Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h +0.011%

Price spread now: Bybit against QFEX+0.008%53s7-day average +0.046% · 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−$280.277% of the position

Long on QFEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 7 days+0.021%+$2 · spread now +0.008%, 7d avg +0.046%

Together, before fees+0.057%+$6 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 Bybit is 0.039% cheaper against QFEX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.046%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MU-USD	1,050.4	0.0040	pay 0.0005% / 1h	21m 49s	$7.4M	$19.6M	10x
Short	Bybit MUUSDT	1,050.5	0	get 0.0000% / 8h	6h 21m	$19.2M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$8.33
Price spread: +0.008% → +0.046%: −$3.88
Slippage, 4 orders: −$6.66
Fee QFEX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$39.87
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from QFEX: live order book, 7 min ago; Bybit: live order book, 2 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, 7 min ago	0.90 bp	6.8 bp −$7	8.6 bp −$86	12.6 bp −$1,256	doesn't fit
Sell Bybit live order book, 2 min ago	0.05 bp	7.7 bp −$8	10.0 bp −$100	24.4 bp −$2,442	doesn't fit

MU on 36 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	−0.0953%	4h	1,050.1	−0.032%	$1.3M	$670K	10x	as long as short
Nado MU-PERP	−0.0005%	1h	1,050.4	−0.003%	$277K	$855K	10x	as long as short
Bybit MUUSDTshort	0.0000%	8h	1,050.5	+0.008%	$19.2M	$32.6M	100x
Gate MU_USDT	0.0000%	8h	1,050.3	−0.010%	$62.1M	$27.7M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.5	+0.001%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,050.8	+0.036%	$25K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,051.8	+0.129%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,050.3	−0.010%	$66K	$337K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.7	+0.027%	$129K	$425K	50x	as long as short
Aftermath Perps MUUSD	+0.0018%	1h	1,050	−0.044%	$3K	$45K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MU	+0.0032%	1h	1,050.1	−0.034%	$1.1M	$4.8M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.1	−0.030%	$1.1M	$4.2M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,049.8	−0.060%	$567K	$1.1M	10x	as long as short
QFEX MU-USDlong	+0.0040%	1h	1,050.4	long leg	$7.4M	$19.6M	10x
Arcus MU-USD	+0.0040%	1h	1,050.2	−0.025%	$71K	$236K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.7	+0.115%	—	$177K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,050	−0.042%	$178.2M	$99.6M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,050.6	+0.015%	$171K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,050.4	−0.008%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.9	−0.051%	$1.9M	$2.4M	10x	as long as short
OKX MU-USDT-SWAP	+0.0056%	8h	1,050.1	−0.030%	$30.8M	$100.6M	50x	as long as short
Paradex MU-USD-PERP	+0.0063%	8h	1,050.2	−0.024%	$2K	—	5x	as long as short
GRVT MU_USDT_Perp	+0.0083%	8h	1,050.6	+0.017%	$81K	$1.3M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,050.2	−0.021%	$149K	$187K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.2	−0.019%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,050.2	−0.019%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.7	+0.021%	$835	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.088%	$19K	$5K	12x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,050.4	−0.004%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,050.3	−0.015%	$757K	$1.2M	10x	as long as short
Aster MUUSD1	+0.0164%	8h	1,050.6	+0.011%	$21.6M	$51.5M	20x	as long as short
Variational Omni MU	+0.0186%	8h	1,050.5	+0.005%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0201%	8h	1,050.1	−0.029%	$126.5M	$523.7M	50x	as long as short
Bitget MUUSDT	+0.0246%	8h	1,050.3	−0.015%	$20.6M	$42.0M	50x	as long as short
Phoenix MU	+0.0304%	1h	1,050.8	+0.034%	$537K	$273K	15x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,050.8	+0.034%	$334K	$348K	20x	as long as short