MU

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0199%/8h= −21.8% APRnext payment −$0.25 per $10,000 · paid last 24h −0.002%

Price spread now: Coinbase International against Phoenix−0.029%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

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

costs, in and out, $10k−$380.376% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.029%, 7d avg −0.044%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.051% in total (about -2.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.25 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	1,044.2	0.0383	pay 0.0048% / 1h	20m 52s	$534K	$306K	15x
Short	Coinbase International MU-PERP-INTX	1,043.9	0.0184	get 0.0023% / 1h	20m 52s	$756K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$41.88
Price spread: −0.029% → −0.044%: $1.5
Slippage, 4 orders: −$20.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$78.02
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Phoenix: live order book, 62 min ago; Coinbase International: 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, 62 min ago	2.87 bp	10.4 bp −$10	21.9 bp −$219	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	3.07 bp	8.1 bp −$8	8.1 bp −$81	55.2 bp −$5,522	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	−0.0927%	4h	1,044.3	+0.010%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,043.9	−0.031%	$62.9M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,043.3	−0.091%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046.3	+0.204%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,043.8	−0.039%	$125K	$442K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,043.7	−0.046%	$1.2M	$4.2M	10x	as long as short
Aftermath Perps MUUSD	+0.0032%	1h	1,044	−0.021%	$3K	$45K	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.623%	$14K	$302	12x	as long as short
OKX MU-USDT-SWAP	+0.0034%	8h	1,044	−0.021%	$30.8M	$104.9M	50x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,043.5	−0.069%	—	$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	1,043.8	−0.038%	$165K	$197K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,044	−0.024%	$685K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043.1	−0.110%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0071%	1h	1,044	−0.023%	$7.8M	$24.2M	10x	as long as short
Aster MUUSD1	+0.0083%	8h	1,044.5	+0.030%	$21.5M	$47.4M	20x	as long as short
Pacifica MU	+0.0100%	1h	1,043.6	−0.059%	$154K	$181K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.7	−0.045%	$5.2M	$4.0M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,044.9	+0.062%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,044	−0.016%	$830	$799	20x	as long as short
Bitget MUUSDT	+0.0101%	8h	1,043.9	−0.028%	$20.4M	$43.0M	50x	as long as short
Aevo MU-PERP	+0.0120%	1h	1,043.7	−0.047%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0135%	8h	1,043.7	−0.046%	$2K	—	5x	as long as short
Variational Omni MU	+0.0135%	8h	1,044.2	−0.001%	$2.6M	$2.7M	—	as long as short
Binance MUUSDT	+0.0158%	8h	1,044.1	−0.013%	$124.8M	$535.8M	50x	as long as short
Coinbase International MU-PERP-INTXshort	+0.0184%	1h	1,043.9	−0.029%	$756K	$1.4M	10x
Lighter MU	+0.0200%	1h	1,043.9	−0.032%	$1.0M	$4.8M	20x	as long as short
Nado MU-PERP	+0.0215%	1h	1,043	−0.113%	$266K	$868K	10x	as long as short
GRVT MU_USDT_Perp	+0.0215%	8h	1,044.5	+0.028%	$82K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0242%	8h	1,044.2	+0.001%	$19.2M	$32.6M	100x	as long as short
Bullet MU-USD	+0.0273%	1h	1,044	−0.018%	$26K	$397K	10x	as long as short
BloFin MU-USDT	+0.0278%	8h	1,044.2	+0.001%	$1.4M	$2.0M	20x	as long as short
tradeXYZ xyz:MU	+0.0324%	1h	1,043.7	−0.048%	$176.2M	$106.7M	10x	as long as short
Phoenix MUlong	+0.0383%	1h	1,044.2	long leg	$534K	$306K	15x
Arcus MU-USD	+0.0435%	1h	1,043.5	−0.063%	$73K	$241K	10x	as long as short
RISEx MU/USDC	+0.0499%	1h	1,044.4	+0.018%	$295K	$338K	20x	as long as short
Extended MU_24_5-USD	+0.0680%	1h	1,042.8	−0.132%	$541K	$1.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0699%	1h	1,043.9	−0.029%	$61K	$247K	10x	as long as short