Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.016%

Price spread now: Extended against Lighter−0.063%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$90.094% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$6 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now −0.063%, 7d avg −0.022%

Together, before fees−0.020%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.040% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MU	1,049.3	0.0032	pay 0.0004% / 1h	34m 33s	$1.1M	$4.8M	20x
Short	Extended MU_24_5-USD	1,048.7	0.0032	get 0.0004% / 1h	34m 33s	$567K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Lighter. 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 LighterbpFee ExtendedbpOrdersPrice spread, now −0.063%Rate

Funding earned: $0
Price spread: −0.063% → −0.022%: −$4.04
Slippage, 4 orders: −$4.4
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$13.44
Costs to cover: 0.094%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Extended: live order book, 4 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 Lighter live order book, 3 min ago	0.57 bp	0.6 bp −$1	1.1 bp −$11	16.7 bp −$1,673	doesn't fit
Sell Extended live order book, 4 min ago	0.29 bp	4.4 bp −$4	11.8 bp −$118	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	−0.0949%	4h	1,048.4	−0.083%	$1.3M	$671K	10x	as long as short
Nado MU-PERP	−0.0006%	1h	1,049.3	−0.005%	$274K	$858K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,049.4	+0.010%	$19.2M	$32.6M	100x	as long as short
Gate MU_USDT	0.0000%	8h	1,049.2	−0.010%	$62.1M	$27.6M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,048.8	−0.050%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,049.1	−0.020%	$26K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050.1	+0.079%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.6	−0.066%	$66K	$329K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.9	−0.041%	$129K	$430K	50x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,048.8	−0.048%	$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 MUlong	+0.0032%	1h	1,049.3	long leg	$1.1M	$4.8M	20x
Lighter RH MU	+0.0032%	1h	1,049.4	+0.010%	$1.1M	$4.2M	10x	as long as short
Extended MU_24_5-USDshort	+0.0032%	1h	1,048.7	−0.063%	$567K	$1.2M	10x
QFEX MU-USD	+0.0040%	1h	1,049.1	−0.016%	$7.5M	$20.0M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,048.9	−0.041%	$71K	$237K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050	+0.068%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,048.9	−0.039%	$178.0M	$99.9M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.9	−0.039%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,048.9	−0.041%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.4	−0.087%	$1.9M	$2.4M	10x	as long as short
OKX MU-USDT-SWAP	+0.0066%	8h	1,049.2	−0.008%	$30.8M	$100.7M	50x	as long as short
Paradex MU-USD-PERP	+0.0067%	8h	1,049.5	+0.019%	$2K	—	5x	as long as short
Pacifica MU	+0.0100%	1h	1,049.1	−0.019%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,049.2	−0.010%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,048.9	−0.042%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,048.9	−0.036%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.195%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,048.1	−0.117%	$759K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,048.7	−0.061%	$32K	$1K	10x	as long as short
GRVT MU_USDT_Perp	+0.0158%	8h	1,049	−0.033%	$81K	$1.3M	10x	as long as short
Aster MUUSD1	+0.0197%	8h	1,049.4	+0.006%	$21.6M	$50.1M	20x	as long as short
Variational Omni MU	+0.0204%	8h	1,049.1	−0.021%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0217%	8h	1,049.2	−0.013%	$126.9M	$525.0M	50x	as long as short
Bitget MUUSDT	+0.0269%	8h	1,049.3	−0.004%	$20.3M	$41.9M	50x	as long as short
Phoenix MU	+0.0304%	1h	1,049.2	−0.010%	$537K	$273K	15x	as long as short
BloFin MU-USDT	+0.0368%	8h	1,049.8	+0.048%	$1.5M	$2.0M	20x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,049.3	+0.003%	$333K	$348K	20x	as long as short