Funding you earn now, next payment 08:00 UTC+0.0204%/8h= +22.4% APRnext payment +$0.26 per $10,000 · paid last 24h +0.070%
Price spread now: Phoenix against QFEX+0.186%52s7-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—prices read too far apart to compare
costs, in and out, $10k−$340.342% of the position
Funding, last 4 days (all we have)+0.083%+$8 on $10k
+Price spread, last 4 days (all we have)−0.241%−$24 · spread now +0.186%, 7d avg +0.025%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.161% dearer against QFEX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.025%. The two prices were read 52 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 | 1,028 | 0.0027 | pay 0.0003% / 1h | 35m 50s | $6.9M | $18.8M | 10x |
| Short | Phoenix MU | 1,029.9 | 0.0231 | get 0.0029% / 1h | 35m 50s | $527K | $270K | 15x |
QFEX MU-USD
Phoenix MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against QFEX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $42.94
- Price spread: +0.186% → +0.025%
- $16.12
- Slippage, 4 orders
- −$17.23
- Fee QFEX: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $24.83
- Costs to cover
- 0.342%
- Break-even
- 3.0 days
Slippage from QFEX: live order book, 8 min ago; Phoenix: live order book, 62 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 | 5.3 bp −$5 | 5.3 bp −$53 | 10.0 bp −$997 | doesn't fit |
| Sell Phoenix live order book, 62 min ago | 2.89 bp | 10.8 bp −$11 | 23.4 bp −$234 | doesn't fit | 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 | −0.0646% | 4h | 1,029.1 | +0.111% | $1.3M | $673K | 10x | as long as short |
| Bitget MUUSDT | −0.0061% | 8h | 1,028.3 | +0.027% | $19.8M | $40.3M | 50x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,028.6 | +0.064% | $21.0M | $68.9M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,028.1 | +0.013% | $121.1M | $543.9M | 50x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,028.2 | +0.021% | $18.6M | $32.2M | 100x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,028 | −0.004% | $29.4M | $101.1M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,028.1 | +0.014% | $309K | $375K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,027.9 | −0.009% | $61.9M | $28.0M | 75x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,028.1 | +0.008% | $2.5M | $2.6M | — | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,029 | +0.094% | $72K | $1.4M | 10x | as long as short |
edgeX MUUSDC
Bitget MUUSDT
Aster MUUSD1
Binance MUUSDT
Bybit MUUSDT
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
Variational Omni MU
GRVT MU_USDT_PerpShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| StandX MU-USD | 0.0000% | 1h | 1,029 | +0.096% | $186K | $3.6M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,029.1 | +0.103% | $11K | $5.4M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,028.3 | +0.029% | $119K | $488K | 50x | as long as short |
| Aftermath Perps MUUSD | +0.0026% | 1h | 1,029.1 | +0.106% | $3K | $43K | 10x | as long as short |
| QFEX MU-USDlong | +0.0027% | 1h | 1,028 | long leg | $6.9M | $18.8M | 10x | |
| Lighter RH MU | +0.0032% | 1h | 1,028 | −0.003% | $1.1M | $4.4M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,027.2 | −0.079% | $540K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | +2.273% | $19K | $5K | 12x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,027.5 | −0.052% | $89K | $244K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,027.8 | −0.020% | — | $176K | 25x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,027.2 | −0.077% | $166K | $177K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,028.2 | +0.021% | $675K | $15K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,028 | +0.003% | $1.9M | $2.9M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0057% | 8h | 1,028 | +0.004% | $2K | — | 5x | as long as short |
| Lighter MU | +0.0064% | 1h | 1,028.1 | +0.008% | $982K | $4.9M | 20x | as long as short |
| Deribit MU_USDC-PERPETUAL | +0.0071% | 1h | 1,027.9 | −0.010% | $72K | $629K | 10x | as long as short |
| Nado MU-PERP | +0.0074% | 1h | 1,027.6 | −0.034% | $262K | $811K | 10x | as long as short |
| tradeXYZ xyz:MU | +0.0075% | 1h | 1,027.9 | −0.009% | $173.9M | $79.5M | 10x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,027.7 | −0.028% | $32K | $1K | 10x | as long as short |
| Bullet MU-USD | +0.0087% | 1h | 1,028 | −0.001% | $25K | $388K | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0096% | 1h | 1,029.2 | +0.118% | $719K | $1.1M | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,027.9 | −0.005% | $146K | $194K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,027.8 | −0.022% | $5.1M | $4.5M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,028.5 | +0.054% | $70K | $270K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,028.3 | +0.032% | $818 | $799 | 20x | as long as short |
| BloFin MU-USDT | +0.0120% | 8h | 1,029.7 | +0.165% | $1.5M | $2.2M | 20x | as long as short |
| Phoenix MUshort | +0.0231% | 1h | 1,029.9 | +0.186% | $527K | $270K | 15x |
StandX MU-USD
SunX MU-USDT
HTX MU-USDT
Aftermath Perps MUUSD
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
Arcus MU-USD
Vest MU-USD-PERP
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
Paradex MU-USD-PERP
Lighter MU
Deribit MU_USDC-PERPETUAL
Nado MU-PERP
tradeXYZ xyz:MU
Aevo MU-PERP
Bullet MU-USD
Coinbase International MU-PERP-INTX
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
BloFin MU-USDT