MU

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0304%/8h= −33.3% APRnext payment −$0.38 per $10,000 · paid last 24h −0.048%

Price spread now: Bullet against Phoenix−0.080%7-day average +0.002% · 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−$48as in the Price arb table

costs, in and out, $10k−$400.397% of the position

Long on Phoenix Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.057%+$6 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.080%, 7d avg +0.002%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bullet is 0.082% cheaper against Phoenix than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.002%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.057%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.057% in total (about 6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 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	1,050	0.0304	pay 0.0038% / 1h	42m 52s	$537K	$273K	15x
Short	Bullet MU-USD	1,049.2	0	get 0.0000% / 1h	42m 52s	$25K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$63.91
Price spread: −0.080% → +0.002%: −$8.24
Slippage, 4 orders: −$24.7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$111.85
Costs to cover: 0.397%
Break-even: never at this rate

Slippage from Phoenix: live order book, 25 min ago; Bullet: 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	3.80 bp	12.1 bp −$12	26.3 bp −$263	doesn't fit	doesn't fit
Sell Bullet live order book, 26 min ago	1.43 bp	8.3 bp −$8	20.9 bp −$209	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	−0.0702%	4h	1,049.5	−0.051%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,048.7	−0.126%	$62.2M	$27.5M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.3	−0.070%	$190K	$3.4M	20x	as long as short
Bullet MU-USDshort	0.0000%	1h	1,049.2	−0.080%	$25K	$396K	10x
SunX MU-USDT	0.0000%	8h	1,050.3	+0.032%	$11K	$6.1M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.6	−0.134%	$65K	$324K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.7	−0.122%	$129K	$429K	50x	as long as short
Nado MU-PERP	0.0000%	1h	1,049.2	−0.080%	$273K	$858K	10x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,049.3	−0.069%	$3K	$45K	10x	as long as short
Lighter MU	+0.0032%	1h	1,048.8	−0.111%	$1.1M	$4.8M	20x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH MU	+0.0032%	1h	1,048.8	−0.111%	$1.1M	$4.1M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,048.3	−0.167%	$563K	$1.2M	10x	as long as short
Bybit MUUSDT	+0.0037%	8h	1,048.9	−0.110%	$19.3M	$32.6M	100x	as long as short
QFEX MU-USD	+0.0040%	1h	1,049.1	−0.083%	$7.5M	$20.3M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.4	−0.057%	$71K	$242K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050.1	+0.009%	—	$178K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.9	−0.105%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,048.9	−0.110%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.8	−0.117%	$1.9M	$2.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0065%	1h	1,048.6	−0.133%	$178.1M	$100.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0071%	8h	1,049.2	−0.074%	$2K	—	5x	as long as short
OKX MU-USDT-SWAP	+0.0079%	8h	1,048.7	−0.128%	$30.8M	$100.6M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,049.1	−0.085%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,048.7	−0.120%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,049.8	−0.019%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049	−0.100%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.130%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,050.3	+0.026%	$761K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0144%	1h	1,048.7	−0.127%	$32K	$1K	10x	as long as short
Aster MUUSD1	+0.0227%	8h	1,048.9	−0.101%	$21.6M	$49.3M	20x	as long as short
Variational Omni MU	+0.0230%	8h	1,049.6	−0.039%	$2.7M	$2.4M	—	as long as short
GRVT MU_USDT_Perp	+0.0233%	8h	1,049.7	−0.024%	$81K	$1.3M	10x	as long as short
Binance MUUSDT	+0.0235%	8h	1,048.7	−0.119%	$126.3M	$523.9M	50x	as long as short
Phoenix MUlong	+0.0304%	1h	1,050	long leg	$537K	$273K	15x
Bitget MUUSDT	+0.0326%	8h	1,049	−0.095%	$20.3M	$41.8M	50x	as long as short
BloFin MU-USDT	+0.0368%	8h	1,049.8	−0.018%	$1.5M	$2.0M	20x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,049.5	−0.051%	$334K	$348K	20x	as long as short