MU

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0264%/8h= −29.0% APRnext payment −$0.33 per $10,000 · paid last 24h −0.053%

Price spread now: Arcus against Phoenix−0.038%49s7-day average −0.050% · 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−$410.414% of the position

Long on Phoenix Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.051%+$5 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.038%, 7d avg −0.050%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.050%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.051%, so the current rate has only just turned against you. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.051% in total (about 5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 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	Phoenix MU	1,048.5	0.0305	pay 0.0038% / 1h	43m 55s	$536K	$271K	15x
Short	Arcus MU-USD	1,048.1	0.0040	get 0.0005% / 1h	43m 55s	$71K	$233K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. 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 PhoenixbpFee ArcusbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$55.54
Price spread: −0.038% → −0.050%: $1.14
Slippage, 4 orders: −$29.91
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$95.82
Costs to cover: 0.414%
Break-even: never at this rate

Slippage from Phoenix: live order book, 9 min ago; Arcus: live order book, 9 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 Phoenix live order book, 9 min ago	2.86 bp	10.7 bp −$11	22.4 bp −$224	doesn't fit	doesn't fit
Sell Arcus live order book, 9 min ago	2.38 bp	10.3 bp −$10	13.6 bp −$136	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	−0.0933%	4h	1,048.6	+0.011%	$1.3M	$673K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,048.2	−0.033%	$21.3M	$55.9M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,047.7	−0.081%	$125.5M	$517.9M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,047.8	−0.071%	$19.0M	$31.9M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,047.6	−0.088%	$31.1M	$99.6M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,048	−0.050%	$338K	$354K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,047.4	−0.103%	$62.3M	$27.6M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,047.8	−0.071%	$20.5M	$41.3M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,048.6	+0.007%	$2.7M	$2.4M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,048	−0.050%	$82K	$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	1,048.5	−0.004%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,048.5	−0.002%	$11K	$5.8M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,047.8	−0.072%	$130K	$431K	50x	as long as short
BloFin MU-USDT	+0.0003%	8h	1,048.3	−0.024%	$1.5M	$2.0M	20x	as long as short
Aftermath Perps MUUSD	+0.0024%	1h	1,048	−0.044%	$3K	$44K	10x	as long as short
QFEX MU-USD	+0.0032%	1h	1,047.4	−0.101%	$7.1M	$17.8M	10x	as long as short
Lighter MU	+0.0032%	1h	1,047.2	−0.128%	$1.1M	$5.1M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,047.1	−0.132%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,046.7	−0.172%	$553K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.273%	$19K	$5K	12x	as long as short
Arcus MU-USDshort	+0.0040%	1h	1,048.1	−0.038%	$71K	$233K	10x
Vest MU-USD-PERP	+0.0046%	1h	1,048.4	−0.013%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,047.1	−0.134%	$177.6M	$97.4M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,047.4	−0.105%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,047.6	−0.083%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,047.4	−0.103%	$1.9M	$2.2M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,047.9	−0.053%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0054%	1h	1,047.7	−0.076%	$282K	$830K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0056%	1h	1,047.5	−0.097%	$73K	$464K	10x	as long as short
Bullet MU-USD	+0.0061%	1h	1,047.9	−0.059%	$26K	$394K	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,047.3	−0.114%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,047.8	−0.065%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,047.5	−0.093%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,048.1	−0.040%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,047.9	−0.062%	$833	$799	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0120%	1h	1,050	+0.146%	$757K	$1.2M	10x	as long as short
Phoenix MUlong	+0.0305%	1h	1,048.5	long leg	$536K	$271K	15x