Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h −0.049%

Price spread now: Bybit against Phoenix−0.019%45s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

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

costs, in and out, $10k−$410.411% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.292%−$29 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.019%, 7d avg −0.006%

Together, before fees−0.227%−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 45 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	Phoenix MU	1,046.4	0.0460	pay 0.0057% / 1h	38m 45s	$535K	$306K	15x
Short	Bybit MUUSDT	1,046.2	0.0284	get 0.0284% / 8h	38m 45s	$19.2M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$36.95
Price spread: −0.019% → −0.006%: −$1.3
Slippage, 4 orders: −$23.12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$79.37
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Phoenix: live order book, 39 min ago; Bybit: live order book, 5 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, 39 min ago	3.83 bp	13.1 bp −$13	28.0 bp −$280	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.05 bp	7.4 bp −$7	10.6 bp −$106	29.6 bp −$2,964	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	−0.0600%	4h	1,046	−0.035%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,045.8	−0.054%	$63.0M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,045.5	−0.086%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,048	+0.153%	$11K	$6.5M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.8	−0.062%	$124K	$444K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,045.7	−0.070%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.412%	$14K	$302	12x	as long as short
Aftermath Perps MUUSD	+0.0034%	1h	1,045.7	−0.071%	$3K	$45K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.2	−0.015%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,045.9	−0.048%	$166K	$197K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX MU-USD	+0.0050%	1h	1,045.9	−0.053%	$686K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,044.9	−0.143%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0080%	1h	1,046	−0.040%	$7.9M	$23.9M	10x	as long as short
OKX MU-USDT-SWAP	+0.0082%	8h	1,045.9	−0.051%	$30.8M	$105.2M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,045.9	−0.046%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.6	−0.079%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.6	−0.076%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,046	−0.038%	$832	$799	20x	as long as short
Bitget MUUSDT	+0.0135%	8h	1,045.7	−0.063%	$20.5M	$43.6M	50x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,045.9	−0.049%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0143%	8h	1,045.7	−0.066%	$2K	—	5x	as long as short
Lighter MU	+0.0144%	1h	1,045.7	−0.072%	$999K	$4.8M	20x	as long as short
Aster MUUSD1	+0.0174%	8h	1,046.3	−0.007%	$21.6M	$47.3M	20x	as long as short
Variational Omni MU	+0.0202%	8h	1,046.1	−0.031%	$2.6M	$2.5M	—	as long as short
Bullet MU-USD	+0.0208%	1h	1,046	−0.038%	$24K	$395K	10x	as long as short
Binance MUUSDT	+0.0213%	8h	1,045.9	−0.052%	$124.9M	$532.8M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.5	−0.089%	$757K	$1.3M	10x	as long as short
Nado MU-PERP	+0.0231%	1h	1,045.4	−0.092%	$270K	$877K	10x	as long as short
GRVT MU_USDT_Perp	+0.0255%	8h	1,046.3	−0.007%	$82K	$1.4M	10x	as long as short
tradeXYZ xyz:MU	+0.0275%	1h	1,045.8	−0.057%	$176.7M	$105.0M	10x	as long as short
Bybit MUUSDTshort	+0.0284%	8h	1,046.2	−0.019%	$19.2M	$32.6M	100x
Deribit MU_USDC-PERPETUAL	+0.0286%	1h	1,045.9	−0.047%	$62K	$261K	10x	as long as short
BloFin MU-USDT	+0.0333%	8h	1,046.1	−0.025%	$1.5M	$2.0M	20x	as long as short
Phoenix MUlong	+0.0460%	1h	1,046.4	long leg	$535K	$306K	15x
Arcus MU-USD	+0.0462%	1h	1,045.6	−0.078%	$74K	$240K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,046.2	−0.023%	$316K	$339K	20x	as long as short
Extended MU_24_5-USD	+0.0664%	1h	1,045.2	−0.112%	$540K	$1.1M	10x	as long as short