Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0230%/8h= +25.2% APRpaid last 24h +0.075%

Price spread now: Phoenix against Gate+0.076%92s7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.426% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.423%+$42 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.076%, 7d avg +0.035%

Together, before fees+0.297%+$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.041% dearer against Gate than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.035%. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MU_USDT	1,043.9	0	get 0.0000% / 8h	2h 23m	$63.0M	$29.0M	75x
Short	Phoenix MU	1,044.7	0.0230	get 0.0029% / 1h	23m 51s	$534K	$303K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.076%Rate

Funding earned: $48.33
Price spread: +0.076% → +0.035%: $4.06
Slippage, 4 orders: −$20.59
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $9.8
Costs to cover: 0.426%
Break-even: 5.6 days

Slippage from Gate: live order book, 5 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 Gate live order book, 5 min ago	0.05 bp	10.2 bp −$10	16.5 bp −$165	38.2 bp −$3,822	71.7 bp −$35.9K
Sell Phoenix live order book, 63 min ago	2.88 bp	10.4 bp −$10	21.9 bp −$219	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	−0.0044%	4h	1,044.1	+0.021%	$1.3M	$672K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,044.3	+0.040%	$21.5M	$43.8M	20x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,044.1	+0.017%	$30.7M	$104.3M	50x	as long as short
Gate MU_USDTlong	0.0000%	8h	1,043.9	long leg	$63.0M	$29.0M	75x
StandX MU-USD	0.0000%	1h	1,043	−0.084%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046.2	+0.218%	$11K	$6.7M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,043.8	−0.008%	$125K	$443K	50x	as long as short
Aftermath Perps MUUSD	+0.0024%	1h	1,043.9	−0.005%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,043.5	−0.035%	$1.1M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.651%	$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	1,044	+0.008%	—	$193K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,043.8	−0.011%	$165K	$176K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043.3	−0.060%	$2.0M	$2.7M	10x	as long as short
Variational Omni MU	+0.0053%	8h	1,044.3	+0.035%	$2.7M	$2.7M	—	as long as short
SoDEX MU-USD	+0.0054%	1h	1,044.1	+0.018%	$685K	$16K	10x	as long as short
QFEX MU-USD	+0.0057%	1h	1,044.3	+0.033%	$7.8M	$24.1M	10x	as long as short
Bitget MUUSDT	+0.0065%	8h	1,044	+0.011%	$20.5M	$42.9M	50x	as long as short
Binance MUUSDT	+0.0085%	8h	1,044.1	+0.019%	$124.9M	$540.4M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,044	+0.012%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.6	−0.028%	$5.2M	$4.0M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,044.6	+0.062%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,044	+0.008%	$830	$799	20x	as long as short
Aevo MU-PERP	+0.0104%	1h	1,043.9	−0.001%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0115%	8h	1,044.2	+0.030%	$2K	—	5x	as long as short
GRVT MU_USDT_Perp	+0.0143%	8h	1,044.3	+0.038%	$82K	$1.4M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0152%	1h	1,043.3	−0.063%	$756K	$1.6M	10x	as long as short
Bybit MUUSDT	+0.0169%	8h	1,044.2	+0.029%	$19.1M	$32.5M	100x	as long as short
Nado MU-PERP	+0.0195%	1h	1,042.9	−0.095%	$307K	$845K	10x	as long as short
tradeXYZ xyz:MU	+0.0197%	1h	1,043.9	−0.001%	$176.4M	$106.9M	10x	as long as short
RISEx MU/USDC	+0.0202%	1h	1,044.4	+0.049%	$286K	$332K	20x	as long as short
BloFin MU-USDT	+0.0203%	8h	1,044.2	+0.032%	$1.5M	$2.1M	20x	as long as short
Lighter MU	+0.0224%	1h	1,043.7	−0.016%	$1.0M	$4.8M	20x	as long as short
Arcus MU-USD	+0.0226%	1h	1,044.2	+0.023%	$63K	$236K	10x	as long as short
Phoenix MUshort	+0.0230%	1h	1,044.7	+0.076%	$534K	$303K	15x
Bullet MU-USD	+0.0231%	1h	1,044.2	+0.028%	$25K	$399K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0316%	1h	1,043.7	−0.023%	$57K	$216K	10x	as long as short
Extended MU_24_5-USD	+0.0664%	1h	1,042.8	−0.106%	$541K	$1.1M	10x	as long as short