Funding arb · Price arb /

MU

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0139%/8h= +15.3% APRpaid last 24h +0.031%

Price spread now: Arcus against OKX−0.068%57s7-day average −0.035% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.244% of the position

Long on OKX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.098%+$10 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.068%, 7d avg −0.035%

Together, before fees+0.150%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.033% cheaper against OKX than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.035%). If the spread goes back, that is −$3 on $10k: about 19 hours of funding at the current rate (+$4 a day). The two prices were read 57 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	OKX MU-USDT-SWAP	1,035.3	0	get 0.0000% / 8h	6h 11m	$29.4M	$106.5M	50x
Short	Arcus MU-USD	1,034.6	0.0139	get 0.0017% / 1h	11m 44s	$90K	$148K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against OKX. 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 OKXbpFee ArcusbpOrdersPrice spread, now −0.068%Rate

Funding earned: $29.26
Price spread: −0.068% → −0.035%: −$3.29
Slippage, 4 orders: −$9.88
Fee OKX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $1.59
Costs to cover: 0.244%
Break-even: 6.6 days

Slippage from OKX: live order book, 5 min ago; Arcus: live order book, 39 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 OKX live order book, 5 min ago	0.05 bp	6.7 bp −$7	8.9 bp −$89	19.7 bp −$1,968	doesn't fit
Sell Arcus live order book, 39 min ago	2.23 bp	7.1 bp −$7	7.3 bp −$73	doesn't fit	doesn't fit

MU on 37 exchanges

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	−0.0919%	4h	1,034.4	−0.086%	$1.3M	$696K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,035.9	+0.054%	$21.2M	$72.7M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,035.2	−0.007%	$120.9M	$550.4M	50x	as long as short
OKX MU-USDT-SWAPlong	0.0000%	8h	1,035.3	long leg	$29.4M	$106.5M	50x
Gate MU_USDT	0.0000%	8h	1,034.9	−0.044%	$61.6M	$28.0M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,035.2	−0.013%	$19.8M	$42.8M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,034.5	−0.074%	$2.6M	$2.6M	—	as long as short
StandX MU-USD	0.0000%	1h	1,034.3	−0.097%	$187K	$3.7M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,036.8	+0.142%	$11K	$5.1M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,035.1	−0.019%	$119K	$475K	50x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH MU	+0.0032%	1h	1,034.9	−0.036%	$1.1M	$4.6M	10x	as long as short
Aftermath Perps MUUSD	+0.0033%	1h	1,034	−0.130%	$3K	$42K	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.550%	$19K	$5K	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,035.5	+0.021%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,034.7	−0.059%	$167K	$178K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,035.1	−0.025%	$679K	$13K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,034.2	−0.108%	$1.9M	$3.2M	10x	as long as short
Bybit MUUSDT	+0.0050%	8h	1,035.3	−0.004%	$18.8M	$32.4M	100x	as long as short
QFEX MU-USD	+0.0059%	1h	1,034.9	−0.039%	$7.0M	$19.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0068%	8h	1,034.9	−0.037%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,034.6	−0.068%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,035	−0.027%	$146K	$223K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,034.4	−0.093%	$5.2M	$5.7M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,033.6	−0.162%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,035	−0.028%	$823	$799	20x	as long as short
RISEx MU/USDC	+0.0107%	1h	1,035	−0.029%	$296K	$350K	20x	as long as short
GRVT MU_USDT_Perp	+0.0120%	8h	1,033.6	−0.163%	$76K	$1.4M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,035.5	+0.020%	$1.4M	$2.5M	20x	as long as short
Nado MU-PERP	+0.0124%	1h	1,034.4	−0.085%	$270K	$840K	10x	as long as short
Arcus MU-USDshort	+0.0139%	1h	1,034.6	−0.068%	$90K	$148K	10x
Lighter MU	+0.0144%	1h	1,035.2	−0.010%	$1.0M	$5.1M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0152%	1h	1,033.5	−0.175%	$732K	$1.2M	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0166%	1h	1,034.4	−0.089%	$41K	$705K	10x	as long as short
tradeXYZ xyz:MU	+0.0181%	1h	1,035	−0.030%	$175.5M	$75.8M	10x	as long as short
Bullet MU-USD	+0.0212%	1h	1,035	−0.031%	$24K	$386K	10x	as long as short
Extended MU_24_5-USD	+0.0280%	1h	1,033.9	−0.135%	$549K	$1.1M	10x	as long as short
Phoenix MU	+0.0310%	1h	1,034.4	−0.088%	$529K	$269K	15x	as long as short