Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0030%/8h= +3.2% APRpaid last 24h +0.015%

Price spread now: QFEX against HTX0.000%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$330.327% of the position

Long on HTX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now 0.000%, 7d avg −0.012%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: +$1 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	1,051.7	0	get 0.0000% / 8h	5h 12m	$129K	$430K	50x
Short	QFEX MU-USD	1,051.7	0.0030	get 0.0004% / 1h	12m 42s	$7.2M	$18.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $6.23
Price spread: 0.000% → −0.012%: $1.18
Slippage, 4 orders: −$10.74
Fee HTX: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$25.34
Costs to cover: 0.327%
Break-even: 35.5 days

Slippage from HTX: live order book, 51 min ago; QFEX: live order book, 6 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, 51 min ago	3.43 bp	10.1 bp −$10	15.5 bp −$155	27.6 bp −$2,762	doesn't fit
Sell QFEX live order book, 6 min ago	1.00 bp	6.9 bp −$7	6.9 bp −$69	11.8 bp −$1,181	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	−0.0194%	4h	1,051.6	−0.009%	$1.3M	$673K	10x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052.3	+0.063%	$333K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.1	+0.041%	$62.0M	$27.6M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,051.8	+0.009%	$85K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,051.2	−0.042%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,053.9	+0.213%	$11K	$5.8M	10x	as long as short
HTX MU-USDTlong	0.0000%	8h	1,051.7	long leg	$129K	$430K	50x
Bybit MUUSDT	+0.0005%	8h	1,052.5	+0.080%	$19.2M	$32.3M	100x	as long as short
Aftermath Perps MUUSD	+0.0019%	1h	1,051.1	−0.056%	$3K	$45K	10x	as long as short
OKX MU-USDT-SWAP	+0.0020%	8h	1,052.2	+0.055%	$31.1M	$99.9M	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MU-USDshort	+0.0030%	1h	1,051.7	0.000%	$7.2M	$18.0M	10x
Lighter RH MU	+0.0032%	1h	1,052	+0.029%	$1.3M	$4.4M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.029%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,051.4	−0.026%	$71K	$235K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053	+0.125%	—	$175K	25x	as long as short
Aster MUUSD1	+0.0048%	8h	1,052.3	+0.062%	$21.4M	$54.2M	20x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,051.7	+0.004%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,052	+0.035%	$690K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,050.9	−0.070%	$1.9M	$2.3M	10x	as long as short
Nado MU-PERP	+0.0052%	1h	1,051.3	−0.036%	$282K	$845K	10x	as long as short
Paradex MU-USD-PERP	+0.0055%	8h	1,052.2	+0.055%	$2K	—	5x	as long as short
tradeXYZ xyz:MU	+0.0062%	1h	1,051.9	+0.023%	$178.4M	$99.1M	10x	as long as short
Lighter MU	+0.0064%	1h	1,052.2	+0.047%	$1.1M	$5.0M	20x	as long as short
Bullet MU-USD	+0.0071%	1h	1,052.3	+0.057%	$25K	$398K	10x	as long as short
Variational Omni MU	+0.0087%	8h	1,051.4	−0.027%	$2.7M	$2.4M	—	as long as short
Extended MU_24_5-USD	+0.0088%	1h	1,051.6	−0.006%	$564K	$1.1M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,051.3	−0.032%	$758K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,051.7	+0.003%	$149K	$184K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,052.1	+0.037%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051.3	−0.031%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,052.1	+0.039%	$836	$799	20x	as long as short
Aevo MU-PERP	+0.0112%	1h	1,051.8	+0.012%	$32K	$1K	10x	as long as short
Binance MUUSDT	+0.0116%	8h	1,052.2	+0.055%	$126.7M	$518.4M	50x	as long as short
Bitget MUUSDT	+0.0122%	8h	1,052.2	+0.053%	$20.6M	$41.1M	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0206%	1h	1,052.1	+0.040%	$68K	$383K	10x	as long as short
Phoenix MU	+0.0229%	1h	1,051.7	+0.004%	$538K	$271K	15x	as long as short
BloFin MU-USDT	+0.0236%	8h	1,052.2	+0.051%	$1.5M	$2.0M	20x	as long as short