Funding you earn now, next payment 05:00 UTC−0.0231%/8h= −25.3% APRnext payment −$0.29 per $10,000 · paid last 24h −0.049%
Price spread now: Deribit against Phoenix−0.125%7-day average −0.033% · 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−$57as in the Price arb table
costs, in and out, $10k−$480.476% of the position
Funding, last 4 days (all we have)−0.039%−$4 on $10k
+Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.125%, 7d avg −0.033%
=Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Deribit is 0.091% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.033%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.039% in total (about -3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.29 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 | 1,043.3 | 0.0231 | pay 0.0029% / 1h | 44m 50s | $534K | $270K | 15x |
| Short | Deribit MU_USDC-PERPETUAL | 1,042 | 0 | get 0.0000% / 1h | 44m 50s | $73K | $503K | 10x |
Phoenix MU
Deribit MU_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$48.45
- Price spread: −0.125% → −0.033%
- −$9.12
- Slippage, 4 orders
- −$33.58
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$105.15
- Costs to cover
- 0.476%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 68 min ago; Deribit: live order book, 4 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, 68 min ago | 2.86 bp | 10.7 bp −$11 | 22.4 bp −$224 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 4 min ago | 3.65 bp | 9.4 bp −$9 | 13.4 bp −$134 | 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 | −0.0373% | 4h | 1,042.1 | −0.116% | $1.3M | $673K | 10x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,041.8 | −0.146% | $21.2M | $57.2M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,041.3 | −0.187% | $122.6M | $525.5M | 50x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,041.7 | −0.153% | $18.6M | $32.0M | 100x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,041.5 | −0.170% | $30.4M | $99.7M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,042.5 | −0.075% | $336K | $354K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,041.3 | −0.189% | $61.8M | $27.9M | 75x | as long as short |
| Bitget MUUSDT | 0.0000% | 8h | 1,041.7 | −0.156% | $20.4M | $41.0M | 50x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,042 | −0.129% | $2.7M | $2.4M | — | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,042.2 | −0.103% | $83K | $1.4M | 10x | as long as short |
edgeX MUUSDC
Aster MUUSD1
Binance MUUSDT
Bybit MUUSDT
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
Bitget MUUSDT
Variational Omni MU
GRVT MU_USDT_PerpShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| StandX MU-USD | 0.0000% | 1h | 1,042.1 | −0.117% | $188K | $3.5M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,043.7 | +0.035% | $11K | $5.7M | 10x | as long as short |
| Deribit MU_USDC-PERPETUALshort | 0.0000% | 1h | 1,042 | −0.125% | $73K | $503K | 10x | |
| HTX MU-USDT | 0.0000% | 8h | 1,041.5 | −0.170% | $128K | $443K | 50x | as long as short |
| Nado MU-PERP | +0.0007% | 1h | 1,042.1 | −0.110% | $281K | $820K | 10x | as long as short |
| Bullet MU-USD | +0.0016% | 1h | 1,042.2 | −0.105% | $25K | $392K | 10x | as long as short |
| Aftermath Perps MUUSD | +0.0019% | 1h | 1,042.1 | −0.116% | $3K | $44K | 10x | as long as short |
| QFEX MU-USD | +0.0023% | 1h | 1,042 | −0.126% | $7.0M | $17.9M | 10x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,041.9 | −0.136% | $1.2M | $4.4M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,040.8 | −0.244% | $546K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | +0.773% | $19K | $5K | 12x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,042.1 | −0.114% | $70K | $232K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,042.5 | −0.074% | — | $175K | 25x | as long as short |
| tradeXYZ xyz:MU | +0.0050% | 1h | 1,041.1 | −0.211% | $176.9M | $93.6M | 10x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,042.1 | −0.115% | $169K | $203K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,041.8 | −0.146% | $684K | $15K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,041.6 | −0.162% | $1.9M | $2.3M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0051% | 8h | 1,042.6 | −0.064% | $2K | — | 5x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,041.7 | −0.157% | $32K | $1K | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,042.3 | −0.093% | $147K | $186K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,041.4 | −0.181% | $5.2M | $3.4M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,042.3 | −0.096% | $71K | $269K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,042.1 | −0.116% | $828 | $799 | 20x | as long as short |
| BloFin MU-USDT | +0.0120% | 8h | 1,041.8 | −0.148% | $1.5M | $2.0M | 20x | as long as short |
| Lighter MU | +0.0128% | 1h | 1,042 | −0.125% | $1.1M | $4.9M | 20x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0144% | 1h | 1,043.3 | +0.002% | $745K | $1.2M | 10x | as long as short |
| Phoenix MUlong | +0.0231% | 1h | 1,043.3 | long leg | $534K | $270K | 15x |
StandX MU-USD
SunX MU-USDT
HTX MU-USDT
Nado MU-PERP
Bullet MU-USD
Aftermath Perps MUUSD
QFEX MU-USD
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
Arcus MU-USD
Vest MU-USD-PERP
tradeXYZ xyz:MU
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
Paradex MU-USD-PERP
Aevo MU-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
BloFin MU-USDT
Lighter MU
Coinbase International MU-PERP-INTX