Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.006%

Price spread now: Lighter against Variational Omni+0.054%7-day average −0.026% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days−0.044%−$4 · spread now +0.054%, 7d avg −0.026%

Together, before fees−0.063%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.080% dearer against Variational Omni than usual: you sell high and buy low (spread +0.054% now, against its 7-day average of −0.026%): +$8 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MU	1,051.8	0.0042	pay 0.0042% / 8h	4h 42m	$2.7M	$2.4M	—
Short	Lighter MU	1,052.4	0.0032	get 0.0004% / 1h	42m 01s	$1.1M	$5.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$2.19
Price spread: +0.054% → −0.026%: $7.98
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $5.79
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Lighter: live order book, 11 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, 2 min ago	1.90 bp	doesn't fit	4.3 bp −$43	doesn't fit	doesn't fit
Sell Lighter live order book, 11 min ago	0.47 bp	0.9 bp −$1	1.8 bp −$18	20.7 bp −$2,071	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	−0.0978%	4h	1,051.8	−0.005%	$1.3M	$673K	10x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,052.4	+0.053%	$31.2M	$99.9M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052.5	+0.062%	$334K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.3	+0.048%	$62.3M	$27.4M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,052.1	+0.025%	$78K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,052	+0.019%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,054.2	+0.221%	$11K	$5.8M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,052.5	+0.062%	$131K	$436K	50x	as long as short
Aster MUUSD1	+0.0007%	8h	1,052.3	+0.045%	$21.4M	$55.0M	20x	as long as short
Aftermath Perps MUUSD	+0.0017%	1h	1,052	+0.018%	$3K	$45K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MUUSDT	+0.0018%	8h	1,052.7	+0.085%	$19.1M	$32.3M	100x	as long as short
Bullet MU-USD	+0.0029%	1h	1,052.5	+0.062%	$25K	$398K	10x	as long as short
Lighter MUshort	+0.0032%	1h	1,052.4	+0.054%	$1.1M	$5.1M	20x
Lighter RH MU	+0.0032%	1h	1,052.4	+0.050%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,051.8	−0.007%	$564K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.045%	$19K	$5K	12x	as long as short
QFEX MU-USD	+0.0034%	1h	1,052.3	+0.043%	$7.2M	$18.0M	10x	as long as short
Nado MU-PERP	+0.0036%	1h	1,052	+0.014%	$282K	$843K	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,051.9	+0.009%	$71K	$234K	10x	as long as short
Variational Omni MUlong	+0.0042%	8h	1,051.8	long leg	$2.7M	$2.4M	—
Vest MU-USD-PERP	+0.0046%	1h	1,053.4	+0.153%	—	$175K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,052.2	+0.035%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,052.5	+0.059%	$691K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,051	−0.076%	$1.9M	$2.2M	10x	as long as short
Paradex MU-USD-PERP	+0.0052%	8h	1,052.6	+0.071%	$2K	—	5x	as long as short
tradeXYZ xyz:MU	+0.0073%	1h	1,052.1	+0.026%	$178.9M	$99.1M	10x	as long as short
Binance MUUSDT	+0.0073%	8h	1,052.4	+0.056%	$126.8M	$517.3M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0080%	1h	1,051.9	+0.010%	$758K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0096%	1h	1,052.1	+0.023%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,051.9	+0.003%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,052.2	+0.031%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051.6	−0.022%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,052.4	+0.049%	$837	$799	20x	as long as short
Bitget MUUSDT	+0.0123%	8h	1,052.5	+0.063%	$20.6M	$41.1M	50x	as long as short
BloFin MU-USDT	+0.0194%	8h	1,052.5	+0.065%	$1.5M	$2.0M	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0197%	1h	1,052.4	+0.049%	$69K	$415K	10x	as long as short
Phoenix MU	+0.0304%	1h	1,052.3	+0.045%	$538K	$271K	15x	as long as short