Funding you earn now, next payment 04:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h −0.065%
Price spread now: Bybit against Phoenix−0.259%65s7-day average −0.008% · you buy dearer than you sell
Net, funding: paid 7d − costs−$68as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$390.385% of the position
Funding, last 7 days−0.293%−$29 on $10k
+Price spread, last 4 days (all we have)+0.306%+$31 · spread now −0.259%, 7d avg −0.008%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.251% cheaper against Phoenix than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MU | 1,043.1 | 0.0305 | pay 0.0038% / 1h | 0m 15s | $534K | $271K | 15x |
| Short | Bybit MUUSDT | 1,040.4 | 0 | get 0.0000% / 8h | 3h 00m | $18.5M | $32.0M | 100x |
Phoenix MU
Bybit MUUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$64
- Price spread: −0.259% → −0.008%
- −$25.08
- Slippage, 4 orders
- −$20.53
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$127.61
- Costs to cover
- 0.385%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 52 min ago; Bybit: 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, 52 min ago | 2.86 bp | 10.7 bp −$11 | 22.4 bp −$224 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 0.05 bp | 6.8 bp −$7 | 10.9 bp −$109 | 29.3 bp −$2,932 | 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 | −0.0495% | 4h | 1,042.1 | −0.096% | $1.3M | $673K | 10x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,040.8 | −0.217% | $21.2M | $57.2M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,040.3 | −0.268% | $123.1M | $526.3M | 50x | as long as short |
| Bybit MUUSDTshort | 0.0000% | 8h | 1,040.4 | −0.259% | $18.5M | $32.0M | 100x | |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,040.1 | −0.287% | $30.5M | $99.8M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,040.7 | −0.232% | $336K | $354K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,040.4 | −0.258% | $61.8M | $28.1M | 75x | as long as short |
| Bitget MUUSDT | 0.0000% | 8h | 1,040.5 | −0.250% | $20.4M | $41.7M | 50x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,039.9 | −0.310% | $2.7M | $2.4M | — | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,043 | −0.007% | $83K | $1.4M | 10x | as long as short |
edgeX MUUSDC
Aster MUUSD1
Binance MUUSDT
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
Bitget MUUSDT
Variational Omni MU
GRVT MU_USDT_PerpShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| StandX MU-USD | 0.0000% | 1h | 1,040.4 | −0.260% | $188K | $3.5M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,042.1 | −0.096% | $12K | $5.8M | 10x | as long as short |
| Deribit MU_USDC-PERPETUAL | 0.0000% | 1h | 1,040 | −0.293% | $73K | $494K | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,040 | −0.294% | $128K | $439K | 50x | as long as short |
| Aftermath Perps MUUSD | +0.0022% | 1h | 1,041.4 | −0.166% | $3K | $44K | 10x | as long as short |
| Nado MU-PERP | +0.0031% | 1h | 1,040.5 | −0.253% | $280K | $823K | 10x | as long as short |
| QFEX MU-USD | +0.0032% | 1h | 1,040.3 | −0.267% | $7.0M | $18.1M | 10x | as long as short |
| Lighter MU | +0.0032% | 1h | 1,040.6 | −0.241% | $1.1M | $5.2M | 20x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,040.3 | −0.267% | $1.2M | $4.5M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,039.7 | −0.326% | $553K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | +0.792% | $19K | $5K | 12x | as long as short |
| Bullet MU-USD | +0.0035% | 1h | 1,040.6 | −0.240% | $26K | $392K | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,041.1 | −0.197% | $70K | $232K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,040.7 | −0.234% | — | $176K | 25x | as long as short |
| tradeXYZ xyz:MU | +0.0050% | 1h | 1,040.1 | −0.288% | $176.8M | $95.0M | 10x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,040.3 | −0.268% | $169K | $203K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,040.1 | −0.290% | $683K | $16K | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0050% | 8h | 1,040.5 | −0.249% | $2K | — | 5x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,039.3 | −0.363% | $1.8M | $2.3M | 10x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,039.9 | −0.305% | $32K | $1K | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,040.4 | −0.260% | $147K | $185K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,040.5 | −0.253% | $5.2M | $3.4M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,041.1 | −0.191% | $71K | $269K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,040.3 | −0.271% | $827 | $799 | 20x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0120% | 1h | 1,040.1 | −0.292% | $746K | $1.1M | 10x | as long as short |
| BloFin MU-USDT | +0.0120% | 8h | 1,040.4 | −0.257% | $1.5M | $2.0M | 20x | as long as short |
| Phoenix MUlong | +0.0305% | 1h | 1,043.1 | long leg | $534K | $271K | 15x |
StandX MU-USD
SunX MU-USDT
Deribit MU_USDC-PERPETUAL
HTX MU-USDT
Aftermath Perps MUUSD
Nado MU-PERP
QFEX MU-USD
Lighter MU
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
Bullet MU-USD
Arcus MU-USD
Vest MU-USD-PERP
tradeXYZ xyz:MU
Polymarket Perps MU-USD
SoDEX MU-USD
Paradex MU-USD-PERP
Ondo Perps MU-USD.P
Aevo MU-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Coinbase International MU-PERP-INTX
BloFin MU-USDT