Funding you earn now, next payment 19:00 UTC+0.0185%/8hnext payment +$0.23 per $10,000 · paid last 24h 0.000%
Price spread now: Phoenix against Coinbase International−0.162%72s7-day average +0.045% · you buy dearer than you sell
Net, funding: paid 7d − costs−$32as 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−$370.374% of the position
Funding, last 7 days+0.058%+$6 on $10k
+Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.162%, 7d avg +0.045%
=Funding pays, the price is against you. Phoenix is 0.208% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.162% now, against its 7-day average of +0.045%). If the spread goes back, that is −$21 on $10k: about 3.7 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.058% in total) that is about 25 days. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.058% in total (about 3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.23 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International MU-PERP-INTX | 1,047.3 | 0.0120 | pay 0.0015% / 1h | 23m 47s | $770K | $1.7M | 10x |
| Short | Phoenix MU | 1,045.6 | 0.0305 | get 0.0038% / 1h | 23m 47s | $529K | $219K | 15x |
Coinbase International MU-PERP-INTX
Phoenix MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $38.84
- Price spread: −0.162% → +0.045%
- −$20.78
- Slippage, 4 orders
- −$20.36
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$19.29
- Costs to cover
- 0.374%
- Break-even
- 10.5 days
Slippage from Coinbase International: live order book, 4 min ago; Phoenix: live order book, 8 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, 4 min ago | 4.07 bp | 10.4 bp −$10 | 15.0 bp −$150 | 41.6 bp −$4,158 | doesn't fit |
| Sell Phoenix live order book, 8 min ago | 1.91 bp | 8.9 bp −$9 | 18.9 bp −$189 | 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 | −0.0580% | 4h | 1,045.8 | −0.139% | $1.3M | $673K | 10x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,046.5 | −0.074% | $21.5M | $26.5M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,046.6 | −0.070% | $125.5M | $519.7M | 50x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,046.8 | −0.050% | $19.0M | $31.1M | 100x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,046.5 | −0.076% | $30.9M | $101.3M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,047.3 | −0.004% | $288K | $331K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,046.3 | −0.093% | $63.7M | $28.0M | 75x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,046.4 | −0.090% | $2.7M | $2.7M | — | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,046.6 | −0.068% | $79K | $1.2M | 10x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,045.8 | −0.141% | $189K | $3.0M | 20x | as long as short |
edgeX MUUSDC
Aster MUUSD1
Binance MUUSDT
Bybit MUUSDT
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
Variational Omni MU
GRVT MU_USDT_Perp
StandX MU-USDShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX MU-USDT | 0.0000% | 8h | 1,048.6 | +0.124% | $11K | $6.7M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,047.1 | −0.022% | $125K | $444K | 50x | as long as short |
| Bitget MUUSDT | +0.0023% | 8h | 1,046.6 | −0.072% | $20.1M | $41.0M | 50x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,046.2 | −0.108% | $1.1M | $4.3M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,050.7 | +0.326% | $14K | $302 | 12x | as long as short |
| Arcus MU-USD | +0.0041% | 1h | 1,046.8 | −0.053% | $63K | $235K | 10x | as long as short |
| QFEX MU-USD | +0.0045% | 1h | 1,047.1 | −0.022% | $7.9M | $23.5M | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,047.2 | −0.010% | — | $190K | 25x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,046.9 | −0.038% | $166K | $177K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,046.8 | −0.052% | $687K | $16K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,045.7 | −0.158% | $1.9M | $2.6M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0056% | 8h | 1,046.5 | −0.081% | $2K | — | 5x | as long as short |
| Lighter MU | +0.0072% | 1h | 1,046.5 | −0.075% | $973K | $4.7M | 20x | as long as short |
| Extended MU_24_5-USD | +0.0072% | 1h | 1,045.7 | −0.149% | $526K | $1.0M | 10x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,046.7 | −0.053% | $33K | — | 10x | as long as short |
| Bullet MU-USD | +0.0081% | 1h | 1,047.3 | 0.000% | $25K | $397K | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,046.5 | −0.077% | $153K | $179K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,046.3 | −0.098% | $5.2M | $3.9M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,045.9 | −0.137% | $71K | $267K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,046.8 | −0.049% | $832 | $799 | 20x | as long as short |
| tradeXYZ xyz:MU | +0.0112% | 1h | 1,046.2 | −0.105% | $178.8M | $98.5M | 10x | as long as short |
| Coinbase International MU-PERP-INTXlong | +0.0120% | 1h | 1,047.3 | long leg | $770K | $1.7M | 10x | |
| BloFin MU-USDT | +0.0120% | 8h | 1,046.8 | −0.052% | $1.5M | $2.0M | 20x | as long as short |
| Nado MU-PERP | +0.0129% | 1h | 1,046.3 | −0.091% | $335K | $797K | 10x | as long as short |
| Aftermath Perps MUUSD | +0.0163% | 1h | 1,046.8 | −0.045% | $3K | $44K | 10x | as long as short |
| Deribit MU_USDC-PERPETUAL | +0.0295% | 1h | 1,046.8 | −0.050% | $55K | $149K | 10x | as long as short |
| Phoenix MUshort | +0.0305% | 1h | 1,045.6 | −0.162% | $529K | $219K | 15x |
SunX MU-USDT
HTX MU-USDT
Bitget MUUSDT
Lighter RH MU
Injective MU/USDC PERP
Arcus MU-USD
QFEX MU-USD
Vest MU-USD-PERP
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
Paradex MU-USD-PERP
Lighter MU
Extended MU_24_5-USD
Aevo MU-PERP
Bullet MU-USD
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
tradeXYZ xyz:MU
BloFin MU-USDT
Nado MU-PERP
Aftermath Perps MUUSD
Deribit MU_USDC-PERPETUAL