Funding you earn now, next payment 21:00 UTC−0.0046%/8h= −5.1% APRnext payment −$0.06 per $10,000 · paid last 24h −0.037%
Price spread now: Lighter against Phoenix−0.048%104s7-day average −0.025% · you buy dearer than you sell
Net, funding: paid 7d − costs−$39as 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−$220.219% of the position
Funding, last 7 days−0.170%−$17 on $10k
+Price spread, last 3 days (all we have)+0.078%+$8 · spread now −0.048%, 7d avg −0.025%
=Together, before fees−0.092%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.023% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.025%). Swap the legs. The two prices were read 104 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 | 0.0230 | pay 0.0029% / 1h | 3m 43s | $533K | $303K | 15x |
| Short | Lighter MU | 1,042.5 | 0.0184 | get 0.0023% / 1h | 3m 43s | $998K | $4.8M | 20x |
Phoenix MU
Lighter MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter 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
- −$9.69
- Price spread: −0.048% → −0.025%
- −$2.26
- Slippage, 4 orders
- −$14.9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$33.85
- Costs to cover
- 0.219%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 19 min ago; Lighter: live order book, 4 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, 19 min ago | 2.87 bp | 10.4 bp −$10 | 21.9 bp −$219 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 4 min ago | 0.53 bp | 0.5 bp −$1 | 1.7 bp −$17 | 18.3 bp −$1,827 | 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 | −0.0333% | 4h | 1,042.6 | −0.037% | $1.3M | $672K | 10x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,042.7 | −0.026% | $30.7M | $104.3M | 50x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,042.6 | −0.035% | $62.9M | $29.2M | 75x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,042.6 | −0.035% | $188K | $3.3M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,044.4 | +0.133% | $11K | $6.7M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,042.6 | −0.042% | $125K | $442K | 50x | as long as short |
| Aster MUUSD1 | +0.0004% | 8h | 1,043.1 | +0.011% | $21.5M | $46.4M | 20x | as long as short |
| Aftermath Perps MUUSD | +0.0029% | 1h | 1,042.6 | −0.035% | $3K | $44K | 10x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,042.6 | −0.041% | $1.1M | $4.3M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,050.7 | +0.739% | $14K | $302 | 12x | as long as short |
edgeX MUUSDC
OKX MU-USDT-SWAP
Gate MU_USDT
StandX MU-USD
SunX MU-USDT
HTX MU-USDT
Aster MUUSD1
Aftermath Perps MUUSD
Lighter RH MU
Injective MU/USDC PERPShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Vest MU-USD-PERP | +0.0046% | 1h | 1,042.3 | −0.070% | — | $193K | 25x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,042.4 | −0.058% | $165K | $180K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,042.7 | −0.034% | $684K | $16K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,041.7 | −0.124% | $2.0M | $2.6M | 10x | as long as short |
| QFEX MU-USD | +0.0057% | 1h | 1,042.7 | −0.031% | $7.8M | $24.1M | 10x | as long as short |
| Bitget MUUSDT | +0.0074% | 8h | 1,042.7 | −0.034% | $20.4M | $42.9M | 50x | as long as short |
| Variational Omni MU | +0.0087% | 8h | 1,042.7 | −0.029% | $2.7M | $2.7M | — | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,042 | −0.096% | $153K | $182K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,042.4 | −0.054% | $5.2M | $3.9M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,042.8 | −0.017% | $71K | $267K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,042.8 | −0.018% | $829 | $799 | 20x | as long as short |
| Binance MUUSDT | +0.0111% | 8h | 1,042.8 | −0.021% | $124.7M | $540.4M | 50x | as long as short |
| Paradex MU-USD-PERP | +0.0112% | 8h | 1,042.7 | −0.025% | $2K | — | 5x | as long as short |
| Aevo MU-PERP | +0.0112% | 1h | 1,042.6 | −0.039% | $33K | — | 10x | as long as short |
| Deribit MU_USDC-PERPETUAL | +0.0143% | 1h | 1,042.6 | −0.039% | $60K | $234K | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0152% | 1h | 1,043.8 | +0.079% | $756K | $1.4M | 10x | as long as short |
| GRVT MU_USDT_Perp | +0.0176% | 8h | 1,042.8 | −0.017% | $82K | $1.4M | 10x | as long as short |
| Lighter MUshort | +0.0184% | 1h | 1,042.5 | −0.048% | $998K | $4.8M | 20x | |
| Bybit MUUSDT | +0.0190% | 8h | 1,043 | +0.002% | $19.1M | $32.5M | 100x | as long as short |
| Nado MU-PERP | +0.0190% | 1h | 1,041.9 | −0.107% | $306K | $845K | 10x | as long as short |
| RISEx MU/USDC | +0.0202% | 1h | 1,043 | +0.003% | $285K | $333K | 20x | as long as short |
| tradeXYZ xyz:MU | +0.0210% | 1h | 1,042.5 | −0.048% | $176.2M | $107.3M | 10x | as long as short |
| Arcus MU-USD | +0.0226% | 1h | 1,042.6 | −0.039% | $63K | $230K | 10x | as long as short |
| BloFin MU-USDT | +0.0230% | 8h | 1,042.7 | −0.028% | $1.5M | $2.1M | 20x | as long as short |
| Bullet MU-USD | +0.0230% | 1h | 1,042.7 | −0.026% | $25K | $400K | 10x | as long as short |
| Phoenix MUlong | +0.0230% | 1h | 1,043 | long leg | $533K | $303K | 15x | |
| Extended MU_24_5-USD | +0.0664% | 1h | 1,041.9 | −0.105% | $540K | $1.1M | 10x | as long as short |
Vest MU-USD-PERP
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
QFEX MU-USD
Bitget MUUSDT
Variational Omni MU
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Binance MUUSDT
Paradex MU-USD-PERP
Aevo MU-PERP
Deribit MU_USDC-PERPETUAL
Coinbase International MU-PERP-INTX
GRVT MU_USDT_Perp
Bybit MUUSDT
Nado MU-PERP
RISEx MU/USDC
tradeXYZ xyz:MU
Arcus MU-USD
BloFin MU-USDT
Bullet MU-USD
Extended MU_24_5-USD