Funding you earn now, next payment 01:00 UTC+0.0304%/8h= +33.3% APRnext payment +$0.38 per $10,000 · paid last 24h +0.047%
Price spread now: Phoenix against Deribit+0.049%7-day average +0.032% · 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−$50as in the Price arb table
costs, in and out, $10k−$520.516% of the position
Funding, last 4 days (all we have)+0.030%+$3 on $10k
+Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.049%, 7d avg +0.032%
=The price spread sits at its 7-day average of +0.032%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.030% in total (about 2.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.38 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 | Deribit MU_USDC-PERPETUAL | 1,049.7 | 0 | get 0.0000% / 1h | 14m 51s | $66K | $341K | 10x |
| Short | Phoenix MU | 1,050.2 | 0.0304 | get 0.0038% / 1h | 14m 51s | $537K | $273K | 15x |
Deribit MU_USDC-PERPETUAL
Phoenix MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Deribit. 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
- $63.91
- Price spread: +0.049% → +0.032%
- $1.69
- Slippage, 4 orders
- −$37.65
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $13.96
- Costs to cover
- 0.516%
- Break-even
- 5.5 days
Slippage from Deribit: live order book, 54 min ago; Phoenix: live order book, 53 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, 54 min ago | 3.09 bp | 12.8 bp −$13 | 14.8 bp −$148 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 53 min ago | 3.80 bp | 12.1 bp −$12 | 26.4 bp −$264 | doesn't fit | doesn't fit |
MU on 36 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 | −0.0876% | 4h | 1,049.5 | −0.019% | $1.3M | $672K | 10x | as long as short |
| Nado MU-PERP | −0.0005% | 1h | 1,049.6 | −0.008% | $277K | $854K | 10x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,050.4 | +0.070% | $19.2M | $32.6M | 100x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,049.9 | +0.023% | $62.0M | $27.7M | 75x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,049.6 | −0.006% | $190K | $3.4M | 20x | as long as short |
| Bullet MU-USD | 0.0000% | 1h | 1,050.1 | +0.036% | $25K | $394K | 10x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,051.1 | +0.138% | $11K | $6.0M | 10x | as long as short |
| Deribit MU_USDC-PERPETUALlong | 0.0000% | 1h | 1,049.7 | long leg | $66K | $341K | 10x | |
| HTX MU-USDT | 0.0000% | 8h | 1,050.1 | +0.038% | $129K | $425K | 50x | as long as short |
| Aftermath Perps MUUSD | +0.0017% | 1h | 1,049.6 | −0.013% | $3K | $45K | 10x | as long as short |
edgeX MUUSDC
Nado MU-PERP
Bybit MUUSDT
Gate MU_USDT
StandX MU-USD
Bullet MU-USD
SunX MU-USDT
HTX MU-USDT
Aftermath Perps MUUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter MU | +0.0032% | 1h | 1,049.8 | +0.010% | $1.1M | $4.8M | 20x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,049.8 | +0.012% | $1.1M | $4.2M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,049.3 | −0.032% | $567K | $1.1M | 10x | as long as short |
| QFEX MU-USD | +0.0040% | 1h | 1,049.8 | +0.009% | $7.4M | $19.3M | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,049.7 | −0.004% | $71K | $236K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,050.7 | +0.095% | — | $175K | 25x | as long as short |
| tradeXYZ xyz:MU | +0.0050% | 1h | 1,049.8 | +0.010% | $178.2M | $99.6M | 10x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,049.7 | +0.001% | $170K | $202K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,049.8 | +0.010% | $689K | $16K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,048.8 | −0.083% | $1.9M | $2.3M | 10x | as long as short |
| OKX MU-USDT-SWAP | +0.0050% | 8h | 1,050.2 | +0.051% | $30.8M | $100.5M | 50x | as long as short |
| GRVT MU_USDT_Perp | +0.0056% | 8h | 1,049.8 | +0.012% | $81K | $1.3M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0061% | 8h | 1,050 | +0.031% | $2K | — | 5x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,049.5 | −0.016% | $148K | $187K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,049.7 | +0.003% | $5.3M | $3.5M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,049.9 | +0.016% | $71K | $268K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,050 | +0.030% | $835 | $799 | 20x | as long as short |
| Injective MU/USDC PERP | +0.0107% | 1h | 1,051.4 | +0.159% | $19K | $5K | 12x | as long as short |
| Aevo MU-PERP | +0.0128% | 1h | 1,049.6 | −0.007% | $32K | $1K | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0128% | 1h | 1,050.3 | +0.056% | $757K | $1.2M | 10x | as long as short |
| Aster MUUSD1 | +0.0149% | 8h | 1,050 | +0.027% | $21.6M | $51.7M | 20x | as long as short |
| Variational Omni MU | +0.0171% | 8h | 1,049.8 | +0.011% | $2.7M | $2.4M | — | as long as short |
| Binance MUUSDT | +0.0190% | 8h | 1,050.2 | +0.045% | $126.5M | $523.3M | 50x | as long as short |
| Bitget MUUSDT | +0.0227% | 8h | 1,050.1 | +0.037% | $20.6M | $41.9M | 50x | as long as short |
| Phoenix MUshort | +0.0304% | 1h | 1,050.2 | +0.049% | $537K | $273K | 15x | |
| RISEx MU/USDC | +0.0507% | 1h | 1,050.2 | +0.044% | $334K | $348K | 20x | as long as short |
Lighter MU
Lighter RH MU
Extended MU_24_5-USD
QFEX MU-USD
Arcus MU-USD
Vest MU-USD-PERP
tradeXYZ xyz:MU
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
OKX MU-USDT-SWAP
GRVT MU_USDT_Perp
Paradex MU-USD-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Injective MU/USDC PERP
Aevo MU-PERP
Coinbase International MU-PERP-INTX
Aster MUUSD1
Variational Omni MU
Binance MUUSDT
Bitget MUUSDT
RISEx MU/USDC