Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h +0.015%

Price spread now: Binance against QFEX−0.003%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on QFEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.049%+$5 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.003%, 7d avg +0.048%

Together, before fees+0.083%+$8 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 Binance is 0.051% cheaper against QFEX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MU-USD	1,043.6	0.0023	pay 0.0003% / 1h	50m 51s	$7.0M	$18.0M	10x
Short	Binance MUUSDT	1,043.5	0	get 0.0000% / 8h	2h 50m	$123.0M	$526.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against QFEX. 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 QFEXbpFee BinancebpOrdersPrice spread, now −0.003%Rate

Funding earned: −$4.87
Price spread: −0.003% → +0.048%: −$5.07
Slippage, 4 orders: −$3.3
Fee QFEX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$33.24
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from QFEX: live order book, 8 min ago; Binance: live order book, 8 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 QFEX live order book, 8 min ago	0.34 bp	5.5 bp −$6	5.9 bp −$59	10.8 bp −$1,078	doesn't fit
Sell Binance live order book, 8 min ago	0.05 bp	6.0 bp −$6	8.0 bp −$80	16.0 bp −$1,597	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	−0.0859%	4h	1,043	−0.053%	$1.3M	$672K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,044	+0.037%	$21.2M	$57.2M	20x	as long as short
Binance MUUSDTshort	0.0000%	8h	1,043.5	−0.003%	$123.0M	$526.3M	50x
Bybit MUUSDT	0.0000%	8h	1,043.8	+0.017%	$18.6M	$32.1M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,043.8	+0.024%	$30.5M	$100.1M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,043.6	+0.006%	$337K	$354K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,043.5	−0.012%	$61.9M	$27.9M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,043.7	+0.013%	$20.5M	$41.2M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,043.4	−0.016%	$2.7M	$2.4M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,043.5	−0.009%	$83K	$1.4M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX MU-USD	0.0000%	1h	1,043.1	−0.051%	$189K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,045.5	+0.184%	$11K	$5.7M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,043.6	+0.005%	$73K	$501K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,043.3	−0.027%	$128K	$440K	50x	as long as short
Nado MU-PERP	+0.0018%	1h	1,043.3	−0.027%	$281K	$821K	10x	as long as short
Aftermath Perps MUUSD	+0.0019%	1h	1,042.2	−0.131%	$3K	$44K	10x	as long as short
QFEX MU-USDlong	+0.0023%	1h	1,043.6	long leg	$7.0M	$18.0M	10x
Lighter RH MU	+0.0032%	1h	1,043.3	−0.025%	$1.2M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,043.3	−0.026%	$546K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.746%	$19K	$5K	12x	as long as short
Bullet MU-USD	+0.0034%	1h	1,043.6	+0.002%	$26K	$392K	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,042.7	−0.084%	$70K	$232K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,044.2	+0.061%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,043.2	−0.036%	$177.3M	$93.5M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,043.5	−0.008%	$169K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,043.3	−0.026%	$685K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,043	−0.060%	$1.9M	$2.3M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,043.8	+0.020%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,043.2	−0.041%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,043.6	+0.004%	$147K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,043.5	−0.006%	$5.2M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,043.1	−0.042%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,043.7	+0.007%	$830	$799	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,043.6	+0.002%	$1.5M	$2.0M	20x	as long as short
Lighter MU	+0.0128%	1h	1,043.7	+0.008%	$1.1M	$4.9M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0144%	1h	1,043.3	−0.025%	$745K	$1.2M	10x	as long as short
Phoenix MU	+0.0231%	1h	1,043	−0.056%	$534K	$270K	15x	as long as short