Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.020%

Price spread now: OKX against Lighter0.000%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$120.120% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 7 days−0.026%−$3 · spread now 0.000%, 7d avg +0.026%

Together, before fees−0.141%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.026% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MU	1,050.6	0.0056	pay 0.0007% / 1h	30m 27s	$1.1M	$4.9M	20x
Short	OKX MU-USDT-SWAP	1,050.6	0.0025	get 0.0025% / 8h	5h 30m	$31.0M	$99.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Lighter. 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 LighterbpFee OKXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$6.43
Price spread: 0.000% → +0.026%: −$2.61
Slippage, 4 orders: −$1.97
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$21.01
Costs to cover: 0.120%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; OKX: live order book, 3 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 Lighter live order book, 7 min ago	0.24 bp	0.3 bp $0	0.4 bp −$4	16.7 bp −$1,672	doesn't fit
Sell OKX live order book, 3 min ago	0.05 bp	5.8 bp −$6	7.8 bp −$78	18.1 bp −$1,806	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	−0.0330%	4h	1,050.5	−0.012%	$1.3M	$672K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,050.9	+0.028%	$19.2M	$32.3M	100x	as long as short
RISEx MU/USDC	0.0000%	1h	1,050.9	+0.027%	$333K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.6	−0.002%	$62.1M	$27.4M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,050.8	+0.015%	$85K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,050.7	+0.009%	$190K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.9	+0.213%	$11K	$5.9M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,050.6	−0.003%	$67K	$372K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.9	+0.022%	$129K	$428K	50x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,050.1	−0.051%	$3K	$44K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MU-USDT-SWAPshort	+0.0025%	8h	1,050.6	0.000%	$31.0M	$99.8M	50x
QFEX MU-USD	+0.0030%	1h	1,050.5	−0.009%	$7.2M	$18.2M	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.7	+0.008%	$1.2M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.070%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,050.5	−0.016%	$71K	$235K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.6	+0.090%	—	$175K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,050.3	−0.030%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,051	+0.033%	$690K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.8	−0.081%	$1.9M	$2.3M	10x	as long as short
Lighter MUlong	+0.0056%	1h	1,050.6	long leg	$1.1M	$4.9M	20x
Paradex MU-USD-PERP	+0.0056%	8h	1,050.9	+0.028%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0057%	1h	1,050.5	−0.015%	$282K	$848K	10x	as long as short
tradeXYZ xyz:MU	+0.0063%	1h	1,050.3	−0.030%	$178.1M	$99.2M	10x	as long as short
Extended MU_24_5-USD	+0.0064%	1h	1,050	−0.060%	$564K	$1.1M	10x	as long as short
Aster MUUSD1	+0.0073%	8h	1,050.7	+0.012%	$21.4M	$52.3M	20x	as long as short
Bullet MU-USD	+0.0076%	1h	1,050.7	+0.006%	$26K	$398K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,049.9	−0.065%	$756K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,050.6	−0.005%	$149K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.6	−0.002%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,050	−0.059%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.9	+0.025%	$835	$799	20x	as long as short
Variational Omni MU	+0.0111%	8h	1,050.9	+0.028%	$2.7M	$2.4M	—	as long as short
Aevo MU-PERP	+0.0120%	1h	1,050.7	+0.003%	$32K	$1K	10x	as long as short
Bitget MUUSDT	+0.0131%	8h	1,050.5	−0.011%	$20.6M	$41.1M	50x	as long as short
Binance MUUSDT	+0.0137%	8h	1,050.7	+0.004%	$126.6M	$518.8M	50x	as long as short
Phoenix MU	+0.0229%	1h	1,050.8	+0.017%	$537K	$271K	15x	as long as short
BloFin MU-USDT	+0.0258%	8h	1,051.2	+0.056%	$1.5M	$2.0M	20x	as long as short