Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0026%/8h= −2.9% APRpaid last 24h −0.020%

Price spread now: BloFin against Phoenix+0.019%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$350.345% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.019%, 7d avg +0.003%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,050.9	0.0383	pay 0.0048% / 1h	21m 44s	$538K	$306K	15x
Short	BloFin MU-USDT	1,051.1	0.0356	get 0.0356% / 8h	7h 21m	$1.5M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$5.49
Price spread: +0.019% → +0.003%: $1.6
Slippage, 4 orders: −$15.54
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$38.43
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from Phoenix: live order book, 51 min ago; BloFin: live order book, 1 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, 51 min ago	2.87 bp	10.8 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	0.19 bp	6.5 bp −$7	7.8 bp −$78	14.8 bp −$1,484	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	−0.0040%	4h	1,051.4	+0.047%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.9	+0.003%	$62.8M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.6	−0.122%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.8	+0.178%	$11K	$6.2M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.6	−0.028%	$130K	$424K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,050.5	−0.040%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.7	−0.016%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.044%	$19K	$5K	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.9	+0.095%	—	$179K	25x	as long as short
Lighter MU	+0.0048%	1h	1,050.9	+0.001%	$1.1M	$4.8M	20x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MU-USD	+0.0050%	1h	1,051	+0.010%	$171K	$203K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,050.1	−0.075%	$1.9M	$2.3M	10x	as long as short
QFEX MU-USD	+0.0054%	1h	1,051.2	+0.031%	$7.7M	$21.9M	10x	as long as short
Nado MU-PERP	+0.0086%	1h	1,050.8	−0.008%	$274K	$858K	10x	as long as short
Paradex MU-USD-PERP	+0.0091%	8h	1,050.9	−0.003%	$2K	—	5x	as long as short
Pacifica MU	+0.0100%	1h	1,050.6	−0.031%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.5	−0.039%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,052	+0.101%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.9	+0.001%	$835	$799	20x	as long as short
OKX MU-USDT-SWAP	+0.0105%	8h	1,051.2	+0.027%	$30.9M	$101.8M	50x	as long as short
SoDEX MU-USD	+0.0107%	1h	1,051	+0.013%	$690K	$16K	10x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,050.8	−0.010%	$32K	$1K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0178%	1h	1,050.8	−0.007%	$64K	$305K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,048.4	−0.242%	$759K	$1.2M	10x	as long as short
Bybit MUUSDT	+0.0211%	8h	1,051.6	+0.064%	$19.5M	$32.7M	100x	as long as short
Bullet MU-USD	+0.0214%	1h	1,051.3	+0.038%	$25K	$395K	10x	as long as short
Variational Omni MU	+0.0224%	8h	1,051.7	+0.072%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0239%	8h	1,051.3	+0.037%	$126.1M	$522.3M	50x	as long as short
Aster MUUSD1	+0.0240%	8h	1,050.4	−0.048%	$21.6M	$48.3M	20x	as long as short
Arcus MU-USD	+0.0240%	1h	1,050.8	−0.009%	$71K	$243K	10x	as long as short
tradeXYZ xyz:MU	+0.0240%	1h	1,050.6	−0.029%	$178.4M	$100.3M	10x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,051.3	+0.035%	$316K	$339K	20x	as long as short
BloFin MU-USDTshort	+0.0356%	8h	1,051.1	+0.019%	$1.5M	$2.0M	20x
Extended MU_24_5-USD	+0.0376%	1h	1,050	−0.083%	$566K	$1.2M	10x	as long as short
Phoenix MUlong	+0.0383%	1h	1,050.9	long leg	$538K	$306K	15x
Bitget MUUSDT	+0.0385%	8h	1,051.1	+0.018%	$20.6M	$41.6M	50x	as long as short
GRVT MU_USDT_Perp	+0.0550%	8h	1,051.5	+0.057%	$83K	$1.3M	10x	as long as short