Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0267%/8h= +29.2% APRpaid last 24h +0.043%

Price spread now: Deribit against SunX−0.250%7-day average −0.169% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$860.856% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.056%+$6 on $10k

Price spread, last 3 days (all we have)+0.129%+$13 · spread now −0.250%, 7d avg −0.169%

Together, before fees+0.185%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.081% cheaper against SunX than usual: you would sell low and buy high (spread −0.250% now, against its 7-day average of −0.169%). If the spread goes back, that is −$8 on $10k: about 24 hours of funding at the current rate (+$8 a day). At the pace of the last 4 days (+0.056% in total) that is about 5.2 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.056% in total (about 5.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX MU-USDT	1,048.5	0	get 0.0000% / 8h	42m 39s	$11K	$6.6M	10x
Short	Deribit MU_USDC-PERPETUAL	1,045.8	0.0267	get 0.0033% / 1h	42m 39s	$62K	$260K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now −0.250%Rate

Funding earned: $55.98
Price spread: −0.250% → −0.169%: −$8.07
Slippage, 4 orders: −$70.58
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$37.67
Costs to cover: 0.856%
Break-even: 11.7 days

Slippage from SunX: live order book, 6 min ago; Deribit: live order book, 36 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 SunX live order book, 6 min ago	21.55 bp	25.5 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 36 min ago	0.05 bp	13.2 bp −$13	17.3 bp −$173	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	−0.0060%	4h	1,046.2	−0.216%	$1.3M	$674K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,046	−0.231%	$63.1M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,045.6	−0.275%	$189K	$3.3M	20x	as long as short
SunX MU-USDTlong	0.0000%	8h	1,048.5	long leg	$11K	$6.6M	10x
HTX MU-USDT	0.0000%	8h	1,045.8	−0.256%	$124K	$446K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.9	−0.242%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.215%	$14K	$302	12x	as long as short
Aftermath Perps MUUSD	+0.0035%	1h	1,045.2	−0.308%	$3K	$45K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.4	−0.196%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,046	−0.235%	$166K	$197K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MU-USD.P	+0.0050%	1h	1,045.4	−0.292%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0080%	1h	1,046.2	−0.219%	$7.8M	$24.0M	10x	as long as short
OKX MU-USDT-SWAP	+0.0081%	8h	1,046	−0.233%	$30.8M	$105.3M	50x	as long as short
SoDEX MU-USD	+0.0084%	1h	1,046	−0.236%	$686K	$16K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,046.1	−0.225%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.4	−0.288%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,046.3	−0.204%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,045.8	−0.251%	$831	$799	20x	as long as short
Bitget MUUSDT	+0.0136%	8h	1,046	−0.231%	$20.5M	$43.6M	50x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,046	−0.236%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0150%	8h	1,045.9	−0.243%	$2K	—	5x	as long as short
Lighter MU	+0.0168%	1h	1,046	−0.234%	$1.0M	$4.8M	20x	as long as short
Aster MUUSD1	+0.0172%	8h	1,046.8	−0.161%	$21.6M	$47.3M	20x	as long as short
Variational Omni MU	+0.0200%	8h	1,046.3	−0.207%	$2.6M	$2.5M	—	as long as short
Binance MUUSDT	+0.0213%	8h	1,046.2	−0.215%	$125.0M	$533.2M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.5	−0.284%	$757K	$1.4M	10x	as long as short
Bullet MU-USD	+0.0225%	1h	1,046.2	−0.216%	$25K	$395K	10x	as long as short
Nado MU-PERP	+0.0244%	1h	1,045.5	−0.282%	$270K	$875K	10x	as long as short
GRVT MU_USDT_Perp	+0.0257%	8h	1,046.2	−0.215%	$82K	$1.4M	10x	as long as short
Deribit MU_USDC-PERPETUALshort	+0.0267%	1h	1,045.8	−0.250%	$62K	$260K	10x
Bybit MUUSDT	+0.0285%	8h	1,046.3	−0.206%	$19.2M	$32.6M	100x	as long as short
tradeXYZ xyz:MU	+0.0291%	1h	1,046	−0.235%	$176.8M	$105.6M	10x	as long as short
BloFin MU-USDT	+0.0333%	8h	1,046.2	−0.216%	$1.5M	$2.0M	20x	as long as short
Phoenix MU	+0.0460%	1h	1,046.6	−0.177%	$535K	$306K	15x	as long as short
Arcus MU-USD	+0.0462%	1h	1,045.7	−0.266%	$74K	$240K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,046.6	−0.179%	$317K	$339K	20x	as long as short
Extended MU_24_5-USD	+0.0696%	1h	1,045.2	−0.313%	$540K	$1.1M	10x	as long as short