Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0027%/8h= −2.9% APRpaid last 24h −0.014%

Price spread now: SunX against QFEX+0.078%7-day average +0.157% · 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−$78as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.169%−$17 · spread now +0.078%, 7d avg +0.157%

Together, before fees−0.192%−$19 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 SunX is 0.079% cheaper against QFEX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.157%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MU-USD	1,030.8	0.0027	pay 0.0003% / 1h	42m 58s	$6.9M	$18.7M	10x
Short	SunX MU-USDT	1,031.6	0	get 0.0000% / 8h	7h 42m	$11K	$5.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$5.59
Price spread: +0.078% → +0.157%: −$7.9
Slippage, 4 orders: −$52.58
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$84.07
Costs to cover: 0.706%
Break-even: never at this rate

Slippage from QFEX: live order book, 6 min ago; SunX: live order book, 6 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, 6 min ago	1.16 bp	6.2 bp −$6	6.2 bp −$62	10.7 bp −$1,065	doesn't fit
Sell SunX live order book, 6 min ago	21.57 bp	32.7 bp −$33	doesn't fit	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	−0.0734%	4h	1,030.8	+0.005%	$1.3M	$674K	10x	as long as short
Bitget MUUSDT	−0.0082%	8h	1,030.4	−0.038%	$19.9M	$40.2M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,030.9	+0.015%	$21.1M	$68.7M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,030.1	−0.065%	$121.3M	$543.0M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,030.3	−0.044%	$18.6M	$32.1M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,030	−0.081%	$29.5M	$100.9M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,030.7	−0.007%	$310K	$380K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,030.1	−0.062%	$61.9M	$27.8M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,030.2	−0.053%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,031.3	+0.053%	$72K	$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	1,031.4	+0.064%	$187K	$3.6M	20x	as long as short
SunX MU-USDTshort	0.0000%	8h	1,031.6	+0.078%	$11K	$5.4M	10x
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,030.6	−0.022%	$73K	$626K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,030.4	−0.035%	$119K	$492K	50x	as long as short
Aftermath Perps MUUSD	+0.0024%	1h	1,030.7	−0.003%	$3K	$43K	10x	as long as short
QFEX MU-USDlong	+0.0027%	1h	1,030.8	long leg	$6.9M	$18.7M	10x
Lighter RH MU	+0.0032%	1h	1,030.5	−0.030%	$1.1M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,029.7	−0.106%	$543K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.997%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,030	−0.073%	$89K	$244K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,030.4	−0.034%	—	$176K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,030	−0.076%	$167K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,030.5	−0.028%	$676K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,029.9	−0.081%	$1.9M	$2.9M	10x	as long as short
Paradex MU-USD-PERP	+0.0057%	8h	1,030.8	+0.003%	$2K	—	5x	as long as short
Lighter MU	+0.0064%	1h	1,030.6	−0.015%	$990K	$4.9M	20x	as long as short
tradeXYZ xyz:MU	+0.0065%	1h	1,030.3	−0.047%	$174.3M	$80.5M	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,030.2	−0.057%	$32K	$1K	10x	as long as short
Nado MU-PERP	+0.0085%	1h	1,030.1	−0.070%	$272K	$806K	10x	as long as short
Bullet MU-USD	+0.0093%	1h	1,030.7	−0.008%	$25K	$389K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,030.1	−0.064%	$719K	$1.1M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,030.5	−0.031%	$146K	$194K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,030.3	−0.044%	$5.1M	$4.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,032	+0.119%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,030.6	−0.021%	$819	$799	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,030.8	0.000%	$1.5M	$2.2M	20x	as long as short
Phoenix MU	+0.0231%	1h	1,031.9	+0.109%	$528K	$270K	15x	as long as short