Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0203%/8h= −22.2% APRpaid last 24h −0.057%

Price spread now: GRVT against Phoenix−0.037%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 3 days (all we have)+0.095%+$9 · spread now −0.037%, 7d avg +0.006%

Together, before fees−0.165%+ Points / potential airdropGRVT: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and GRVT is 0.043% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,046.6	0.0460	pay 0.0057% / 1h	42m 48s	$535K	$306K	15x
Short	GRVT MU_USDT_Perp	1,046.2	0.0257	get 0.0257% / 8h	42m 48s	$82K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$42.55
Price spread: −0.037% → +0.006%: −$4.3
Slippage, 4 orders: −$21.88
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$84.74
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from Phoenix: live order book, 35 min ago; GRVT: live order book, just now.

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, 35 min ago	3.83 bp	13.1 bp −$13	28.0 bp −$280	doesn't fit	doesn't fit
Sell GRVT live order book, just now	0.29 bp	4.9 bp −$5	7.2 bp −$72	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	−0.0060%	4h	1,046.2	−0.038%	$1.3M	$674K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,046	−0.054%	$63.1M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,045.6	−0.097%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,048.5	+0.178%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.8	−0.078%	$124K	$446K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,046	−0.057%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.393%	$14K	$302	12x	as long as short
Aftermath Perps MUUSD	+0.0035%	1h	1,045.2	−0.131%	$3K	$45K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.4	−0.018%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,046	−0.057%	$166K	$197K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MU-USD.P	+0.0050%	1h	1,045.3	−0.124%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0080%	1h	1,046.3	−0.027%	$7.9M	$24.0M	10x	as long as short
OKX MU-USDT-SWAP	+0.0081%	8h	1,046	−0.054%	$30.8M	$105.3M	50x	as long as short
SoDEX MU-USD	+0.0084%	1h	1,046	−0.058%	$686K	$16K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,046.4	−0.019%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.5	−0.103%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,046.3	−0.027%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,045.8	−0.074%	$831	$799	20x	as long as short
Bitget MUUSDT	+0.0136%	8h	1,046	−0.054%	$20.5M	$43.6M	50x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,046	−0.058%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0152%	8h	1,046	−0.055%	$2K	—	5x	as long as short
Lighter MU	+0.0168%	1h	1,046.1	−0.051%	$1.0M	$4.8M	20x	as long as short
Aster MUUSD1	+0.0171%	8h	1,046.9	+0.026%	$21.6M	$47.3M	20x	as long as short
Variational Omni MU	+0.0200%	8h	1,046.3	−0.029%	$2.6M	$2.5M	—	as long as short
Binance MUUSDT	+0.0213%	8h	1,046.2	−0.036%	$125.0M	$533.2M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.5	−0.107%	$757K	$1.4M	10x	as long as short
Bullet MU-USD	+0.0225%	1h	1,046.2	−0.038%	$25K	$395K	10x	as long as short
Nado MU-PERP	+0.0244%	1h	1,045.5	−0.105%	$270K	$875K	10x	as long as short
GRVT MU_USDT_Perpshort	+0.0257%	8h	1,046.2	−0.037%	$82K	$1.4M	10x
Deribit MU_USDC-PERPETUAL	+0.0267%	1h	1,045.8	−0.073%	$62K	$260K	10x	as long as short
Bybit MUUSDT	+0.0285%	8h	1,046.3	−0.028%	$19.2M	$32.6M	100x	as long as short
tradeXYZ xyz:MU	+0.0291%	1h	1,046	−0.057%	$176.8M	$105.6M	10x	as long as short
BloFin MU-USDT	+0.0333%	8h	1,046.2	−0.038%	$1.5M	$2.0M	20x	as long as short
Phoenix MUlong	+0.0460%	1h	1,046.6	long leg	$535K	$306K	15x
Arcus MU-USD	+0.0462%	1h	1,045.8	−0.076%	$74K	$240K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,046.7	+0.011%	$317K	$339K	20x	as long as short
Extended MU_24_5-USD	+0.0696%	1h	1,045.2	−0.136%	$540K	$1.1M	10x	as long as short