Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0383%/8h= +41.9% APRpaid last 24h +0.085%

Price spread now: Phoenix against HTX+0.019%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$420.424% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.419%+$42 on $10k

Price spread, last 3 days (all we have)−0.090%−$9 · spread now +0.019%, 7d avg +0.011%

Together, before fees+0.329%+$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX MU-USDT	1,051.3	0	get 0.0000% / 8h	7h 07m	$129K	$424K	50x
Short	Phoenix MU	1,051.5	0.0383	get 0.0048% / 1h	7m 11s	$538K	$306K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.019%Rate

Funding earned: $80.34
Price spread: +0.019% → +0.011%: $0.84
Slippage, 4 orders: −$23.42
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $38.76
Costs to cover: 0.424%
Break-even: 3.6 days

Slippage from HTX: live order book, 1 min ago; Phoenix: live order book, 65 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 HTX live order book, 1 min ago	3.09 bp	11.1 bp −$11	16.0 bp −$160	31.8 bp −$3,181	doesn't fit
Sell Phoenix live order book, 65 min ago	2.87 bp	10.8 bp −$11	22.7 bp −$227	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	−0.0751%	4h	1,051.1	−0.017%	$1.3M	$671K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,051.5	+0.016%	$62.7M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.4	−0.090%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.6	+0.122%	$11K	$6.1M	10x	as long as short
HTX MU-USDTlong	0.0000%	8h	1,051.3	long leg	$129K	$424K	50x
Aftermath Perps MUUSD	+0.0022%	1h	1,051	−0.031%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,051.4	+0.006%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.006%	$19K	$5K	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,052.2	+0.082%	—	$179K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,051.2	−0.010%	$171K	$203K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MU-USD.P	+0.0050%	1h	1,050.8	−0.049%	$1.9M	$2.3M	10x	as long as short
QFEX MU-USD	+0.0054%	1h	1,051.4	+0.007%	$7.6M	$21.2M	10x	as long as short
Lighter MU	+0.0056%	1h	1,051.4	+0.013%	$1.1M	$4.8M	20x	as long as short
SoDEX MU-USD	+0.0068%	1h	1,051.4	+0.010%	$690K	$16K	10x	as long as short
Paradex MU-USD-PERP	+0.0086%	8h	1,051.5	+0.017%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0088%	1h	1,051	−0.026%	$274K	$857K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,051.6	+0.032%	$149K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,051.3	−0.005%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,050.6	−0.063%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,051.4	+0.012%	$836	$799	20x	as long as short
OKX MU-USDT-SWAP	+0.0108%	8h	1,051.7	+0.036%	$31.0M	$101.7M	50x	as long as short
Aevo MU-PERP	+0.0144%	1h	1,051.3	0.000%	$32K	$1K	10x	as long as short
Bullet MU-USD	+0.0179%	1h	1,051.6	+0.026%	$26K	$396K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,050.5	−0.078%	$762K	$1.2M	10x	as long as short
tradeXYZ xyz:MU	+0.0205%	1h	1,051.2	−0.010%	$178.5M	$100.1M	10x	as long as short
Bybit MUUSDT	+0.0209%	8h	1,051.6	+0.032%	$19.4M	$32.6M	100x	as long as short
Arcus MU-USD	+0.0240%	1h	1,051.2	−0.012%	$71K	$242K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0245%	1h	1,051.4	+0.010%	$65K	$312K	10x	as long as short
Variational Omni MU	+0.0248%	8h	1,051.1	−0.024%	$2.7M	$2.4M	—	as long as short
Aster MUUSD1	+0.0261%	8h	1,050.9	−0.042%	$21.6M	$48.4M	20x	as long as short
Binance MUUSDT	+0.0266%	8h	1,051.6	+0.026%	$126.4M	$521.3M	50x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,051.7	+0.034%	$316K	$339K	20x	as long as short
Extended MU_24_5-USD	+0.0312%	1h	1,050.7	−0.058%	$559K	$1.2M	10x	as long as short
Phoenix MUshort	+0.0383%	1h	1,051.5	+0.019%	$538K	$306K	15x
BloFin MU-USDT	+0.0386%	8h	1,051.6	+0.027%	$1.5M	$2.0M	20x	as long as short
Bitget MUUSDT	+0.0416%	8h	1,051.5	+0.022%	$20.6M	$41.6M	50x	as long as short
GRVT MU_USDT_Perp	+0.0569%	8h	1,051.2	−0.010%	$83K	$1.3M	10x	as long as short