Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.023%

Price spread now: Phoenix against BloFin−0.058%826s7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.372% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 3 days (all we have)+0.055%+$6 · spread now −0.058%, 7d avg −0.002%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.056% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.002%). Swap the legs. The two prices were read 826 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MU-USDT	1,049.8	0.0368	pay 0.0368% / 8h	6h 35m	$1.5M	$2.0M	20x
Short	Phoenix MU	1,049.2	0.0304	get 0.0038% / 1h	35m 18s	$537K	$273K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$13.29
Price spread: −0.058% → −0.002%: −$5.58
Slippage, 4 orders: −$18.2
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$56.07
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from BloFin: live order book, 18 min ago; Phoenix: live order book, 32 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 BloFin live order book, 18 min ago	0.09 bp	6.1 bp −$6	7.2 bp −$72	13.9 bp −$1,388	doesn't fit
Sell Phoenix live order book, 32 min ago	3.80 bp	12.1 bp −$12	26.4 bp −$264	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	−0.0949%	4h	1,048.4	−0.131%	$1.3M	$671K	10x	as long as short
Nado MU-PERP	−0.0006%	1h	1,049	−0.078%	$274K	$858K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,049.3	−0.045%	$19.2M	$32.6M	100x	as long as short
Gate MU_USDT	0.0000%	8h	1,049	−0.079%	$62.1M	$27.6M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,048.8	−0.101%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,049.1	−0.068%	$26K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050.1	+0.031%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.6	−0.113%	$66K	$329K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.9	−0.089%	$129K	$430K	50x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,048.8	−0.095%	$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
Lighter MU	+0.0032%	1h	1,048.9	−0.089%	$1.1M	$4.8M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,048.9	−0.090%	$1.1M	$4.2M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,048.4	−0.130%	$567K	$1.2M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,049	−0.082%	$7.5M	$20.0M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,048.8	−0.094%	$71K	$237K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050	+0.019%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,048.8	−0.096%	$178.0M	$99.9M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.8	−0.096%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,048.9	−0.089%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.4	−0.134%	$1.9M	$2.4M	10x	as long as short
Paradex MU-USD-PERP	+0.0067%	8h	1,049.3	−0.048%	$2K	—	5x	as long as short
OKX MU-USDT-SWAP	+0.0069%	8h	1,049	−0.076%	$30.8M	$100.7M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,048.9	−0.087%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,048.9	−0.090%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,048.9	−0.090%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,048.9	−0.084%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.148%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,048.1	−0.165%	$759K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,048.7	−0.108%	$32K	$1K	10x	as long as short
GRVT MU_USDT_Perp	+0.0158%	8h	1,049	−0.080%	$81K	$1.3M	10x	as long as short
Aster MUUSD1	+0.0200%	8h	1,049.2	−0.060%	$21.6M	$50.1M	20x	as long as short
Variational Omni MU	+0.0204%	8h	1,049.1	−0.068%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0218%	8h	1,049.2	−0.063%	$126.9M	$525.0M	50x	as long as short
Bitget MUUSDT	+0.0274%	8h	1,049.1	−0.069%	$20.3M	$41.9M	50x	as long as short
Phoenix MUshort	+0.0304%	1h	1,049.2	−0.058%	$537K	$273K	15x
BloFin MU-USDTlong	+0.0368%	8h	1,049.8	long leg	$1.5M	$2.0M	20x
RISEx MU/USDC	+0.0507%	1h	1,049.2	−0.062%	$333K	$348K	20x	as long as short