Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.022%

Price spread now: Injective against Orderly+1.067%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 1.067% dearer against Orderly than usual: you sell high and buy low (spread +1.067% now, against zero (this spread has no 7-day history yet)): +$107 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 53 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MU_USDC_mythos	1,040.3	0.0100	pay 0.0100% / 8h	1h 57m	$827	$799	20x
Short	Injective MU/USDC PERP	1,051.4	0.0033	get 0.0004% / 1h	57m 21s	$19K	$5K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +1.067%Rate

Funding earned: −$14
Price spread: +1.067% → 0.000%: $106.7
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $86.68
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0729%	4h	1,040.3	+0.001%	$1.3M	$671K	10x	as long as short
Bitget MUUSDT	−0.0066%	8h	1,040.1	−0.020%	$20.3M	$41.3M	50x	as long as short
Nado MU-PERP	−0.0030%	1h	1,040.5	+0.023%	$278K	$816K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,040.8	+0.047%	$21.2M	$57.3M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,040.3	+0.001%	$122.0M	$536.5M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,040.4	+0.012%	$18.7M	$32.2M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,040.1	−0.015%	$30.0M	$101.6M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,040.2	−0.009%	$316K	$384K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,040.1	−0.013%	$61.5M	$28.2M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,040.8	+0.047%	$2.5M	$2.6M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MU_USDT_Perp	0.0000%	8h	1,041	+0.069%	$84K	$1.4M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,041.3	+0.104%	$188K	$3.5M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,040.3	+0.004%	$26K	$390K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,042.3	+0.200%	$11K	$5.6M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,040.6	+0.029%	$74K	$538K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,040.5	+0.026%	$128K	$442K	50x	as long as short
Aftermath Perps MUUSD	+0.0017%	1h	1,040.2	−0.002%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,039.9	−0.038%	$1.2M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,039.8	−0.047%	$544K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0032%	1h	1,039.9	−0.033%	$7.0M	$18.3M	10x	as long as short
Injective MU/USDC PERPshort	+0.0033%	1h	1,051.4	+1.067%	$19K	$5K	12x
Arcus MU-USD	+0.0040%	1h	1,040	−0.025%	$70K	$231K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,040.6	+0.037%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,039.9	−0.035%	$176.8M	$90.9M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,040	−0.025%	$169K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,040.5	+0.025%	$683K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,039.5	−0.078%	$1.9M	$2.5M	10x	as long as short
Paradex MU-USD-PERP	+0.0053%	8h	1,040.6	+0.037%	$2K	—	5x	as long as short
Lighter MU	+0.0056%	1h	1,040.1	−0.012%	$1.1M	$4.9M	20x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,039.6	−0.060%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,040.2	−0.001%	$148K	$190K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,040	−0.025%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,040.6	+0.031%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythoslong	+0.0100%	8h	1,040.3	long leg	$827	$799	20x
Coinbase International MU-PERP-INTX	+0.0104%	1h	1,036	−0.412%	$731K	$1.3M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,040.2	−0.004%	$1.4M	$2.1M	20x	as long as short
Phoenix MU	+0.0231%	1h	1,040.7	+0.042%	$532K	$270K	15x	as long as short