Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0175%/8h= −19.1% APRpaid last 24h −0.065%

Price spread now: Paradex against Phoenix−0.018%46s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 46 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	1,052.7	0.0229	pay 0.0029% / 1h	6m 28s	$538K	$271K	15x
Short	Paradex MU-USD-PERP	1,052.5	0.0054	get 0.0054% / 8h	5h 06m	$2K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$36.66
Price spread: −0.018% → 0.000%: −$1.83
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$49.49
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 56 min ago; Paradex: no order-book sample. Net counts fees only.

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, 56 min ago	2.85 bp	10.7 bp −$11	22.6 bp −$226	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0083%	4h	1,052	−0.063%	$1.3M	$671K	10x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052.5	−0.015%	$334K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.3	−0.040%	$62.0M	$27.6M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,052.3	−0.036%	$78K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,052	−0.066%	$190K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,054.3	+0.151%	$11K	$5.8M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,052	−0.065%	$130K	$430K	50x	as long as short
Bybit MUUSDT	+0.0009%	8h	1,052.6	−0.009%	$19.2M	$32.3M	100x	as long as short
OKX MU-USDT-SWAP	+0.0017%	8h	1,052.5	−0.023%	$31.1M	$100.0M	50x	as long as short
Aftermath Perps MUUSD	+0.0018%	1h	1,051.9	−0.073%	$3K	$44K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MU-USD	+0.0030%	1h	1,052.2	−0.050%	$7.2M	$18.1M	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,052.2	−0.051%	$1.3M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.127%	$19K	$5K	12x	as long as short
Aster MUUSD1	+0.0038%	8h	1,052.3	−0.035%	$21.4M	$54.8M	20x	as long as short
Arcus MU-USD	+0.0040%	1h	1,051.8	−0.082%	$71K	$234K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053.3	+0.060%	—	$175K	25x	as long as short
Nado MU-PERP	+0.0048%	1h	1,051.9	−0.078%	$282K	$844K	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,052.1	−0.057%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,052.4	−0.029%	$691K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,051.5	−0.112%	$1.9M	$2.3M	10x	as long as short
Paradex MU-USD-PERPshort	+0.0054%	8h	1,052.5	−0.018%	$2K	—	5x
Lighter MU	+0.0056%	1h	1,052.2	−0.044%	$1.1M	$5.1M	20x	as long as short
tradeXYZ xyz:MU	+0.0063%	1h	1,052	−0.066%	$178.5M	$98.9M	10x	as long as short
Bullet MU-USD	+0.0065%	1h	1,052.4	−0.033%	$26K	$398K	10x	as long as short
Extended MU_24_5-USD	+0.0072%	1h	1,051.6	−0.101%	$564K	$1.1M	10x	as long as short
Variational Omni MU	+0.0081%	8h	1,051.9	−0.076%	$2.7M	$2.4M	—	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,051.9	−0.072%	$758K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,052.5	−0.023%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,052	−0.064%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051.8	−0.083%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,052.3	−0.039%	$837	$799	20x	as long as short
Aevo MU-PERP	+0.0104%	1h	1,052.1	−0.060%	$32K	$1K	10x	as long as short
Binance MUUSDT	+0.0105%	8h	1,052.3	−0.040%	$126.7M	$518.0M	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0111%	1h	1,052.3	−0.039%	$69K	$389K	10x	as long as short
Bitget MUUSDT	+0.0133%	8h	1,052.3	−0.035%	$20.6M	$41.0M	50x	as long as short
BloFin MU-USDT	+0.0227%	8h	1,052.2	−0.048%	$1.5M	$2.0M	20x	as long as short
Phoenix MUlong	+0.0229%	1h	1,052.7	long leg	$538K	$271K	15x