Funding you earn now, next payment 01:00 UTC−0.0069%/8h= −7.5% APRnext payment −$0.09 per $10,000 · paid last 24h −0.047%
Price spread now: Deribit against Phoenix+0.076%70s7-day average −0.032% · you sell dearer than you buy
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−$520.523% of the position
Funding, last 4 days (all we have)−0.030%−$3 on $10k
+Price spread, last 3 days (all we have)−0.088%−$9 · spread now +0.076%, 7d avg −0.032%
=The price spread pays, funding is against you. Deribit is 0.108% dearer against Phoenix than usual: you sell high and buy low (spread +0.076% now, against its 7-day average of −0.032%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.2 days. At the pace of the last 4 days (−0.030% in total) that is about 14 days. The two prices were read 70 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 | 1,049.7 | 0.0304 | pay 0.0038% / 1h | 2m 17s | $537K | $273K | 15x |
| Short | Deribit MU_USDC-PERPETUAL | 1,050.5 | 0.0236 | get 0.0029% / 1h | 2m 17s | $66K | $349K | 10x |
Phoenix MU
Deribit MU_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$14.41
- Price spread: +0.076% → −0.032%
- $10.79
- Slippage, 4 orders
- −$38.33
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$55.95
- Costs to cover
- 0.523%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 65 min ago; Deribit: live order book, 1 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, 65 min ago | 3.80 bp | 12.1 bp −$12 | 26.3 bp −$263 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 1 min ago | 5.62 bp | 16.1 bp −$16 | 20.0 bp −$200 | doesn't fit | doesn't fit |
MU on 36 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 | −0.0984% | 4h | 1,049.3 | −0.035% | $1.3M | $671K | 10x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,051.2 | +0.138% | $19.2M | $32.5M | 100x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,050.6 | +0.086% | $62.1M | $27.8M | 75x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,049.7 | −0.001% | $190K | $3.4M | 20x | as long as short |
| Bullet MU-USD | 0.0000% | 1h | 1,050.8 | +0.109% | $26K | $395K | 10x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,052.5 | +0.263% | $11K | $5.9M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,050.2 | +0.047% | $129K | $426K | 50x | as long as short |
| GRVT MU_USDT_Perp | +0.0008% | 8h | 1,050.1 | +0.040% | $79K | $1.3M | 10x | as long as short |
| Nado MU-PERP | +0.0009% | 1h | 1,049.9 | +0.020% | $279K | $854K | 10x | as long as short |
| Aftermath Perps MUUSD | +0.0017% | 1h | 1,049.4 | −0.029% | $3K | $45K | 10x | as long as short |
edgeX MUUSDC
Bybit MUUSDT
Gate MU_USDT
StandX MU-USD
Bullet MU-USD
SunX MU-USDT
HTX MU-USDT
GRVT MU_USDT_Perp
Nado MU-PERP
Aftermath Perps MUUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter MU | +0.0032% | 1h | 1,050.4 | +0.064% | $1.2M | $4.9M | 20x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,050.3 | +0.060% | $1.2M | $4.3M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,049.8 | +0.009% | $564K | $1.1M | 10x | as long as short |
| QFEX MU-USD | +0.0040% | 1h | 1,050.4 | +0.067% | $7.3M | $18.9M | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,049.8 | +0.011% | $71K | $235K | 10x | as long as short |
| OKX MU-USDT-SWAP | +0.0043% | 8h | 1,050.8 | +0.108% | $30.9M | $100.2M | 50x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,051.2 | +0.143% | — | $175K | 25x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,050.4 | +0.067% | $171K | $202K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,050.7 | +0.091% | $690K | $16K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,049.9 | +0.018% | $1.9M | $2.3M | 10x | as long as short |
| tradeXYZ xyz:MU | +0.0051% | 1h | 1,050.5 | +0.076% | $178.3M | $99.4M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0059% | 8h | 1,050.6 | +0.088% | $2K | — | 5x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,050.2 | +0.049% | $149K | $187K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,050.2 | +0.049% | $5.3M | $3.5M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,050 | +0.029% | $71K | $268K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,050.8 | +0.102% | $835 | $799 | 20x | as long as short |
| Injective MU/USDC PERP | +0.0107% | 1h | 1,051.4 | +0.158% | $19K | $5K | 12x | as long as short |
| Aster MUUSD1 | +0.0124% | 8h | 1,050.5 | +0.079% | $21.6M | $51.8M | 20x | as long as short |
| Aevo MU-PERP | +0.0128% | 1h | 1,050.4 | +0.070% | $32K | $1K | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0128% | 1h | 1,048.1 | −0.157% | $755K | $1.2M | 10x | as long as short |
| Variational Omni MU | +0.0154% | 8h | 1,049.9 | +0.022% | $2.7M | $2.4M | — | as long as short |
| Binance MUUSDT | +0.0172% | 8h | 1,050.9 | +0.118% | $126.6M | $521.4M | 50x | as long as short |
| Bitget MUUSDT | +0.0180% | 8h | 1,050.8 | +0.106% | $20.6M | $41.2M | 50x | as long as short |
| Deribit MU_USDC-PERPETUALshort | +0.0236% | 1h | 1,050.5 | +0.076% | $66K | $349K | 10x | |
| Phoenix MUlong | +0.0304% | 1h | 1,049.7 | long leg | $537K | $273K | 15x | |
| RISEx MU/USDC | +0.0507% | 1h | 1,050.8 | +0.105% | $334K | $347K | 20x | as long as short |
Lighter MU
Lighter RH MU
Extended MU_24_5-USD
QFEX MU-USD
Arcus MU-USD
OKX MU-USDT-SWAP
Vest MU-USD-PERP
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
tradeXYZ xyz:MU
Paradex MU-USD-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Injective MU/USDC PERP
Aster MUUSD1
Aevo MU-PERP
Coinbase International MU-PERP-INTX
Variational Omni MU
Binance MUUSDT
Bitget MUUSDT
RISEx MU/USDC