Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0283%/8h= +31.0% APRpaid last 24h +0.048%

Price spread now: Phoenix against KuCoin+0.179%93s7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as 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−$470.474% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.240%+$24 on $10k

Price spread, last 3 days (all we have)−0.196%−$20 · spread now +0.179%, 7d avg +0.048%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.131% dearer against KuCoin than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.048%. The two prices were read 93 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	KuCoin MUUSDTM	1,042.4	0.0100	pay 0.0100% / 8h	1h 47m	$5.2M	$3.9M	20x
Short	Phoenix MU	1,044.3	0.0383	get 0.0048% / 1h	47m 56s	$534K	$306K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.179%Rate

Funding earned: $59.52
Price spread: +0.179% → +0.048%: $13.14
Slippage, 4 orders: −$28.43
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $25.23
Costs to cover: 0.474%
Break-even: 4.0 days

Slippage from KuCoin: live order book, 5 min ago; Phoenix: live order book, 35 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 KuCoin live order book, 5 min ago	3.36 bp	11.6 bp −$12	33.3 bp −$333	doesn't fit	doesn't fit
Sell Phoenix live order book, 35 min ago	2.87 bp	10.4 bp −$10	22.0 bp −$220	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	−0.0180%	4h	1,043.7	+0.117%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,043.4	+0.091%	$62.8M	$28.9M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,043	+0.050%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,045.2	+0.264%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,043.3	+0.082%	$125K	$441K	50x	as long as short
OKX MU-USDT-SWAP	+0.0001%	8h	1,043.4	+0.097%	$30.7M	$104.5M	50x	as long as short
Aftermath Perps MUUSD	+0.0029%	1h	1,043.4	+0.093%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,042.9	+0.049%	$1.1M	$4.2M	10x	as long as short
Aster MUUSD1	+0.0032%	8h	1,043.9	+0.138%	$21.5M	$47.0M	20x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.794%	$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	1,043.1	+0.068%	—	$193K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,043.3	+0.083%	$165K	$180K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,043.3	+0.087%	$685K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,042.8	+0.036%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0071%	1h	1,043.7	+0.120%	$7.8M	$24.2M	10x	as long as short
Bitget MUUSDT	+0.0079%	8h	1,043.5	+0.106%	$20.4M	$43.0M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,043.2	+0.069%	$154K	$182K	10x	as long as short
KuCoin MUUSDTMlong	+0.0100%	8h	1,042.4	long leg	$5.2M	$3.9M	20x
ApeX Omni MUUSDT	+0.0100%	1h	1,043.6	+0.114%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,043.4	+0.093%	$830	$799	20x	as long as short
Variational Omni MU	+0.0105%	8h	1,043.7	+0.122%	$2.6M	$2.7M	—	as long as short
Aevo MU-PERP	+0.0112%	1h	1,043.2	+0.071%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0116%	8h	1,043.5	+0.106%	$2K	—	5x	as long as short
Binance MUUSDT	+0.0128%	8h	1,043.6	+0.110%	$125.0M	$537.6M	50x	as long as short
Lighter MU	+0.0176%	1h	1,043.1	+0.059%	$1.0M	$4.8M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,043.8	+0.133%	$756K	$1.4M	10x	as long as short
Nado MU-PERP	+0.0186%	1h	1,042.6	+0.019%	$303K	$849K	10x	as long as short
GRVT MU_USDT_Perp	+0.0192%	8h	1,043.7	+0.126%	$82K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0202%	8h	1,043.7	+0.117%	$19.1M	$32.5M	100x	as long as short
Bullet MU-USD	+0.0242%	1h	1,043.5	+0.103%	$26K	$399K	10x	as long as short
BloFin MU-USDT	+0.0247%	8h	1,044	+0.150%	$1.5M	$2.1M	20x	as long as short
tradeXYZ xyz:MU	+0.0343%	1h	1,043.1	+0.064%	$176.2M	$107.1M	10x	as long as short
Phoenix MUshort	+0.0383%	1h	1,044.3	+0.179%	$534K	$306K	15x
Arcus MU-USD	+0.0435%	1h	1,043.4	+0.088%	$63K	$230K	10x	as long as short
RISEx MU/USDC	+0.0499%	1h	1,044.1	+0.156%	$285K	$333K	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0527%	1h	1,043.1	+0.062%	$60K	$240K	10x	as long as short
Extended MU_24_5-USD	+0.0600%	1h	1,042.6	+0.018%	$540K	$1.1M	10x	as long as short