Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0195%/8h= +21.3% APRpaid last 24h +0.043%

Price spread now: Nado against Gate−0.039%7-day average +0.004% · 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−$39as in the Price arb table

costs, in and out, $10k−$350.345% of the position

Long on Gate Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 7 days+0.048%+$5 · spread now −0.039%, 7d avg +0.004%

Together, before fees+0.065%+ Points / potential airdropNado: Active · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.043% cheaper against Gate than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.004%). If the spread goes back, that is −$4 on $10k: about 17 hours of funding at the current rate (+$6 a day). At the pace of the last 3 days (+0.017% in total) that is about 7.9 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.017% in total (about 2.0% 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	Gate MU_USDT	1,042.4	0	get 0.0000% / 8h	2h 10m	$62.8M	$29.1M	75x
Short	Nado MU-PERP	1,042	0.0195	get 0.0024% / 1h	10m 48s	$307K	$845K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Gate. 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 GatebpFee NadobpOrdersPrice spread, now −0.039%Rate

Funding earned: $40.93
Price spread: −0.039% → +0.004%: −$4.26
Slippage, 4 orders: −$12.51
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $2.16
Costs to cover: 0.345%
Break-even: 6.6 days

Slippage from Gate: live order book, 3 min ago; Nado: live order book, 13 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 Gate live order book, 3 min ago	0.96 bp	11.1 bp −$11	17.0 bp −$170	38.9 bp −$3,887	75.7 bp −$37.9K
Sell Nado live order book, 13 min ago	0.05 bp	4.2 bp −$4	19.4 bp −$194	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 MUUSDC	−0.0320%	4h	1,043	+0.057%	$1.3M	$674K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,042.9	+0.049%	$21.5M	$46.3M	20x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,042.5	+0.009%	$30.7M	$104.2M	50x	as long as short
Gate MU_USDTlong	0.0000%	8h	1,042.4	long leg	$62.8M	$29.1M	75x
SunX MU-USDT	0.0000%	8h	1,044.9	+0.236%	$11K	$6.7M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,042.8	+0.033%	$125K	$442K	50x	as long as short
StandX MU-USD	+0.0014%	1h	1,042.6	+0.019%	$188K	$3.3M	20x	as long as short
Aftermath Perps MUUSD	+0.0027%	1h	1,042.6	+0.020%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,042.4	−0.006%	$1.1M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.794%	$14K	$302	12x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MU-USD-PERP	+0.0046%	1h	1,042.5	+0.008%	—	$193K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,042.6	+0.016%	$165K	$180K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,042.9	+0.041%	$684K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,041.8	−0.065%	$2.0M	$2.6M	10x	as long as short
QFEX MU-USD	+0.0057%	1h	1,042.8	+0.035%	$7.8M	$24.1M	10x	as long as short
Bitget MUUSDT	+0.0072%	8h	1,042.5	+0.002%	$20.4M	$42.9M	50x	as long as short
Variational Omni MU	+0.0078%	8h	1,043.3	+0.082%	$2.7M	$2.7M	—	as long as short
Pacifica MU	+0.0100%	1h	1,042	−0.042%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,042.3	−0.013%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,042.9	+0.049%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,043	+0.058%	$829	$799	20x	as long as short
Aevo MU-PERP	+0.0104%	1h	1,042.8	+0.036%	$33K	—	10x	as long as short
Binance MUUSDT	+0.0107%	8h	1,042.7	+0.023%	$124.7M	$540.4M	50x	as long as short
Paradex MU-USD-PERP	+0.0119%	8h	1,042.6	+0.017%	$2K	—	5x	as long as short
Coinbase International MU-PERP-INTX	+0.0152%	1h	1,043.8	+0.133%	$756K	$1.4M	10x	as long as short
GRVT MU_USDT_Perp	+0.0174%	8h	1,043.2	+0.077%	$82K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0186%	8h	1,042.9	+0.048%	$19.1M	$32.5M	100x	as long as short
Nado MU-PERPshort	+0.0195%	1h	1,042	−0.039%	$307K	$845K	10x
Lighter MU	+0.0200%	1h	1,042.4	−0.002%	$998K	$4.8M	20x	as long as short
RISEx MU/USDC	+0.0202%	1h	1,043.2	+0.076%	$285K	$333K	20x	as long as short
tradeXYZ xyz:MU	+0.0212%	1h	1,042.5	+0.007%	$176.2M	$107.2M	10x	as long as short
Arcus MU-USD	+0.0226%	1h	1,042.5	+0.010%	$63K	$230K	10x	as long as short
BloFin MU-USDT	+0.0227%	8h	1,043	+0.057%	$1.5M	$2.1M	20x	as long as short
Phoenix MU	+0.0230%	1h	1,043.3	+0.083%	$534K	$303K	15x	as long as short
Bullet MU-USD	+0.0232%	1h	1,042.9	+0.042%	$26K	$400K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0287%	1h	1,042.8	+0.033%	$58K	$224K	10x	as long as short
Extended MU_24_5-USD	+0.0696%	1h	1,041.7	−0.074%	$540K	$1.1M	10x	as long as short