Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0102%/8h= −11.2% APRpaid last 24h −0.013%

Price spread now: BloFin against Phoenix0.000%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now 0.000%, 7d avg +0.004%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,043.8	0.0383	pay 0.0048% / 1h	14m 37s	$534K	$306K	15x
Short	BloFin MU-USDT	1,043.8	0.0281	get 0.0281% / 8h	1h 14m	$1.4M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21.49
Price spread: 0.000% → +0.004%: −$0.41
Slippage, 4 orders: −$16.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$57.08
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Phoenix: live order book, 68 min ago; BloFin: live order book, 3 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, 68 min ago	2.87 bp	10.4 bp −$10	21.9 bp −$219	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.91 bp	7.0 bp −$7	7.8 bp −$78	12.5 bp −$1,251	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	−0.0377%	4h	1,043.4	−0.038%	$1.3M	$674K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,043.5	−0.030%	$62.9M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,042.8	−0.094%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,045.7	+0.180%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,043.4	−0.042%	$125K	$442K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,043.4	−0.035%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.662%	$14K	$302	12x	as long as short
Aftermath Perps MUUSD	+0.0034%	1h	1,043.5	−0.029%	$3K	$45K	10x	as long as short
OKX MU-USDT-SWAP	+0.0040%	8h	1,043.6	−0.020%	$30.8M	$104.8M	50x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,043.2	−0.062%	—	$194K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MU-USD	+0.0050%	1h	1,043.4	−0.038%	$165K	$197K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,043.4	−0.043%	$685K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,042.5	−0.129%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0071%	1h	1,043.7	−0.011%	$7.8M	$24.1M	10x	as long as short
Aster MUUSD1	+0.0092%	8h	1,044	+0.017%	$21.5M	$47.4M	20x	as long as short
Pacifica MU	+0.0100%	1h	1,043.3	−0.044%	$154K	$181K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.2	−0.058%	$5.2M	$4.0M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,043.7	−0.012%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,043.5	−0.027%	$830	$799	20x	as long as short
Bitget MUUSDT	+0.0106%	8h	1,043.6	−0.024%	$20.5M	$43.0M	50x	as long as short
Aevo MU-PERP	+0.0120%	1h	1,043.3	−0.048%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0136%	8h	1,043.5	−0.033%	$2K	—	5x	as long as short
Variational Omni MU	+0.0144%	8h	1,043.4	−0.037%	$2.6M	$2.6M	—	as long as short
Binance MUUSDT	+0.0161%	8h	1,043.7	−0.008%	$124.7M	$535.7M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,043.2	−0.055%	$755K	$1.4M	10x	as long as short
Lighter MU	+0.0208%	1h	1,043.6	−0.021%	$1.0M	$4.8M	20x	as long as short
GRVT MU_USDT_Perp	+0.0217%	8h	1,043.6	−0.015%	$77K	$1.4M	10x	as long as short
Nado MU-PERP	+0.0224%	1h	1,042.7	−0.102%	$273K	$872K	10x	as long as short
Bybit MUUSDT	+0.0249%	8h	1,043.9	+0.008%	$19.2M	$32.6M	100x	as long as short
Bullet MU-USD	+0.0278%	1h	1,043.5	−0.031%	$26K	$396K	10x	as long as short
BloFin MU-USDTshort	+0.0281%	8h	1,043.8	0.000%	$1.4M	$2.0M	20x
tradeXYZ xyz:MU	+0.0326%	1h	1,043.4	−0.038%	$176.2M	$106.7M	10x	as long as short
Phoenix MUlong	+0.0383%	1h	1,043.8	long leg	$534K	$306K	15x
Arcus MU-USD	+0.0435%	1h	1,043.2	−0.057%	$73K	$241K	10x	as long as short
RISEx MU/USDC	+0.0499%	1h	1,043.9	+0.013%	$295K	$338K	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0537%	1h	1,043.2	−0.060%	$61K	$247K	10x	as long as short
Extended MU_24_5-USD	+0.0688%	1h	1,042.5	−0.123%	$547K	$1.1M	10x	as long as short