Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0264%/8hnext payment −$0.33 per $10,000 · paid last 24h −0.053%

Price spread now: Arcus against Phoenix−0.105%49s7-day average −0.048% · 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—prices read too far apart to compare

costs, in and out, $10k−$310.314% of the position

Long on Phoenix Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.062%+$6 on $10k

Price spread, last 3 days (all we have)+0.116%+$12 · spread now −0.105%, 7d avg −0.048%

Together, before fees+0.178%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Arcus is 0.057% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.048%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.062%, so the current rate has only just turned against you. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.062% in total (about 7.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,046.7	0.0305	pay 0.0038% / 1h	6m 34s	$535K	$219K	15x
Short	Arcus MU-USD	1,045.6	0.0041	get 0.0005% / 1h	6m 34s	$63K	$236K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. 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 PhoenixbpFee ArcusbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$55.47
Price spread: −0.105% → −0.048%: −$5.75
Slippage, 4 orders: −$19.86
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$92.58
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Phoenix: live order book, 25 min ago; Arcus: live order book, 26 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 Phoenix live order book, 25 min ago	1.91 bp	8.9 bp −$9	18.9 bp −$189	doesn't fit	doesn't fit
Sell Arcus live order book, 26 min ago	2.63 bp	6.7 bp −$7	6.9 bp −$69	doesn't fit	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	−0.0407%	4h	1,047.8	+0.105%	$1.3M	$673K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,046.2	−0.049%	$21.5M	$27.6M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,046.3	−0.039%	$125.6M	$525.3M	50x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,046.2	−0.047%	$31.0M	$102.5M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,046.4	−0.029%	$288K	$334K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,046.1	−0.060%	$63.6M	$28.3M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,048.6	+0.186%	$2.7M	$2.7M	—	as long as short
StandX MU-USD	0.0000%	1h	1,045.7	−0.095%	$190K	$3.2M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,048.8	+0.201%	$11K	$6.7M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,047.2	+0.047%	$125K	$441K	50x	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	+0.0006%	8h	1,048.2	+0.146%	$78K	$1.3M	10x	as long as short
Bybit MUUSDT	+0.0013%	8h	1,046.3	−0.039%	$19.0M	$31.5M	100x	as long as short
Bitget MUUSDT	+0.0024%	8h	1,046.3	−0.043%	$20.3M	$41.7M	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.8	−0.089%	$1.1M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.383%	$14K	$302	12x	as long as short
Arcus MU-USDshort	+0.0041%	1h	1,045.6	−0.105%	$63K	$236K	10x
QFEX MU-USD	+0.0045%	1h	1,046.3	−0.041%	$7.9M	$23.7M	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.6	−0.007%	—	$190K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,046	−0.067%	$166K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,046.8	+0.008%	$687K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,046	−0.063%	$1.9M	$2.6M	10x	as long as short
Paradex MU-USD-PERP	+0.0057%	8h	1,046.3	−0.035%	$2K	—	5x	as long as short
Lighter MU	+0.0080%	1h	1,046.3	−0.037%	$1.0M	$4.7M	20x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,047	+0.029%	$34K	—	10x	as long as short
Bullet MU-USD	+0.0083%	1h	1,045.7	−0.096%	$25K	$397K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,046.2	−0.048%	$154K	$181K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.9	−0.078%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,046.8	+0.005%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,047	+0.032%	$832	$799	20x	as long as short
tradeXYZ xyz:MU	+0.0102%	1h	1,045.6	−0.105%	$178.4M	$98.9M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0120%	1h	1,047.5	+0.079%	$761K	$1.8M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,046.9	+0.014%	$1.5M	$2.0M	20x	as long as short
Extended MU_24_5-USD	+0.0128%	1h	1,045.5	−0.114%	$526K	$1.0M	10x	as long as short
Nado MU-PERP	+0.0131%	1h	1,045.4	−0.120%	$334K	$807K	10x	as long as short
Aftermath Perps MUUSD	+0.0170%	1h	1,047	+0.027%	$3K	$44K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0256%	1h	1,047.1	+0.037%	$55K	$154K	10x	as long as short
Phoenix MUlong	+0.0305%	1h	1,046.7	long leg	$535K	$219K	15x