Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0230%/8h= −25.2% APRpaid last 24h −0.075%

Price spread now: Gate against Phoenix−0.055%62s7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as 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−$430.426% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.423%−$42 on $10k

Price spread, last 3 days (all we have)+0.105%+$10 · spread now −0.055%, 7d avg −0.035%

Together, before fees−0.318%−$32 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.035%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. The two prices were read 62 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	1,044.7	0.0230	pay 0.0029% / 1h	24m 25s	$534K	$303K	15x
Short	Gate MU_USDT	1,044.1	0	get 0.0000% / 8h	2h 24m	$63.0M	$28.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.055%Rate

Funding earned: −$48.33
Price spread: −0.055% → −0.035%: −$1.95
Slippage, 4 orders: −$20.59
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$92.86
Costs to cover: 0.426%
Break-even: never at this rate

Slippage from Phoenix: live order book, 63 min ago; Gate: live order book, 5 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, 63 min ago	2.88 bp	10.4 bp −$10	21.9 bp −$219	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.05 bp	11.6 bp −$12	17.5 bp −$175	33.9 bp −$3,390	65.3 bp −$32.7K

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	−0.0044%	4h	1,044.1	−0.055%	$1.3M	$672K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,044.5	−0.016%	$21.5M	$43.8M	20x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,044.2	−0.046%	$30.7M	$104.3M	50x	as long as short
Gate MU_USDTshort	0.0000%	8h	1,044.1	−0.055%	$63.0M	$28.9M	75x
StandX MU-USD	0.0000%	1h	1,043	−0.160%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046.2	+0.143%	$11K	$6.7M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,043.8	−0.083%	$125K	$443K	50x	as long as short
Aftermath Perps MUUSD	+0.0024%	1h	1,043.9	−0.081%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,044	−0.067%	$1.1M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.575%	$14K	$302	12x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest MU-USD-PERP	+0.0046%	1h	1,044	−0.068%	—	$193K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,043.8	−0.086%	$165K	$176K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043.3	−0.136%	$2.0M	$2.7M	10x	as long as short
Variational Omni MU	+0.0053%	8h	1,044.3	−0.040%	$2.7M	$2.7M	—	as long as short
SoDEX MU-USD	+0.0054%	1h	1,044.1	−0.057%	$685K	$16K	10x	as long as short
QFEX MU-USD	+0.0057%	1h	1,044.3	−0.043%	$7.8M	$24.1M	10x	as long as short
Bitget MUUSDT	+0.0065%	8h	1,043.9	−0.075%	$20.5M	$42.9M	50x	as long as short
Binance MUUSDT	+0.0085%	8h	1,044	−0.067%	$124.9M	$540.4M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,044	−0.063%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.6	−0.104%	$5.2M	$4.0M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,044.6	−0.013%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,044	−0.068%	$830	$799	20x	as long as short
Aevo MU-PERP	+0.0104%	1h	1,043.9	−0.076%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0115%	8h	1,044.2	−0.046%	$2K	—	5x	as long as short
GRVT MU_USDT_Perp	+0.0143%	8h	1,044.3	−0.037%	$82K	$1.4M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0152%	1h	1,043.3	−0.139%	$756K	$1.6M	10x	as long as short
Bybit MUUSDT	+0.0169%	8h	1,044.2	−0.050%	$19.1M	$32.5M	100x	as long as short
tradeXYZ xyz:MU	+0.0193%	1h	1,043.9	−0.077%	$176.4M	$106.9M	10x	as long as short
Nado MU-PERP	+0.0195%	1h	1,042.9	−0.170%	$307K	$845K	10x	as long as short
RISEx MU/USDC	+0.0202%	1h	1,044.4	−0.027%	$286K	$332K	20x	as long as short
BloFin MU-USDT	+0.0203%	8h	1,044.2	−0.044%	$1.5M	$2.1M	20x	as long as short
Lighter MU	+0.0224%	1h	1,044.2	−0.045%	$1.0M	$4.8M	20x	as long as short
Arcus MU-USD	+0.0226%	1h	1,044.2	−0.053%	$63K	$236K	10x	as long as short
Phoenix MUlong	+0.0230%	1h	1,044.7	long leg	$534K	$303K	15x
Bullet MU-USD	+0.0231%	1h	1,044.2	−0.048%	$25K	$399K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0316%	1h	1,043.7	−0.099%	$57K	$216K	10x	as long as short
Extended MU_24_5-USD	+0.0664%	1h	1,043	−0.159%	$541K	$1.1M	10x	as long as short