Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0282%/8h= −30.9% APRpaid last 24h −0.060%

Price spread now: Paradex against Phoenix+0.056%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.056% dearer against Phoenix than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,050.3	0.0383	pay 0.0048% / 1h	45m 07s	$537K	$306K	15x
Short	Paradex MU-USD-PERP	1,050.9	0.0100	get 0.0100% / 8h	7h 45m	$2K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$59.32
Price spread: +0.056% → 0.000%: $5.63
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$64.7
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 27 min ago; Paradex: no order-book sample. 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 Phoenix live order book, 27 min ago	2.87 bp	10.8 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0892%	4h	1,050.2	−0.005%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.8	+0.048%	$62.9M	$28.7M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.9	+0.054%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.3	+0.194%	$11K	$6.3M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.8	+0.047%	$129K	$426K	50x	as long as short
Aftermath Perps MUUSD	+0.0021%	1h	1,050.5	+0.019%	$3K	$45K	10x	as long as short
Lighter MU	+0.0032%	1h	1,050.9	+0.052%	$1.1M	$4.7M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.8	+0.050%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.101%	$19K	$5K	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.7	+0.131%	—	$195K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.6	−0.065%	$1.9M	$2.3M	10x	as long as short
QFEX MU-USD	+0.0054%	1h	1,050.5	+0.023%	$7.8M	$23.2M	10x	as long as short
Nado MU-PERP	+0.0060%	1h	1,050.6	+0.024%	$274K	$861K	10x	as long as short
Bybit MUUSDT	+0.0091%	8h	1,051	+0.070%	$19.2M	$32.6M	100x	as long as short
OKX MU-USDT-SWAP	+0.0094%	8h	1,050.8	+0.050%	$30.8M	$102.2M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,050.8	+0.043%	$152K	$177K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.5	+0.016%	$5.3M	$3.6M	20x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,051.1	+0.080%	$836	$799	20x	as long as short
Paradex MU-USD-PERPshort	+0.0100%	8h	1,050.9	+0.056%	$2K	—	5x
Aevo MU-PERP	+0.0136%	1h	1,050.5	+0.022%	$32K	$1K	10x	as long as short
Polymarket Perps MU-USD	+0.0174%	1h	1,050.5	+0.019%	$170K	$202K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,052.2	+0.177%	$762K	$1.3M	10x	as long as short
Variational Omni MU	+0.0192%	8h	1,051.7	+0.136%	$2.7M	$2.4M	—	as long as short
Aster MUUSD1	+0.0203%	8h	1,050.2	−0.006%	$21.6M	$47.8M	20x	as long as short
Binance MUUSDT	+0.0210%	8h	1,051	+0.067%	$126.4M	$526.1M	50x	as long as short
Arcus MU-USD	+0.0240%	1h	1,050.9	+0.059%	$71K	$242K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0245%	1h	1,050.8	+0.043%	$63K	$294K	10x	as long as short
Bitget MUUSDT	+0.0276%	8h	1,050.8	+0.050%	$20.6M	$41.7M	50x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,051	+0.062%	$316K	$339K	20x	as long as short
BloFin MU-USDT	+0.0330%	8h	1,051.1	+0.079%	$1.5M	$2.1M	20x	as long as short
Phoenix MUlong	+0.0383%	1h	1,050.3	long leg	$537K	$306K	15x
ApeX Omni MUUSDT	+0.0397%	1h	1,052.9	+0.249%	$71K	$267K	50x	as long as short
SoDEX MU-USD	+0.0398%	1h	1,050.9	+0.054%	$690K	$16K	10x	as long as short
Bullet MU-USD	+0.0401%	1h	1,050.8	+0.048%	$26K	$394K	10x	as long as short
tradeXYZ xyz:MU	+0.0436%	1h	1,050.4	+0.010%	$178.2M	$101.7M	10x	as long as short
Extended MU_24_5-USD	+0.0496%	1h	1,050.2	−0.011%	$558K	$1.1M	10x	as long as short
GRVT MU_USDT_Perp	+0.0707%	8h	1,050.8	+0.048%	$83K	$1.4M	10x	as long as short