MU

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0380%/8h= −41.6% APRnext payment −$0.47 per $10,000 · paid last 24h −0.066%

Price spread now: QFEX against Phoenix+0.017%52s7-day average −0.020% · 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−$390.391% of the position

Long on Phoenix Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now +0.017%, 7d avg −0.020%

Together, before fees−0.022%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.037% dearer against Phoenix than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.020%): +$4 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 3 days (−0.054% in total) that is about 2.4 days. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.054% in total (about -5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.47 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,045.3	0.0460	pay 0.0057% / 1h	24m 08s	$535K	$306K	15x
Short	QFEX MU-USD	1,045.5	0.0080	get 0.0010% / 1h	24m 08s	$7.8M	$23.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 QFEXbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$79.72
Price spread: +0.017% → −0.020%: $3.74
Slippage, 4 orders: −$22.07
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$115.06
Costs to cover: 0.391%
Break-even: never at this rate

Slippage from Phoenix: live order book, 53 min ago; QFEX: 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, 53 min ago	3.83 bp	13.1 bp −$13	28.0 bp −$280	doesn't fit	doesn't fit
Sell QFEX live order book, 5 min ago	1.24 bp	6.2 bp −$6	6.8 bp −$68	10.1 bp −$1,014	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	−0.0857%	4h	1,045.2	−0.006%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,045.4	+0.012%	$63.0M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,045	−0.032%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,047.2	+0.186%	$11K	$6.5M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,045.3	−0.004%	$62K	$273K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.3	−0.005%	$129K	$455K	50x	as long as short
Aftermath Perps MUUSD	+0.0030%	1h	1,045	−0.025%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.4	+0.012%	$1.2M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.518%	$14K	$302	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,045.8	+0.050%	—	$194K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MU-USD	+0.0050%	1h	1,045.3	0.000%	$169K	$189K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,045.4	+0.005%	$686K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,044.6	−0.070%	$2.0M	$2.7M	10x	as long as short
OKX MU-USDT-SWAP	+0.0075%	8h	1,045.5	+0.014%	$30.8M	$105.0M	50x	as long as short
QFEX MU-USDshort	+0.0080%	1h	1,045.5	+0.017%	$7.8M	$23.9M	10x
Lighter MU	+0.0088%	1h	1,045.4	+0.013%	$1.0M	$4.9M	20x	as long as short
Pacifica MU	+0.0100%	1h	1,045.5	+0.015%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.4	+0.007%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.6	+0.030%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,045.5	+0.022%	$831	$799	20x	as long as short
Paradex MU-USD-PERP	+0.0118%	8h	1,045.5	+0.018%	$2K	—	5x	as long as short
Bitget MUUSDT	+0.0121%	8h	1,045.5	+0.014%	$20.4M	$43.6M	50x	as long as short
Bullet MU-USD	+0.0126%	1h	1,045.6	+0.029%	$25K	$394K	10x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,045.4	+0.010%	$33K	—	10x	as long as short
Aster MUUSD1	+0.0161%	8h	1,045.9	+0.055%	$21.5M	$47.3M	20x	as long as short
Nado MU-PERP	+0.0172%	1h	1,045.2	−0.009%	$271K	$875K	10x	as long as short
Variational Omni MU	+0.0183%	8h	1,045.3	−0.002%	$2.7M	$2.5M	—	as long as short
Binance MUUSDT	+0.0192%	8h	1,045.6	+0.024%	$124.3M	$533.2M	50x	as long as short
tradeXYZ xyz:MU	+0.0210%	1h	1,045.4	+0.010%	$176.6M	$104.5M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.1	−0.020%	$757K	$1.3M	10x	as long as short
GRVT MU_USDT_Perp	+0.0226%	8h	1,045.3	−0.004%	$82K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0270%	8h	1,045.7	+0.040%	$19.2M	$32.5M	100x	as long as short
BloFin MU-USDT	+0.0312%	8h	1,045.5	+0.023%	$1.5M	$2.0M	20x	as long as short
Extended MU_24_5-USD	+0.0424%	1h	1,045.1	−0.021%	$541K	$1.1M	10x	as long as short
Phoenix MUlong	+0.0460%	1h	1,045.3	long leg	$535K	$306K	15x
Arcus MU-USD	+0.0462%	1h	1,045.2	−0.009%	$70K	$244K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,045.9	+0.061%	$316K	$339K	20x	as long as short