Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0310%/8h= +33.9% APRpaid last 24h +0.075%

Price spread now: Phoenix against OKX−0.009%66s7-day average +0.013% · 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—prices read too far apart to compare

costs, in and out, $10k−$370.368% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.009%, 7d avg +0.013%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.022% cheaper against OKX than usual: you would sell low and buy high (spread −0.009% now, against its 7-day average of +0.013%). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.280% in total) that is about 13 hours. The two prices were read 66 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	OKX MU-USDT-SWAP	1,039.5	0	get 0.0000% / 8h	5h 56m	$29.6M	$107.8M	50x
Short	Phoenix MU	1,039.4	0.0310	get 0.0039% / 1h	56m 20s	$532K	$159K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.009%Rate

Funding earned: $65.05
Price spread: −0.009% → +0.013%: −$2.19
Slippage, 4 orders: −$19.77
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $26.09
Costs to cover: 0.368%
Break-even: 4.2 days

Slippage from OKX: live order book, 6 min ago; Phoenix: live order book, 54 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 OKX live order book, 6 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	20.3 bp −$2,027	doesn't fit
Sell Phoenix live order book, 54 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	−0.0902%	4h	1,039.3	−0.020%	$1.3M	$696K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,039.9	+0.042%	$21.2M	$73.3M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,039.8	+0.026%	$121.4M	$555.3M	50x	as long as short
OKX MU-USDT-SWAPlong	0.0000%	8h	1,039.5	long leg	$29.6M	$107.8M	50x
Gate MU_USDT	0.0000%	8h	1,039.4	−0.009%	$61.1M	$27.9M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,039.8	+0.028%	$19.8M	$43.6M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,039.6	+0.007%	$2.6M	$2.6M	—	as long as short
StandX MU-USD	0.0000%	1h	1,038.6	−0.089%	$188K	$3.7M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,041.2	+0.165%	$11K	$5.1M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,039.2	−0.033%	$37K	$717K	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	1,039.6	+0.010%	$119K	$474K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,039.6	+0.009%	$1.2M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.142%	$19K	$5K	12x	as long as short
Aftermath Perps MUUSD	+0.0034%	1h	1,038.8	−0.062%	$3K	$42K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,040.5	+0.098%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,039.5	+0.001%	$168K	$179K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,039.1	−0.041%	$682K	$13K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,038.2	−0.128%	$1.9M	$3.2M	10x	as long as short
QFEX MU-USD	+0.0058%	1h	1,039.5	0.000%	$7.0M	$19.3M	10x	as long as short
Bybit MUUSDT	+0.0070%	8h	1,039.8	+0.027%	$18.8M	$32.3M	100x	as long as short
Paradex MU-USD-PERP	+0.0080%	8h	1,039.7	+0.016%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,039.2	−0.026%	$32K	$1K	10x	as long as short
Nado MU-PERP	+0.0090%	1h	1,038.8	−0.062%	$276K	$842K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,039.4	−0.007%	$151K	$227K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,039	−0.047%	$5.2M	$5.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,038.5	−0.093%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,039.5	0.000%	$826	$799	20x	as long as short
RISEx MU/USDC	+0.0118%	1h	1,039.9	+0.039%	$299K	$351K	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,039.4	−0.009%	$1.4M	$2.5M	20x	as long as short
Arcus MU-USD	+0.0139%	1h	1,039	−0.043%	$90K	$148K	10x	as long as short
Bullet MU-USD	+0.0171%	1h	1,039.6	+0.015%	$25K	$386K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0192%	1h	1,040.5	+0.098%	$741K	$1.1M	10x	as long as short
tradeXYZ xyz:MU	+0.0204%	1h	1,039.5	+0.001%	$177.2M	$76.0M	10x	as long as short
Lighter MU	+0.0208%	1h	1,039.7	+0.020%	$1.0M	$5.0M	20x	as long as short
GRVT MU_USDT_Perp	+0.0230%	8h	1,039.4	−0.009%	$81K	$1.4M	10x	as long as short
Phoenix MUshort	+0.0310%	1h	1,039.4	−0.009%	$532K	$159K	15x
Extended MU_24_5-USD	+0.0336%	1h	1,038.7	−0.073%	$551K	$1.1M	10x	as long as short