Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0531%/8h= +58.1% APRpaid last 24h +0.034%

Price spread now: Extended against Variational Omni−0.138%7-day average −0.048% · you buy dearer than you sell

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.138%, 7d avg −0.048%

Together, before fees−0.070%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.090% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.138% now, against its 7-day average of −0.048%). If the spread goes back, that is −$9 on $10k: about 14 hours of funding at the current rate (+$16 a day). At the pace of the last 3 days (+0.003% in total) that is about 4 months.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.003% in total (about 0.3% 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	Variational Omni MU	1,045.5	0.0189	pay 0.0189% / 8h	49m 42s	$2.6M	$2.5M	—
Short	Extended MU_24_5-USD	1,044.1	0.0720	get 0.0090% / 1h	49m 42s	$540K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee ExtendedbpOrdersPrice spread, now −0.138%Rate

Funding earned: $111.44
Price spread: −0.138% → −0.048%: −$8.96
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $97.48
Costs to cover: 0.050%
Break-even: 0.9 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Extended: live order book, 4 min ago. 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 Variational Omni RFQ quote, 4 min ago	1.91 bp	doesn't fit	5.5 bp −$55	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.05 bp	2.6 bp −$3	8.3 bp −$83	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	−0.0051%	4h	1,045.5	−0.002%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,045.4	−0.009%	$63.0M	$28.9M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,044.5	−0.091%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,047.7	+0.209%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.1	−0.039%	$124K	$443K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.2	−0.033%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.499%	$14K	$302	12x	as long as short
Aftermath Perps MUUSD	+0.0036%	1h	1,044.7	−0.073%	$3K	$45K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,045.1	−0.035%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,045.2	−0.028%	$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	1,044.4	−0.105%	$2.0M	$2.7M	10x	as long as short
OKX MU-USDT-SWAP	+0.0077%	8h	1,045.5	+0.003%	$30.8M	$105.1M	50x	as long as short
QFEX MU-USD	+0.0080%	1h	1,045.4	−0.007%	$7.8M	$24.0M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,044.9	−0.055%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,044.6	−0.087%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.1	−0.041%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,045.6	+0.006%	$831	$799	20x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,045.3	−0.017%	$33K	—	10x	as long as short
Bitget MUUSDT	+0.0133%	8h	1,045.4	−0.005%	$20.5M	$43.6M	50x	as long as short
SoDEX MU-USD	+0.0136%	1h	1,045.3	−0.015%	$686K	$16K	10x	as long as short
Aster MUUSD1	+0.0157%	8h	1,046	+0.052%	$21.5M	$47.3M	20x	as long as short
Paradex MU-USD-PERP	+0.0158%	8h	1,045.3	−0.023%	$2K	—	5x	as long as short
Variational Omni MUlong	+0.0189%	8h	1,045.5	long leg	$2.6M	$2.5M	—
Binance MUUSDT	+0.0206%	8h	1,045.5	+0.002%	$124.8M	$532.9M	50x	as long as short
Lighter MU	+0.0216%	1h	1,045.3	−0.018%	$996K	$4.7M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.6	+0.005%	$757K	$1.4M	10x	as long as short
GRVT MU_USDT_Perp	+0.0251%	8h	1,045.8	+0.025%	$77K	$1.4M	10x	as long as short
Nado MU-PERP	+0.0259%	1h	1,044.6	−0.086%	$270K	$874K	10x	as long as short
Bullet MU-USD	+0.0262%	1h	1,045.5	+0.001%	$25K	$395K	10x	as long as short
Bybit MUUSDT	+0.0283%	8h	1,045.6	+0.012%	$19.2M	$32.6M	100x	as long as short
tradeXYZ xyz:MU	+0.0316%	1h	1,045.3	−0.019%	$176.7M	$105.6M	10x	as long as short
BloFin MU-USDT	+0.0323%	8h	1,045.6	+0.006%	$1.4M	$2.0M	20x	as long as short
Phoenix MU	+0.0460%	1h	1,045.4	−0.009%	$535K	$306K	15x	as long as short
Arcus MU-USD	+0.0462%	1h	1,045	−0.047%	$73K	$240K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,045.9	+0.042%	$316K	$339K	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0545%	1h	1,045.2	−0.029%	$62K	$255K	10x	as long as short
Extended MU_24_5-USDshort	+0.0720%	1h	1,044.1	−0.138%	$540K	$1.1M	10x