Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0195%/8h= +21.3% APRpaid last 24h +0.050%

Price spread now: BloFin against QFEX+0.003%7-day average +0.025% · 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−$28as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on QFEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.180%+$18 on $10k

Price spread, last 4 days (all we have)−0.225%−$23 · spread now +0.003%, 7d avg +0.025%

Together, before fees−0.045%−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.022% cheaper against QFEX than usual: you would sell low and buy high (spread +0.003% now, against its 7-day average of +0.025%). If the spread goes back, that is −$2 on $10k: about 9 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MU-USD	1,052.2	0.0030	pay 0.0004% / 1h	5m 01s	$7.2M	$18.1M	10x
Short	BloFin MU-USDT	1,052.2	0.0224	get 0.0224% / 8h	5h 05m	$1.5M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.003%Rate

Funding earned: $40.85
Price spread: +0.003% → +0.025%: −$2.19
Slippage, 4 orders: −$3.33
Fee QFEX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $13.34
Costs to cover: 0.253%
Break-even: 4.7 days

Slippage from QFEX: live order book, 4 min ago; BloFin: live order book, 3 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, 4 min ago	1.19 bp	6.2 bp −$6	6.7 bp −$67	11.4 bp −$1,135	doesn't fit
Sell BloFin live order book, 3 min ago	0.05 bp	6.1 bp −$6	6.7 bp −$67	10.3 bp −$1,026	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	−0.0138%	4h	1,052.3	+0.012%	$1.3M	$672K	10x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052.6	+0.039%	$334K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.3	+0.016%	$62.0M	$27.6M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,052.3	+0.015%	$78K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,052	−0.015%	$190K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,054.2	+0.196%	$11K	$5.8M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,052.3	+0.010%	$130K	$430K	50x	as long as short
Bybit MUUSDT	+0.0010%	8h	1,052.8	+0.064%	$19.2M	$32.3M	100x	as long as short
OKX MU-USDT-SWAP	+0.0016%	8h	1,052.5	+0.029%	$31.1M	$99.9M	50x	as long as short
Aftermath Perps MUUSD	+0.0018%	1h	1,051.9	−0.023%	$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-USDlong	+0.0030%	1h	1,052.2	long leg	$7.2M	$18.1M	10x
Lighter RH MU	+0.0032%	1h	1,052.4	+0.021%	$1.3M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.076%	$19K	$5K	12x	as long as short
Aster MUUSD1	+0.0036%	8h	1,052.4	+0.020%	$21.4M	$55.0M	20x	as long as short
Arcus MU-USD	+0.0040%	1h	1,051.9	−0.029%	$71K	$234K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053.5	+0.124%	—	$175K	25x	as long as short
Nado MU-PERP	+0.0048%	1h	1,051.9	−0.021%	$282K	$844K	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,052.2	+0.004%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,052.3	+0.017%	$691K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,051.5	−0.061%	$1.9M	$2.3M	10x	as long as short
Paradex MU-USD-PERP	+0.0054%	8h	1,052.5	+0.037%	$2K	—	5x	as long as short
Lighter MU	+0.0056%	1h	1,052.5	+0.029%	$1.1M	$5.1M	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0064%	1h	1,052.2	+0.008%	$69K	$391K	10x	as long as short
tradeXYZ xyz:MU	+0.0064%	1h	1,052.3	+0.013%	$178.6M	$98.9M	10x	as long as short
Bullet MU-USD	+0.0065%	1h	1,052.5	+0.029%	$26K	$398K	10x	as long as short
Variational Omni MU	+0.0071%	8h	1,052.2	+0.003%	$2.7M	$2.4M	—	as long as short
Extended MU_24_5-USD	+0.0072%	1h	1,051.8	−0.038%	$564K	$1.1M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,051.9	−0.021%	$758K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,052.5	+0.028%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,052.2	0.000%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051.8	−0.031%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,052.3	+0.016%	$837	$799	20x	as long as short
Aevo MU-PERP	+0.0104%	1h	1,052.1	−0.007%	$32K	$1K	10x	as long as short
Binance MUUSDT	+0.0104%	8h	1,052.5	+0.035%	$126.7M	$517.8M	50x	as long as short
Bitget MUUSDT	+0.0135%	8h	1,052.4	+0.024%	$20.6M	$41.0M	50x	as long as short
BloFin MU-USDTshort	+0.0224%	8h	1,052.2	+0.003%	$1.5M	$2.0M	20x
Phoenix MU	+0.0229%	1h	1,052.5	+0.032%	$538K	$271K	15x	as long as short