Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0256%/8h= −28.0% APRpaid last 24h −0.030%

Price spread now: OKX against Deribit+0.087%7-day average +0.020% · you sell dearer than you buy

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

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

costs, in and out, $10k−$360.355% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now +0.087%, 7d avg +0.020%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.066% dearer against Deribit than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.020%): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 4 days (−0.019% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.019% in total (about -1.7% a year). A funding rate is set anew for every payment. 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	Deribit MU_USDC-PERPETUAL	1,028.9	0.0256	pay 0.0032% / 1h	20m 41s	$72K	$630K	10x
Short	OKX MU-USDT-SWAP	1,029.7	0	get 0.0000% / 8h	7h 20m	$29.1M	$103.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$53.69
Price spread: +0.087% → +0.020%: $6.62
Slippage, 4 orders: −$18.52
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$82.6
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Deribit: live order book, 13 min ago; OKX: live order book, 3 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 Deribit live order book, 13 min ago	4.77 bp	16.8 bp −$17	22.2 bp −$222	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.05 bp	5.4 bp −$5	7.1 bp −$71	18.6 bp −$1,864	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	−0.0959%	4h	1,026.4	−0.241%	$1.3M	$695K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,029.3	+0.041%	$21.0M	$69.2M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,029.4	+0.055%	$121.7M	$548.5M	50x	as long as short
OKX MU-USDT-SWAPshort	0.0000%	8h	1,029.7	+0.087%	$29.1M	$103.2M	50x
RISEx MU/USDC	0.0000%	1h	1,028	−0.086%	$293K	$387K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,029.3	+0.044%	$61.8M	$28.4M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,029.5	+0.067%	$19.8M	$41.1M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,029.6	+0.075%	$2.5M	$2.6M	—	as long as short
StandX MU-USD	0.0000%	1h	1,028.1	−0.077%	$186K	$3.6M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,030	+0.113%	$11K	$5.3M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX MU-USDT	0.0000%	8h	1,029.3	+0.042%	$118K	$494K	50x	as long as short
Bybit MUUSDT	+0.0007%	8h	1,029.5	+0.062%	$18.6M	$32.4M	100x	as long as short
QFEX MU-USD	+0.0027%	1h	1,028.4	−0.042%	$6.9M	$18.9M	10x	as long as short
Aftermath Perps MUUSD	+0.0029%	1h	1,026.4	−0.241%	$3K	$43K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,029.1	+0.025%	$1.1M	$4.5M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,028.8	−0.006%	$539K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+2.188%	$19K	$5K	12x	as long as short
GRVT MU_USDT_Perp	+0.0040%	8h	1,026.9	−0.189%	$81K	$1.4M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,029.2	+0.029%	$89K	$234K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,028.2	−0.062%	—	$179K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,028.3	−0.053%	$166K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,028.7	−0.016%	$675K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,028.6	−0.023%	$1.9M	$3.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0070%	8h	1,029.4	+0.050%	$2K	—	5x	as long as short
Lighter MU	+0.0080%	1h	1,029.2	+0.033%	$992K	$5.0M	20x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,028.7	−0.014%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,029.4	+0.054%	$719K	$1.1M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,029	+0.015%	$146K	$194K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,028	−0.081%	$5.1M	$4.7M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,026.4	−0.240%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,028.4	−0.048%	$818	$799	20x	as long as short
Nado MU-PERP	+0.0100%	1h	1,027.7	−0.111%	$264K	$815K	10x	as long as short
tradeXYZ xyz:MU	+0.0101%	1h	1,028.9	+0.005%	$173.9M	$78.9M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,029.4	+0.051%	$1.5M	$2.3M	20x	as long as short
Bullet MU-USD	+0.0143%	1h	1,029.1	+0.025%	$25K	$388K	10x	as long as short
Phoenix MU	+0.0231%	1h	1,028.4	−0.044%	$526K	$270K	15x	as long as short
Deribit MU_USDC-PERPETUALlong	+0.0256%	1h	1,028.9	long leg	$72K	$630K	10x