Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.038%

Price spread now: HTX against Bullet−0.047%50s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$320.323% of the position

Long on Bullet Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.134%−$13 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.047%, 7d avg −0.013%

Together, before fees−0.102%−$10 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 HTX is 0.034% cheaper against Bullet than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.013%). Swap the legs. The two prices were read 50 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	Bullet MU-USD	1,046	0.0064	pay 0.0008% / 1h	37m 20s	$25K	$394K	10x
Short	HTX MU-USDT	1,045.5	0	get 0.0000% / 8h	3h 37m	$130K	$432K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bullet. 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 BulletbpFee HTXbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$13.51
Price spread: −0.047% → −0.013%: −$3.35
Slippage, 4 orders: −$12.32
Fee Bullet: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$49.18
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Bullet: live order book, 17 min ago; HTX: live order book, 16 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 Bullet live order book, 17 min ago	0.48 bp	6.4 bp −$6	20.6 bp −$206	doesn't fit	doesn't fit
Sell HTX live order book, 16 min ago	2.81 bp	9.2 bp −$9	9.2 bp −$92	14.0 bp −$1,402	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	−0.0636%	4h	1,045.9	−0.003%	$1.3M	$672K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,045.9	−0.005%	$21.2M	$56.3M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,045.9	−0.005%	$125.0M	$518.8M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,046.2	+0.019%	$18.8M	$32.2M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,045.9	−0.003%	$31.1M	$99.7M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,045.8	−0.015%	$338K	$353K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,045.6	−0.033%	$62.1M	$27.7M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,045.8	−0.011%	$20.4M	$41.3M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,047.2	+0.121%	$2.7M	$2.4M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,045.8	−0.016%	$81K	$1.4M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX MU-USD	0.0000%	1h	1,045.5	−0.049%	$189K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,046.5	+0.054%	$11K	$5.8M	10x	as long as short
HTX MU-USDTshort	0.0000%	8h	1,045.5	−0.047%	$130K	$432K	50x
Aftermath Perps MUUSD	+0.0024%	1h	1,046.4	+0.039%	$3K	$44K	10x	as long as short
QFEX MU-USD	+0.0032%	1h	1,045.6	−0.038%	$7.0M	$17.8M	10x	as long as short
Lighter MU	+0.0032%	1h	1,045.5	−0.041%	$1.1M	$5.1M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.6	−0.039%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,045	−0.090%	$550K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.516%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,046.1	+0.016%	$71K	$233K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.3	+0.034%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,045.5	−0.044%	$177.1M	$96.5M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,045.6	−0.034%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,045.6	−0.031%	$686K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,045	−0.097%	$1.9M	$2.2M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,045.7	−0.021%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0053%	1h	1,045.3	−0.064%	$281K	$828K	10x	as long as short
Bullet MU-USDlong	+0.0064%	1h	1,046	long leg	$25K	$394K	10x
Deribit MU_USDC-PERPETUAL	+0.0075%	1h	1,045.7	−0.028%	$73K	$468K	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,045.5	−0.044%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,045.6	−0.038%	$147K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.5	−0.041%	$5.2M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.4	−0.054%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,045.8	−0.016%	$831	$799	20x	as long as short
BloFin MU-USDT	+0.0119%	8h	1,046.1	+0.009%	$1.5M	$2.0M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0120%	1h	1,050	+0.389%	$757K	$1.2M	10x	as long as short
Phoenix MU	+0.0305%	1h	1,045.6	−0.034%	$535K	$271K	15x	as long as short