Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.072%

Price spread now: Phoenix against Aster+0.054%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.374%+$37 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now +0.054%, 7d avg +0.004%

Together, before fees+0.254%+ Points / potential airdropAster: Stage 5 · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.050% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MUUSD1	1,038.8	0	get 0.0000% / 8h	1h 15m	$21.1M	$61.0M	20x
Short	Phoenix MU	1,039.4	0.0231	get 0.0029% / 1h	15m 07s	$532K	$270K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.054%Rate

Funding earned: $48.45
Price spread: +0.054% → +0.004%: $5.03
Slippage, 4 orders: −$25.9
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.59
Costs to cover: 0.409%
Break-even: 5.2 days

Slippage from Aster: live order book, 4 min ago; Phoenix: live order book, 28 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 Aster live order book, 4 min ago	0.72 bp	9.0 bp −$9	10.2 bp −$102	doesn't fit	doesn't fit
Sell Phoenix live order book, 28 min ago	3.86 bp	13.1 bp −$13	29.1 bp −$291	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	−0.0331%	4h	1,039.1	+0.027%	$1.3M	$673K	10x	as long as short
Bitget MUUSDT	−0.0167%	8h	1,038.7	−0.014%	$20.2M	$40.4M	50x	as long as short
Nado MU-PERP	−0.0011%	1h	1,038.3	−0.051%	$279K	$814K	10x	as long as short
Aster MUUSD1long	0.0000%	8h	1,038.8	long leg	$21.1M	$61.0M	20x
Binance MUUSDT	0.0000%	8h	1,038.6	−0.028%	$122.1M	$538.7M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,038.5	−0.031%	$18.7M	$32.3M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,038.4	−0.038%	$29.8M	$100.1M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,038.5	−0.034%	$313K	$387K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,038.4	−0.046%	$61.6M	$28.7M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,038.4	−0.047%	$2.5M	$2.6M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MU_USDT_Perp	0.0000%	8h	1,038.8	−0.004%	$84K	$1.4M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,038.4	−0.039%	$188K	$3.5M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,038.5	−0.031%	$26K	$390K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,039.8	+0.088%	$11K	$5.6M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,038.2	−0.061%	$74K	$573K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,038.3	−0.049%	$128K	$442K	50x	as long as short
Aftermath Perps MUUSD	+0.0013%	1h	1,038.3	−0.054%	$3K	$44K	10x	as long as short
Lighter MU	+0.0032%	1h	1,038.6	−0.021%	$1.1M	$4.9M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,038.5	−0.037%	$1.2M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,038	−0.085%	$537K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0032%	1h	1,038.3	−0.050%	$7.0M	$18.7M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.205%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,038.2	−0.060%	$90K	$250K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,038.8	−0.008%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,038.3	−0.052%	$176.4M	$86.7M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,038.1	−0.071%	$168K	$195K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,038.5	−0.037%	$681K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,037.9	−0.091%	$1.8M	$2.7M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,038.5	−0.033%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,038	−0.083%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,038.4	−0.039%	$147K	$190K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,038.2	−0.062%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,038.8	−0.001%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,038.3	−0.048%	$825	$799	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0104%	1h	1,036	−0.271%	$731K	$1.2M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,038.6	−0.024%	$1.4M	$2.1M	20x	as long as short
Phoenix MUshort	+0.0231%	1h	1,039.4	+0.054%	$532K	$270K	15x