MU

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0258%/8h= −28.2% APRnext payment −$0.32 per $10,000 · paid last 24h −0.064%

Price spread now: SoDEX against Phoenix+0.005%70s7-day average −0.029% · 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−$500.496% of the position

Long on Phoenix Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.035%−$4 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.005%, 7d avg −0.029%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.034% dearer against Phoenix than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.029%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 4 days (−0.035% in total) that is about 3.5 days. The two prices were read 70 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 4 days it paid -0.035% in total (about -3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,040.4	0.0308	pay 0.0038% / 1h	5m 43s	$532K	$159K	15x
Short	SoDEX MU-USD	1,040.5	0.0050	get 0.0006% / 1h	5m 43s	$684K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$54.09
Price spread: +0.005% → −0.029%: $3.4
Slippage, 4 orders: −$34.58
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$100.27
Costs to cover: 0.496%
Break-even: never at this rate

Slippage from Phoenix: live order book, 40 min ago; SoDEX: live order book, 41 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, 40 min ago	3.85 bp	13.1 bp −$13	29.0 bp −$290	doesn't fit	doesn't fit
Sell SoDEX live order book, 41 min ago	0.05 bp	11.5 bp −$12	36.2 bp −$362	doesn't fit	doesn't fit

MU on 37 exchanges

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	−0.0365%	4h	1,040.3	−0.007%	$1.3M	$695K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,040.9	+0.048%	$21.2M	$73.6M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,040.4	−0.001%	$122.2M	$555.2M	50x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,040.2	−0.021%	$29.8M	$107.2M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,040.4	−0.001%	$61.5M	$28.3M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,040.5	+0.012%	$19.8M	$43.7M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,040.3	−0.014%	$2.6M	$2.5M	—	as long as short
StandX MU-USD	0.0000%	1h	1,039.7	−0.072%	$188K	$3.7M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,041.9	+0.139%	$11K	$5.0M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,040.3	−0.006%	$120K	$473K	50x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH MU	+0.0032%	1h	1,040.3	−0.013%	$1.1M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.053%	$19K	$5K	12x	as long as short
Aftermath Perps MUUSD	+0.0037%	1h	1,040.2	−0.016%	$3K	$41K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,041.4	+0.099%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,040	−0.038%	$170K	$163K	10x	as long as short
SoDEX MU-USDshort	+0.0050%	1h	1,040.5	+0.005%	$684K	$14K	10x
Ondo Perps MU-USD.P	+0.0050%	1h	1,039.2	−0.113%	$1.9M	$3.2M	10x	as long as short
QFEX MU-USD	+0.0058%	1h	1,040.2	−0.022%	$7.0M	$19.4M	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,039.9	−0.045%	$32K	$1K	10x	as long as short
Paradex MU-USD-PERP	+0.0082%	8h	1,040.4	−0.005%	$2K	—	5x	as long as short
Bybit MUUSDT	+0.0098%	8h	1,040.6	+0.023%	$18.9M	$32.3M	100x	as long as short
Pacifica MU	+0.0100%	1h	1,040.4	+0.001%	$152K	$228K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,040	−0.038%	$5.2M	$6.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,041.1	+0.063%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,040.4	−0.002%	$827	$799	20x	as long as short
RISEx MU/USDC	+0.0118%	1h	1,040.4	+0.002%	$299K	$335K	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,040.5	+0.013%	$1.5M	$2.7M	20x	as long as short
Arcus MU-USD	+0.0139%	1h	1,040	−0.040%	$90K	$160K	10x	as long as short
Nado MU-PERP	+0.0143%	1h	1,039.7	−0.063%	$276K	$835K	10x	as long as short
GRVT MU_USDT_Perp	+0.0152%	8h	1,040.8	+0.042%	$73K	$1.4M	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0164%	1h	1,039.9	−0.053%	$33K	$729K	10x	as long as short
Lighter MU	+0.0176%	1h	1,040.3	−0.008%	$1.0M	$5.0M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0192%	1h	1,037.9	−0.242%	$727K	$1.2M	10x	as long as short
tradeXYZ xyz:MU	+0.0233%	1h	1,040.4	0.000%	$177.9M	$75.0M	10x	as long as short
Bullet MU-USD	+0.0237%	1h	1,040.6	+0.020%	$26K	$384K	10x	as long as short
Extended MU_24_5-USD	+0.0296%	1h	1,039.4	−0.096%	$546K	$1.1M	10x	as long as short
Phoenix MUlong	+0.0308%	1h	1,040.4	long leg	$532K	$159K	15x