Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.005%

Price spread now: QFEX against OKX−0.029%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.028%−$3 on $10k

Price spread, last 7 days+0.007%+$1 · spread now −0.029%, 7d avg −0.041%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.041%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MU-USDT-SWAP	1,052.5	0.0017	pay 0.0017% / 8h	5h 05m	$31.1M	$99.9M	50x
Short	QFEX MU-USD	1,052.2	0.0030	get 0.0004% / 1h	5m 27s	$7.2M	$18.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.029%Rate

Funding earned: $2.75
Price spread: −0.029% → −0.041%: $1.29
Slippage, 4 orders: −$3.32
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$19.28
Costs to cover: 0.233%
Break-even: 56.0 days

Slippage from OKX: live order book, 3 min ago; QFEX: live order book, 4 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, 3 min ago	0.05 bp	5.3 bp −$5	7.3 bp −$73	20.2 bp −$2,021	doesn't fit
Sell QFEX live order book, 4 min ago	1.19 bp	6.2 bp −$6	6.6 bp −$66	10.5 bp −$1,047	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	−0.0138%	4h	1,052.3	−0.016%	$1.3M	$672K	10x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052.6	+0.011%	$334K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.3	−0.018%	$62.0M	$27.6M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,052.3	−0.013%	$78K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,052	−0.044%	$190K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,054.2	+0.164%	$11K	$5.8M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,052.1	−0.033%	$130K	$430K	50x	as long as short
Bybit MUUSDT	+0.0010%	8h	1,052.7	+0.027%	$19.2M	$32.3M	100x	as long as short
OKX MU-USDT-SWAPlong	+0.0017%	8h	1,052.5	long leg	$31.1M	$99.9M	50x
Aftermath Perps MUUSD	+0.0018%	1h	1,051.9	−0.050%	$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
QFEX MU-USDshort	+0.0030%	1h	1,052.2	−0.029%	$7.2M	$18.1M	10x
Lighter RH MU	+0.0032%	1h	1,052.3	−0.011%	$1.3M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.105%	$19K	$5K	12x	as long as short
Aster MUUSD1	+0.0036%	8h	1,052.3	−0.014%	$21.4M	$54.9M	20x	as long as short
Arcus MU-USD	+0.0040%	1h	1,051.9	−0.058%	$71K	$234K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053.5	+0.095%	—	$175K	25x	as long as short
Nado MU-PERP	+0.0048%	1h	1,051.9	−0.050%	$282K	$844K	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,052.2	−0.025%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,052.2	−0.027%	$691K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,051.5	−0.089%	$1.9M	$2.3M	10x	as long as short
Paradex MU-USD-PERP	+0.0054%	8h	1,052.5	+0.008%	$2K	—	5x	as long as short
Lighter MU	+0.0056%	1h	1,052.4	−0.006%	$1.1M	$5.1M	20x	as long as short
tradeXYZ xyz:MU	+0.0064%	1h	1,052.2	−0.025%	$178.6M	$98.9M	10x	as long as short
Bullet MU-USD	+0.0065%	1h	1,052.4	−0.010%	$26K	$398K	10x	as long as short
Variational Omni MU	+0.0071%	8h	1,052.2	−0.026%	$2.7M	$2.4M	—	as long as short
Extended MU_24_5-USD	+0.0072%	1h	1,051.7	−0.075%	$564K	$1.1M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,051.9	−0.049%	$758K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,052.5	−0.001%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,052	−0.041%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051.8	−0.060%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,052.2	−0.028%	$836	$799	20x	as long as short
Aevo MU-PERP	+0.0104%	1h	1,051.9	−0.052%	$32K	$1K	10x	as long as short
Binance MUUSDT	+0.0104%	8h	1,052.5	+0.003%	$126.7M	$518.1M	50x	as long as short
Bitget MUUSDT	+0.0135%	8h	1,052.4	−0.006%	$20.6M	$41.0M	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0140%	1h	1,052	−0.041%	$69K	$390K	10x	as long as short
BloFin MU-USDT	+0.0227%	8h	1,052.2	−0.026%	$1.5M	$2.0M	20x	as long as short
Phoenix MU	+0.0229%	1h	1,052.7	+0.023%	$538K	$271K	15x	as long as short