Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0204%/8h= +22.3% APRpaid last 24h +0.060%

Price spread now: Phoenix against Orderly−0.001%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_MU_USDC_mythos	1,052.5	0.0100	pay 0.0100% / 8h	4h 23m	$837	$799	20x
Short	Phoenix MU	1,052.5	0.0304	get 0.0038% / 1h	23m 19s	$538K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.001%Rate

Funding earned: $42.84
Price spread: −0.001% → 0.000%: −$0.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $29.74
Costs to cover: 0.130%
Break-even: 2.1 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 34 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 34 min ago	3.80 bp	13.0 bp −$13	29.3 bp −$293	doesn't fit	doesn't fit

Orderly: 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	−0.0799%	4h	1,052	−0.050%	$1.3M	$671K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,052.6	+0.009%	$21.4M	$55.0M	20x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,052.6	+0.009%	$31.2M	$99.7M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052.8	+0.025%	$334K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.5	−0.001%	$62.3M	$27.5M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,052.6	+0.008%	$82K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,051.7	−0.073%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,053	+0.043%	$11K	$5.8M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,052.3	−0.022%	$131K	$434K	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0007%	1h	1,052.3	−0.017%	$70K	$432K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MU	+0.0020%	8h	1,052	−0.050%	$2.7M	$2.4M	—	as long as short
Aftermath Perps MUUSD	+0.0021%	1h	1,052.3	−0.020%	$3K	$44K	10x	as long as short
Bybit MUUSDT	+0.0029%	8h	1,052.9	+0.039%	$19.1M	$32.3M	100x	as long as short
Lighter RH MU	+0.0032%	1h	1,052.4	−0.007%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,051.9	−0.062%	$566K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.109%	$19K	$5K	12x	as long as short
QFEX MU-USD	+0.0034%	1h	1,052.3	−0.024%	$7.1M	$17.9M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,052.1	−0.043%	$71K	$234K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053.6	+0.105%	—	$176K	25x	as long as short
Bullet MU-USD	+0.0048%	1h	1,052.7	+0.018%	$25K	$396K	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,052.4	−0.010%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,052.5	+0.002%	$691K	$16K	10x	as long as short
Nado MU-PERP	+0.0050%	1h	1,052	−0.051%	$282K	$837K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,051.6	−0.088%	$1.9M	$2.2M	10x	as long as short
Paradex MU-USD-PERP	+0.0052%	8h	1,052.6	+0.008%	$2K	—	5x	as long as short
Binance MUUSDT	+0.0054%	8h	1,052.7	+0.019%	$126.8M	$516.6M	50x	as long as short
Lighter MU	+0.0056%	1h	1,052.5	0.000%	$1.1M	$5.1M	20x	as long as short
tradeXYZ xyz:MU	+0.0076%	1h	1,052.4	−0.010%	$178.9M	$98.9M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0080%	1h	1,052.1	−0.036%	$758K	$1.2M	10x	as long as short
Bitget MUUSDT	+0.0094%	8h	1,052.6	+0.006%	$20.5M	$41.1M	50x	as long as short
Aevo MU-PERP	+0.0096%	1h	1,052.2	−0.029%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,052	−0.047%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,052.3	−0.016%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,052.4	−0.010%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythoslong	+0.0100%	8h	1,052.5	long leg	$837	$799	20x
BloFin MU-USDT	+0.0177%	8h	1,052.1	−0.041%	$1.5M	$2.0M	20x	as long as short
Phoenix MUshort	+0.0304%	1h	1,052.5	−0.001%	$538K	$271K	15x