Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h −0.006%

Price spread now: Variational Omni against Lighter−0.056%7-day average +0.024% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.056%, 7d avg +0.024%

Together, before fees+0.036%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.080% cheaper against Lighter than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of +0.024%). If the spread goes back, that is −$8 on $10k: about 2.2 days of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.020% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MU	1,050.5	0.0032	pay 0.0004% / 1h	2m 00s	$1.1M	$4.9M	20x
Short	Variational Omni MU	1,049.9	0.0154	get 0.0154% / 8h	6h 02m	$2.7M	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.056%Rate

Funding earned: $25.68
Price spread: −0.056% → +0.024%: −$8.03
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $17.65
Costs to cover: 0.000%
Break-even: 2.2 days

Slippage unknown: Lighter: live order book, 6 min ago; Variational Omni: RFQ quote, 2 min ago. 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 Lighter live order book, 6 min ago	0.24 bp	0.7 bp −$1	1.7 bp −$17	24.1 bp −$2,411	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	1.90 bp	doesn't fit	5.1 bp −$51	doesn't fit	doesn't fit

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	−0.113%	$1.3M	$671K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,050.7	+0.012%	$19.2M	$32.5M	100x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.6	+0.011%	$62.1M	$27.8M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.7	−0.079%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,050.8	+0.030%	$26K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.5	+0.185%	$11K	$5.9M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.5	0.000%	$129K	$426K	50x	as long as short
GRVT MU_USDT_Perp	+0.0008%	8h	1,050.1	−0.038%	$79K	$1.3M	10x	as long as short
Nado MU-PERP	+0.0009%	1h	1,049.9	−0.058%	$279K	$854K	10x	as long as short
Aftermath Perps MUUSD	+0.0017%	1h	1,049.4	−0.107%	$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 MUlong	+0.0032%	1h	1,050.5	long leg	$1.1M	$4.9M	20x
Lighter RH MU	+0.0032%	1h	1,050.5	−0.004%	$1.2M	$4.3M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,049.7	−0.078%	$564K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,050.4	−0.011%	$7.3M	$18.9M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.8	−0.067%	$71K	$235K	10x	as long as short
OKX MU-USDT-SWAP	+0.0043%	8h	1,050.6	+0.009%	$30.9M	$100.2M	50x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.2	+0.065%	—	$175K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,050.4	−0.011%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,050.7	+0.013%	$690K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.9	−0.060%	$1.9M	$2.3M	10x	as long as short
tradeXYZ xyz:MU	+0.0052%	1h	1,050.3	−0.021%	$178.3M	$99.4M	10x	as long as short
Paradex MU-USD-PERP	+0.0059%	8h	1,050.6	+0.010%	$2K	—	5x	as long as short
Pacifica MU	+0.0100%	1h	1,050.2	−0.030%	$149K	$187K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.1	−0.039%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,050	−0.049%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.8	+0.024%	$835	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.080%	$19K	$5K	12x	as long as short
Aster MUUSD1	+0.0124%	8h	1,050.5	−0.001%	$21.6M	$51.8M	20x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,050.4	−0.008%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,048.1	−0.235%	$755K	$1.2M	10x	as long as short
Variational Omni MUshort	+0.0154%	8h	1,049.9	−0.056%	$2.7M	$2.4M	—
Binance MUUSDT	+0.0172%	8h	1,050.5	0.000%	$126.6M	$521.4M	50x	as long as short
Bitget MUUSDT	+0.0180%	8h	1,050.7	+0.019%	$20.6M	$41.2M	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0236%	1h	1,050.5	−0.002%	$66K	$349K	10x	as long as short
Phoenix MU	+0.0304%	1h	1,049.7	−0.078%	$537K	$273K	15x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,050.8	+0.027%	$334K	$347K	20x	as long as short