Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h +0.022%

Price spread now: Coinbase International against Orderly−0.045%54s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Coinbase International is 0.045% cheaper against Orderly than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 54 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	Orderly PERP_MU_USDC_mythos	1,037.9	0.0100	pay 0.0100% / 8h	34m 25s	$825	$799	20x
Short	Coinbase International MU-PERP-INTX	1,037.4	0.0080	get 0.0010% / 1h	34m 25s	$725K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$4.2
Price spread: −0.045% → 0.000%: −$4.53
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$24.73
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 4 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 4 min ago	1.54 bp	6.6 bp −$7	10.7 bp −$107	57.2 bp −$5,717	doesn't fit

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	−0.0248%	4h	1,037.9	+0.003%	$1.3M	$673K	10x	as long as short
Bitget MUUSDT	−0.0178%	8h	1,038.3	+0.038%	$20.2M	$40.0M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,038.2	+0.025%	$21.2M	$65.5M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,038.1	+0.017%	$122.1M	$538.6M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,037.9	0.000%	$18.8M	$32.3M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,037.9	+0.003%	$29.8M	$100.1M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,038.4	+0.045%	$313K	$385K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,038	+0.005%	$61.5M	$28.3M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,037.7	−0.021%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,038	+0.010%	$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	1,037.7	−0.021%	$188K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,039.4	+0.140%	$11K	$5.6M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,037.3	−0.056%	$74K	$608K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,037.5	−0.044%	$127K	$480K	50x	as long as short
Bullet MU-USD	+0.0013%	1h	1,037.7	−0.018%	$25K	$390K	10x	as long as short
Aftermath Perps MUUSD	+0.0017%	1h	1,038	+0.009%	$3K	$44K	10x	as long as short
Nado MU-PERP	+0.0018%	1h	1,038.1	+0.015%	$279K	$807K	10x	as long as short
QFEX MU-USD	+0.0021%	1h	1,038	+0.011%	$7.0M	$18.8M	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,038.1	+0.014%	$1.1M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,037.6	−0.031%	$545K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.296%	$19K	$5K	12x	as long as short
Lighter MU	+0.0040%	1h	1,038.2	+0.027%	$1.0M	$4.9M	20x	as long as short
Arcus MU-USD	+0.0040%	1h	1,037.5	−0.043%	$90K	$245K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,038.3	+0.035%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,037.9	−0.001%	$176.4M	$82.7M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,037.9	−0.001%	$168K	$195K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,037.9	+0.001%	$681K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,037.5	−0.042%	$1.8M	$2.7M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,038.1	+0.016%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,037.3	−0.056%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTXshort	+0.0080%	1h	1,037.4	−0.045%	$725K	$1.2M	10x
Pacifica MU	+0.0100%	1h	1,038	+0.009%	$147K	$188K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,037.9	+0.002%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,037.9	−0.004%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythoslong	+0.0100%	8h	1,037.9	long leg	$825	$799	20x
BloFin MU-USDT	+0.0120%	8h	1,038.3	+0.038%	$1.4M	$2.1M	20x	as long as short
Phoenix MU	+0.0232%	1h	1,038.3	+0.038%	$531K	$270K	15x	as long as short