MU

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0174%/8h= +19.0% APRnext payment +$0.22 per $10,000 · paid last 24h +0.058%

Price spread now: Phoenix against Lighter−0.007%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$18 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now −0.007%, 7d avg +0.027%

Together, before fees+0.151%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.034% cheaper against Lighter than usual: you would sell low and buy high (spread −0.007% now, against its 7-day average of +0.027%). If the spread goes back, that is −$3 on $10k: about 16 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.175% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MU	1,033.5	0.0136	pay 0.0017% / 1h	17m 13s	$1.0M	$5.0M	20x
Short	Phoenix MU	1,033.4	0.0310	get 0.0039% / 1h	17m 13s	$529K	$269K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.007%Rate

Funding earned: $36.49
Price spread: −0.007% → +0.027%: −$3.42
Slippage, 4 orders: −$19.94
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $6.13
Costs to cover: 0.269%
Break-even: 5.8 days

Slippage from Lighter: live order book, 4 min ago; Phoenix: live order book, 33 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, 4 min ago	0.29 bp	0.3 bp $0	1.8 bp −$18	17.3 bp −$1,731	doesn't fit
Sell Phoenix live order book, 33 min ago	3.87 bp	13.2 bp −$13	29.2 bp −$292	doesn't fit	doesn't fit

MU on 37 exchanges

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	−0.0255%	4h	1,033	−0.043%	$1.3M	$695K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,033.8	+0.035%	$21.1M	$72.4M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,033.6	+0.016%	$120.7M	$550.2M	50x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,033.9	+0.044%	$29.4M	$106.3M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,033.2	−0.029%	$61.5M	$28.0M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,033.6	+0.012%	$19.7M	$42.8M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,033.1	−0.035%	$2.6M	$2.6M	—	as long as short
StandX MU-USD	0.0000%	1h	1,033.5	0.000%	$187K	$3.7M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,035.6	+0.204%	$11K	$5.1M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,033	−0.045%	$44K	$698K	10x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MU-USDT	0.0000%	8h	1,033.2	−0.026%	$119K	$475K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,033.3	−0.014%	$1.1M	$4.5M	10x	as long as short
Aftermath Perps MUUSD	+0.0032%	1h	1,033.3	−0.017%	$3K	$42K	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.731%	$19K	$5K	12x	as long as short
Bybit MUUSDT	+0.0041%	8h	1,033.6	+0.015%	$18.8M	$32.4M	100x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,034.1	+0.058%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,033.2	−0.026%	$167K	$178K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,033.3	−0.021%	$678K	$13K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,033.1	−0.032%	$1.9M	$3.2M	10x	as long as short
QFEX MU-USD	+0.0059%	1h	1,033.6	+0.015%	$7.0M	$19.0M	10x	as long as short
Paradex MU-USD-PERP	+0.0066%	8h	1,033.9	+0.038%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,033.1	−0.037%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,033.7	+0.023%	$146K	$223K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,033.2	−0.026%	$5.2M	$5.6M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,033.6	+0.008%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,033.3	−0.015%	$821	$799	20x	as long as short
RISEx MU/USDC	+0.0107%	1h	1,033.7	+0.025%	$295K	$350K	20x	as long as short
GRVT MU_USDT_Perp	+0.0115%	8h	1,033.5	+0.003%	$76K	$1.4M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,033.7	+0.021%	$1.4M	$2.5M	20x	as long as short
Nado MU-PERP	+0.0123%	1h	1,033.4	−0.009%	$269K	$840K	10x	as long as short
Lighter MUlong	+0.0136%	1h	1,033.5	long leg	$1.0M	$5.0M	20x
Arcus MU-USD	+0.0139%	1h	1,033	−0.048%	$90K	$148K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0152%	1h	1,033.5	+0.003%	$732K	$1.2M	10x	as long as short
tradeXYZ xyz:MU	+0.0178%	1h	1,033.1	−0.036%	$175.0M	$75.6M	10x	as long as short
Bullet MU-USD	+0.0212%	1h	1,033.7	+0.022%	$25K	$386K	10x	as long as short
Extended MU_24_5-USD	+0.0264%	1h	1,032.9	−0.051%	$549K	$1.1M	10x	as long as short
Phoenix MUshort	+0.0310%	1h	1,033.4	−0.007%	$529K	$269K	15x