Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.108%

Price spread now: edgeX against Arcus+0.122%7-day average +0.040% · 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−$15as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Arcus Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.130%+$13 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now +0.122%, 7d avg +0.040%

Together, before fees+0.014%+ Points / potential airdropedgeX: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.082% dearer against Arcus than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of +0.040%): +$8 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 4 days funding on this pair paid +0.130%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.130% in total (about 12.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus MU-USD	1,038.4	0.0139	pay 0.0017% / 1h	44m 54s	$90K	$148K	10x
Short	edgeX MUUSDC	1,039.7	−0.0300	pay 0.0150% / 4h	1h 44m	$1.3M	$696K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Arcus. 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 ArcusbpFee edgeXbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$92.37
Price spread: +0.122% → +0.040%: $8.25
Slippage, 4 orders: −$9.27
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$106.89
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from Arcus: live order book, 1 min ago; edgeX: live order book, 2 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 Arcus live order book, 1 min ago	2.94 bp	6.3 bp −$6	10.0 bp −$100	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	0.29 bp	4.9 bp −$5	6.6 bp −$66	29.0 bp −$2,904	doesn't fit

MU on 37 exchanges

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 MUUSDCshort	−0.0300%	4h	1,039.7	+0.122%	$1.3M	$696K	10x
Aster MUUSD1	0.0000%	8h	1,039.4	+0.098%	$21.2M	$73.6M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,039	+0.060%	$121.6M	$555.5M	50x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,038.9	+0.048%	$29.7M	$107.8M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,038.9	+0.049%	$61.4M	$28.0M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,038.9	+0.050%	$19.8M	$43.6M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,039.1	+0.065%	$2.6M	$2.6M	—	as long as short
StandX MU-USD	0.0000%	1h	1,039.6	+0.120%	$188K	$3.7M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,040.8	+0.237%	$11K	$5.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,038.1	−0.023%	$34K	$725K	10x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MU-USDT	0.0000%	8h	1,038.9	+0.051%	$119K	$474K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,038.8	+0.044%	$1.2M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.250%	$19K	$5K	12x	as long as short
Aftermath Perps MUUSD	+0.0035%	1h	1,039	+0.064%	$3K	$41K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,040	+0.157%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,038.7	+0.031%	$169K	$171K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,039	+0.063%	$683K	$14K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,037.4	−0.094%	$1.9M	$3.2M	10x	as long as short
QFEX MU-USD	+0.0058%	1h	1,038.8	+0.039%	$7.0M	$19.3M	10x	as long as short
Bybit MUUSDT	+0.0069%	8h	1,039.2	+0.077%	$18.8M	$32.3M	100x	as long as short
Paradex MU-USD-PERP	+0.0080%	8h	1,038.7	+0.030%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,038.5	+0.012%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,038.6	+0.021%	$150K	$227K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,038.7	+0.032%	$5.2M	$6.0M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,039.8	+0.138%	$71K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,038.9	+0.053%	$826	$799	20x	as long as short
RISEx MU/USDC	+0.0118%	1h	1,039.2	+0.083%	$299K	$351K	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,039.2	+0.083%	$1.5M	$2.6M	20x	as long as short
Nado MU-PERP	+0.0122%	1h	1,038.3	−0.004%	$276K	$841K	10x	as long as short
Arcus MU-USDlong	+0.0139%	1h	1,038.4	long leg	$90K	$148K	10x
Lighter MU	+0.0176%	1h	1,038.9	+0.053%	$1.0M	$5.0M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0192%	1h	1,038.5	+0.009%	$727K	$1.2M	10x	as long as short
Bullet MU-USD	+0.0204%	1h	1,039.2	+0.077%	$24K	$385K	10x	as long as short
GRVT MU_USDT_Perp	+0.0221%	8h	1,040.4	+0.198%	$73K	$1.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0237%	1h	1,038.9	+0.050%	$177.2M	$75.7M	10x	as long as short
Phoenix MU	+0.0308%	1h	1,040.4	+0.195%	$532K	$159K	15x	as long as short
Extended MU_24_5-USD	+0.0328%	1h	1,038.4	−0.001%	$551K	$1.1M	10x	as long as short