Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h +0.016%

Price spread now: Orderly against QFEX−0.035%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.035% cheaper against QFEX than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 38 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MU-USD	1,025	0.0027	pay 0.0003% / 1h	26m 46s	$6.9M	$18.9M	10x
Short	Orderly PERP_MU_USDC_mythos	1,024.7	0.0100	get 0.0100% / 8h	7h 26m	$815	$799	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.035%Rate

Funding earned: $15.41
Price spread: −0.035% → 0.000%: −$3.51
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$4.11
Costs to cover: 0.160%
Break-even: 8.9 days

Slippage unknown: QFEX: live order book, 7 min ago; Orderly: no order-book sample. Net counts fees only.

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	0.73 bp	5.7 bp −$6	5.7 bp −$57	9.4 bp −$944	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0522%	4h	1,025.4	+0.037%	$1.3M	$696K	10x	as long as short
Bitget MUUSDT	−0.0027%	8h	1,025.7	+0.062%	$19.7M	$40.9M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,025.3	+0.026%	$20.9M	$69.1M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,025.6	+0.054%	$121.6M	$548.7M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,025.4	+0.033%	$18.6M	$32.4M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,025.5	+0.042%	$29.2M	$102.5M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,024.1	−0.094%	$291K	$382K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,025.4	+0.039%	$61.6M	$28.3M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,025.8	+0.072%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,025.3	+0.027%	$73K	$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	1,024	−0.098%	$185K	$3.6M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,026.3	+0.119%	$11K	$5.4M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,025	−0.002%	$119K	$491K	50x	as long as short
QFEX MU-USDlong	+0.0027%	1h	1,025	long leg	$6.9M	$18.9M	10x
Aftermath Perps MUUSD	+0.0029%	1h	1,025.1	+0.010%	$3K	$43K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,025.1	+0.009%	$1.1M	$4.5M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,024.6	−0.037%	$541K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+2.569%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,024.4	−0.064%	$89K	$243K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,024.3	−0.072%	—	$179K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,023.7	−0.130%	$166K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,024.5	−0.048%	$672K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,023.6	−0.137%	$1.9M	$3.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0060%	8h	1,024.9	−0.014%	$2K	—	5x	as long as short
Lighter MU	+0.0072%	1h	1,025.4	+0.034%	$989K	$5.0M	20x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,024.8	−0.023%	$31K	$1K	10x	as long as short
tradeXYZ xyz:MU	+0.0092%	1h	1,025.1	+0.007%	$173.3M	$80.3M	10x	as long as short
Nado MU-PERP	+0.0094%	1h	1,024	−0.101%	$264K	$814K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,024.5	−0.052%	$716K	$1.1M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,025	−0.008%	$145K	$194K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,024.8	−0.019%	$5.1M	$4.6M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,024.7	−0.032%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythosshort	+0.0100%	8h	1,024.7	−0.035%	$815	$799	20x
BloFin MU-USDT	+0.0120%	8h	1,025.6	+0.055%	$1.5M	$2.2M	20x	as long as short
Bullet MU-USD	+0.0125%	1h	1,025.3	+0.028%	$25K	$388K	10x	as long as short
Phoenix MU	+0.0231%	1h	1,024.2	−0.081%	$524K	$270K	15x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0472%	1h	1,025.2	+0.014%	$72K	$629K	10x	as long as short