Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0007%/8h= −0.8% APRpaid last 24h +0.016%

Price spread now: Orderly against Injective−0.056%58s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.056% cheaper against Injective than usual: you would sell low and buy high, −$6 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 58 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	Injective MU/USDC PERP	1,051.4	0.0107	pay 0.0013% / 1h	1m 45s	$19K	$5K	12x
Short	Orderly PERP_MU_USDC_mythos	1,050.8	0.0100	get 0.0100% / 8h	6h 01m	$835	$799	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −0.056%Rate

Funding earned: −$1.46
Price spread: −0.056% → 0.000%: −$5.61
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$13.09
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MU on 36 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	−0.0984%	4h	1,049.3	−0.192%	$1.3M	$671K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,050.6	−0.075%	$19.2M	$32.5M	100x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.4	−0.092%	$62.1M	$27.8M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.7	−0.159%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,050.8	−0.049%	$26K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.5	+0.105%	$11K	$5.9M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.5	−0.080%	$129K	$426K	50x	as long as short
GRVT MU_USDT_Perp	+0.0008%	8h	1,050.1	−0.118%	$79K	$1.3M	10x	as long as short
Nado MU-PERP	+0.0009%	1h	1,049.9	−0.138%	$279K	$854K	10x	as long as short
Aftermath Perps MUUSD	+0.0017%	1h	1,049.4	−0.186%	$3K	$45K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MU	+0.0032%	1h	1,050	−0.130%	$1.1M	$4.9M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.2	−0.107%	$1.2M	$4.3M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,049.7	−0.158%	$564K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,050.4	−0.091%	$7.3M	$18.9M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.8	−0.146%	$71K	$235K	10x	as long as short
OKX MU-USDT-SWAP	+0.0043%	8h	1,050.6	−0.071%	$30.9M	$100.2M	50x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.2	−0.015%	—	$175K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,050.4	−0.091%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,050.7	−0.067%	$690K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.9	−0.140%	$1.9M	$2.3M	10x	as long as short
tradeXYZ xyz:MU	+0.0052%	1h	1,050.2	−0.110%	$178.3M	$99.4M	10x	as long as short
Paradex MU-USD-PERP	+0.0059%	8h	1,050.6	−0.070%	$2K	—	5x	as long as short
Pacifica MU	+0.0100%	1h	1,050.2	−0.109%	$149K	$187K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.1	−0.119%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,050	−0.129%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythosshort	+0.0100%	8h	1,050.8	−0.056%	$835	$799	20x
Injective MU/USDC PERPlong	+0.0107%	1h	1,051.4	long leg	$19K	$5K	12x
Aster MUUSD1	+0.0124%	8h	1,050.4	−0.093%	$21.6M	$51.8M	20x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,050.4	−0.088%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,048.1	−0.315%	$755K	$1.2M	10x	as long as short
Variational Omni MU	+0.0154%	8h	1,049.9	−0.136%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0172%	8h	1,050.5	−0.080%	$126.6M	$521.5M	50x	as long as short
Bitget MUUSDT	+0.0180%	8h	1,050.4	−0.088%	$20.6M	$41.2M	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0236%	1h	1,050.5	−0.082%	$66K	$349K	10x	as long as short
Phoenix MU	+0.0304%	1h	1,049.7	−0.158%	$537K	$273K	15x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,050.8	−0.053%	$334K	$347K	20x	as long as short