Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0121%/8h= −13.3% APRpaid last 24h −0.040%

Price spread now: Bybit against Coinbase International+0.102%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.245%−$25 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now +0.102%, 7d avg +0.038%

Together, before fees−0.315%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.064% dearer against Coinbase International than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of +0.038%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MU-PERP-INTX	1,048.1	0.0128	pay 0.0016% / 1h	38m 41s	$759K	$1.2M	10x
Short	Bybit MUUSDT	1,049.2	0.0007	get 0.0007% / 8h	6h 38m	$19.2M	$32.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.102%Rate

Funding earned: −$25.5
Price spread: +0.102% → +0.038%: $6.41
Slippage, 4 orders: −$14
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$54.09
Costs to cover: 0.350%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Bybit: live order book, 5 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 Coinbase International live order book, 5 min ago	4.15 bp	10.0 bp −$10	13.7 bp −$137	41.1 bp −$4,115	doesn't fit
Sell Bybit live order book, 5 min ago	0.76 bp	7.6 bp −$8	12.2 bp −$122	31.7 bp −$3,174	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	−0.0658%	4h	1,049.1	+0.097%	$1.3M	$670K	10x	as long as short
Nado MU-PERP	−0.0005%	1h	1,048.4	+0.035%	$274K	$858K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,048.8	+0.070%	$62.1M	$27.6M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,048.4	+0.034%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,048.7	+0.056%	$26K	$396K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,049.4	+0.130%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.6	+0.052%	$65K	$327K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.5	+0.037%	$129K	$429K	50x	as long as short
Bybit MUUSDTshort	+0.0007%	8h	1,049.2	+0.102%	$19.2M	$32.7M	100x
Aftermath Perps MUUSD	+0.0021%	1h	1,048.8	+0.064%	$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	+0.074%	$1.1M	$4.8M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,049.1	+0.094%	$1.1M	$4.1M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,048.5	+0.044%	$566K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,048.9	+0.075%	$7.5M	$20.1M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,048.7	+0.062%	$71K	$242K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,049.6	+0.146%	—	$176K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.4	+0.031%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,048.6	+0.053%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,047.9	−0.020%	$1.9M	$2.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0055%	1h	1,048.8	+0.069%	$178.0M	$99.9M	10x	as long as short
Paradex MU-USD-PERP	+0.0069%	8h	1,049	+0.086%	$2K	—	5x	as long as short
OKX MU-USDT-SWAP	+0.0074%	8h	1,049	+0.085%	$30.8M	$100.6M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,048.9	+0.077%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,048.9	+0.081%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,048.5	+0.037%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,048.9	+0.079%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.313%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTXlong	+0.0128%	1h	1,048.1	long leg	$759K	$1.2M	10x
Aevo MU-PERP	+0.0136%	1h	1,048.5	+0.040%	$32K	$1K	10x	as long as short
GRVT MU_USDT_Perp	+0.0186%	8h	1,049.4	+0.130%	$81K	$1.3M	10x	as long as short
Aster MUUSD1	+0.0210%	8h	1,049	+0.091%	$21.6M	$50.1M	20x	as long as short
Variational Omni MU	+0.0219%	8h	1,049	+0.092%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0224%	8h	1,048.9	+0.079%	$126.8M	$524.6M	50x	as long as short
Bitget MUUSDT	+0.0291%	8h	1,049	+0.085%	$20.3M	$41.9M	50x	as long as short
Phoenix MU	+0.0304%	1h	1,049.3	+0.116%	$537K	$273K	15x	as long as short
BloFin MU-USDT	+0.0368%	8h	1,049.8	+0.165%	$1.5M	$2.0M	20x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,049.2	+0.105%	$333K	$348K	20x	as long as short