Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.022%

Price spread now: Orderly against Injective−1.220%58s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 1.220% cheaper against Injective than usual: you would sell low and buy high (spread −1.220% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$122 on $10k: about 2 months of funding at the current rate (+$2 a day). The two prices were read 58 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	Injective MU/USDC PERP	1,051.4	0.0033	pay 0.0004% / 1h	9m 51s	$19K	$5K	12x
Short	Orderly PERP_MU_USDC_mythos	1,038.5	0.0100	get 0.0100% / 8h	9m 51s	$826	$799	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.220%Rate

Funding earned: $14
Price spread: −1.220% → 0.000%: −$122.03
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$114.05
Costs to cover: 0.060%
Break-even: 64.0 days

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0799%	4h	1,038.2	−1.252%	$1.3M	$674K	10x	as long as short
Bitget MUUSDT	−0.0153%	8h	1,038.8	−1.199%	$20.2M	$39.9M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,038.7	−1.201%	$21.2M	$67.1M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,038.6	−1.214%	$122.4M	$537.2M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,038.6	−1.217%	$18.8M	$32.3M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,038.4	−1.236%	$29.8M	$100.1M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,038.3	−1.244%	$313K	$384K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,038.3	−1.238%	$61.6M	$28.4M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,037.8	−1.294%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,038.7	−1.207%	$71K	$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	1,038	−1.272%	$188K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,040.1	−1.068%	$11K	$5.5M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,038.3	−1.241%	$74K	$617K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,038.4	−1.230%	$126K	$481K	50x	as long as short
Bullet MU-USD	+0.0006%	1h	1,038.6	−1.215%	$25K	$388K	10x	as long as short
Nado MU-PERP	+0.0014%	1h	1,037.9	−1.280%	$280K	$804K	10x	as long as short
Aftermath Perps MUUSD	+0.0019%	1h	1,038.2	−1.252%	$3K	$44K	10x	as long as short
QFEX MU-USD	+0.0021%	1h	1,038	−1.275%	$7.0M	$18.7M	10x	as long as short
Lighter MU	+0.0032%	1h	1,038.6	−1.213%	$1.0M	$4.9M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,038.5	−1.223%	$1.1M	$4.5M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,037.9	−1.277%	$545K	$1.1M	10x	as long as short
Injective MU/USDC PERPlong	+0.0033%	1h	1,051.4	long leg	$19K	$5K	12x
Arcus MU-USD	+0.0040%	1h	1,037.6	−1.307%	$90K	$244K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,038.3	−1.238%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,038.2	−1.252%	$176.4M	$80.2M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,038	−1.271%	$168K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,038.1	−1.257%	$681K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,038	−1.267%	$1.8M	$2.7M	10x	as long as short
Paradex MU-USD-PERP	+0.0050%	8h	1,037.8	−1.289%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,038.1	−1.264%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0080%	1h	1,038.3	−1.238%	$726K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,037.6	−1.307%	$144K	$192K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,038.2	−1.250%	$5.2M	$4.1M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,038.7	−1.202%	$70K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythosshort	+0.0100%	8h	1,038.5	−1.220%	$826	$799	20x
BloFin MU-USDT	+0.0120%	8h	1,038	−1.275%	$1.5M	$2.1M	20x	as long as short
Phoenix MU	+0.0232%	1h	1,038.9	−1.185%	$531K	$270K	15x	as long as short