Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0520%/8h= +56.9% APRpaid last 24h +0.031%

Price spread now: Extended against GRVT−0.142%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.142%, 7d avg −0.033%

Together, before fees+0.097%+ Points / potential airdropGRVT: Active · Extended: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.109% cheaper against GRVT than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of −0.033%). If the spread goes back, that is −$11 on $10k: about 17 hours of funding at the current rate (+$16 a day). At the pace of the last 7 days (+0.014% in total) that is about 54 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.014% in total (about 0.7% 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	GRVT MU_USDT_Perp	1,043.2	0.0176	pay 0.0176% / 8h	2h 09m	$82K	$1.4M	10x
Short	Extended MU_24_5-USD	1,041.7	0.0696	get 0.0087% / 1h	9m 07s	$540K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpFee ExtendedbpOrdersPrice spread, now −0.142%Rate

Funding earned: $109.2
Price spread: −0.142% → −0.033%: −$10.94
Slippage, 4 orders: −$7.63
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $76.63
Costs to cover: 0.216%
Break-even: 2.1 days

Slippage from GRVT: live order book, 4 min ago; Extended: live order book, 4 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 GRVT live order book, 4 min ago	1.10 bp	6.9 bp −$7	9.7 bp −$97	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.05 bp	4.1 bp −$4	10.2 bp −$102	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	−0.0291%	4h	1,043	−0.016%	$1.3M	$672K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,043	−0.018%	$21.5M	$46.4M	20x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,042.5	−0.064%	$30.7M	$104.2M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,042.4	−0.070%	$62.9M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,042.6	−0.052%	$188K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,044.5	+0.129%	$11K	$6.7M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,042.5	−0.063%	$125K	$442K	50x	as long as short
Aftermath Perps MUUSD	+0.0028%	1h	1,042.6	−0.051%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,042.3	−0.079%	$1.1M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.723%	$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	1,042.2	−0.090%	—	$193K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,042.2	−0.093%	$165K	$180K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,042.5	−0.069%	$684K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,041.4	−0.169%	$2.0M	$2.6M	10x	as long as short
QFEX MU-USD	+0.0057%	1h	1,042.6	−0.057%	$7.8M	$24.1M	10x	as long as short
Bitget MUUSDT	+0.0072%	8h	1,042.5	−0.067%	$20.4M	$42.9M	50x	as long as short
Variational Omni MU	+0.0082%	8h	1,043	−0.016%	$2.7M	$2.7M	—	as long as short
Pacifica MU	+0.0100%	1h	1,041.9	−0.124%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,042.2	−0.092%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,041.9	−0.122%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,042.6	−0.057%	$829	$799	20x	as long as short
Aevo MU-PERP	+0.0104%	1h	1,042.4	−0.076%	$33K	—	10x	as long as short
Binance MUUSDT	+0.0107%	8h	1,042.6	−0.054%	$124.7M	$540.4M	50x	as long as short
Paradex MU-USD-PERP	+0.0118%	8h	1,042.5	−0.064%	$2K	—	5x	as long as short
Coinbase International MU-PERP-INTX	+0.0152%	1h	1,043.8	+0.062%	$756K	$1.4M	10x	as long as short
GRVT MU_USDT_Perplong	+0.0176%	8h	1,043.2	long leg	$82K	$1.4M	10x
Bybit MUUSDT	+0.0188%	8h	1,042.7	−0.044%	$19.1M	$32.5M	100x	as long as short
Lighter MU	+0.0192%	1h	1,042.4	−0.077%	$998K	$4.8M	20x	as long as short
Nado MU-PERP	+0.0194%	1h	1,041.7	−0.143%	$306K	$845K	10x	as long as short
RISEx MU/USDC	+0.0202%	1h	1,042.8	−0.032%	$285K	$333K	20x	as long as short
tradeXYZ xyz:MU	+0.0212%	1h	1,042.3	−0.083%	$176.2M	$107.2M	10x	as long as short
Arcus MU-USD	+0.0226%	1h	1,042.4	−0.077%	$63K	$230K	10x	as long as short
BloFin MU-USDT	+0.0227%	8h	1,043	−0.014%	$1.5M	$2.1M	20x	as long as short
Phoenix MU	+0.0230%	1h	1,043.3	+0.013%	$534K	$303K	15x	as long as short
Bullet MU-USD	+0.0231%	1h	1,042.7	−0.045%	$25K	$400K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0268%	1h	1,042.5	−0.069%	$59K	$229K	10x	as long as short
Extended MU_24_5-USDshort	+0.0696%	1h	1,041.7	−0.142%	$540K	$1.1M	10x