,045.5	+0.022%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,045	−0.023%	$169K	$189K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MU-USD	+0.0050%	1h	1,045	−0.028%	$686K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043.9	−0.127%	$2.0M	$2.7M	10x	as long as short
OKX MU-USDT-SWAP	+0.0076%	8h	1,045.3	+0.005%	$30.8M	$105.0M	50x	as long as short
QFEX MU-USD	+0.0080%	1h	1,045.2	−0.009%	$7.8M	$23.9M	10x	as long as short
Lighter MU	+0.0096%	1h	1,045.2	−0.004%	$1.0M	$4.9M	20x	as long as short
Pacifica MU	+0.0100%	1h	1,045.3	+0.006%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045	−0.028%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.6	+0.035%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,045	−0.019%	$831	$799	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0114%	1h	1,044.8	−0.044%	$62K	$271K	10x	as long as short
Paradex MU-USD-PERP	+0.0121%	8h	1,045.2	−0.003%	$2K	—	5x	as long as short
Bitget MUUSDT	+0.0122%	8h	1,045	−0.019%	$20.4M	$43.6M	50x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,044.9	−0.032%	$33K	—	10x	as long as short
Bullet MU-USD	+0.0132%	1h	1,045.4	+0.014%	$25K	$394K	10x	as long as short
Aster MUUSD1	+0.0161%	8h	1,045.5	+0.027%	$21.5M	$47.3M	20x	as long as short
Nado MU-PERP	+0.0177%	1h	1,044.8	−0.046%	$271K	$875K	10x	as long as short
Variational Omni MU	+0.0191%	8h	1,045.3	+0.010%	$2.7M	$2.5M	—	as long as short
Binance MUUSDT	+0.0193%	8h	1,045.4	+0.012%	$124.3M	$533.1M	50x	as long as short
tradeXYZ xyz:MU	+0.0218%	1h	1,045.2	−0.004%	$176.6M	$105.1M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.1	−0.014%	$757K	$1.3M	10x	as long as short
GRVT MU_USDT_Perp	+0.0235%	8h	1,045.3	+0.005%	$82K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0271%	8h	1,045.5	+0.025%	$19.2M	$32.5M	100x	as long as short
BloFin MU-USDT	+0.0314%	8h	1,045.1	−0.012%	$1.5M	$2.0M	20x	as long as short
Extended MU_24_5-USD	+0.0448%	1h	1,044.4	−0.077%	$541K	$1.1M	10x	as long as short
Phoenix MUshort	+0.0460%	1h	1,045.3	+0.006%	$535K	$306K	15x
Arcus MU-USD	+0.0462%	1h	1,045	−0.019%	$70K	$244K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,045.7	+0.047%	$316K	$339K	20x	as long as short