Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h −0.082%

Price spread now: SunX against Phoenix+0.260%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$840.844% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.401%−$40 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.260%, 7d avg +0.132%

Together, before fees−0.583%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.128% dearer against Phoenix than usual: you sell high and buy low (spread +0.260% now, against its 7-day average of +0.132%): +$13 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,039.4	0.0308	pay 0.0038% / 1h	53m 05s	$532K	$159K	15x
Short	SunX MU-USDT	1,042.1	0	get 0.0000% / 8h	5h 53m	$11K	$5.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.260%Rate

Funding earned: −$64.59
Price spread: +0.260% → +0.132%: $12.78
Slippage, 4 orders: −$69.44
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$136.25
Costs to cover: 0.844%
Break-even: never at this rate

Slippage from Phoenix: live order book, 57 min ago; SunX: live order book, 9 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, 57 min ago	3.87 bp	13.2 bp −$13	29.1 bp −$291	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	21.58 bp	32.5 bp −$32	doesn't fit	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	−0.0530%	4h	1,038.8	−0.055%	$1.3M	$694K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,040.6	+0.113%	$21.2M	$73.4M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,040.6	+0.120%	$121.7M	$555.2M	50x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,040.5	+0.107%	$29.7M	$107.9M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,040.5	+0.103%	$61.2M	$27.9M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,040.5	+0.110%	$19.9M	$43.6M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,039.5	+0.006%	$2.6M	$2.6M	—	as long as short
StandX MU-USD	0.0000%	1h	1,039.5	+0.010%	$188K	$3.7M	20x	as long as short
SunX MU-USDTshort	0.0000%	8h	1,042.1	+0.260%	$11K	$5.0M	10x
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,039.8	+0.037%	$36K	$717K	10x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MU-USDT	0.0000%	8h	1,040.2	+0.077%	$119K	$474K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,040.3	+0.087%	$1.2M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.151%	$19K	$5K	12x	as long as short
Aftermath Perps MUUSD	+0.0034%	1h	1,039.1	−0.028%	$3K	$41K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,041.3	+0.187%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,040.1	+0.067%	$170K	$180K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,039.1	−0.025%	$1.9M	$3.2M	10x	as long as short
QFEX MU-USD	+0.0058%	1h	1,040.3	+0.084%	$7.0M	$19.2M	10x	as long as short
SoDEX MU-USD	+0.0064%	1h	1,040.6	+0.112%	$683K	$13K	10x	as long as short
Bybit MUUSDT	+0.0073%	8h	1,040.8	+0.134%	$18.8M	$32.3M	100x	as long as short
Paradex MU-USD-PERP	+0.0079%	8h	1,040.1	+0.071%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,040.2	+0.074%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,040	+0.055%	$151K	$227K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,039.9	+0.045%	$5.2M	$5.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,040.4	+0.096%	$71K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,040.1	+0.070%	$827	$799	20x	as long as short
Nado MU-PERP	+0.0107%	1h	1,039.7	+0.032%	$277K	$842K	10x	as long as short
RISEx MU/USDC	+0.0118%	1h	1,040.5	+0.109%	$300K	$351K	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,040.9	+0.140%	$1.5M	$2.6M	20x	as long as short
Arcus MU-USD	+0.0139%	1h	1,039.8	+0.034%	$90K	$148K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0192%	1h	1,039.6	+0.014%	$727K	$1.2M	10x	as long as short
Bullet MU-USD	+0.0204%	1h	1,040.6	+0.115%	$24K	$386K	10x	as long as short
Lighter MU	+0.0216%	1h	1,040.4	+0.097%	$1.0M	$5.0M	20x	as long as short
GRVT MU_USDT_Perp	+0.0219%	8h	1,040	+0.060%	$81K	$1.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0233%	1h	1,040.4	+0.096%	$177.4M	$75.6M	10x	as long as short
Phoenix MUlong	+0.0308%	1h	1,039.4	long leg	$532K	$159K	15x
Extended MU_24_5-USD	+0.0336%	1h	1,039.5	+0.005%	$551K	$1.1M	10x	as long as short