Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0383%/8h= −41.9% APRpaid last 24h −0.085%

Price spread now: SunX against Phoenix−0.078%7-day average +0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$830.826% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.419%−$42 on $10k

Price spread, last 3 days (all we have)+0.209%+$21 · spread now −0.078%, 7d avg +0.138%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and SunX is 0.216% cheaper against Phoenix than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.138%). Swap the legs.

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	56m 35s	$538K	$273K	15x
Short	SunX MU-USDT	1,050.1	0	get 0.0000% / 8h	6h 56m	$11K	$6.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$80.34
Price spread: −0.078% → +0.138%: −$21.56
Slippage, 4 orders: −$67.56
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$184.46
Costs to cover: 0.826%
Break-even: never at this rate

Slippage from Phoenix: live order book, 11 min ago; SunX: live order book, 12 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, 11 min ago	3.80 bp	12.1 bp −$12	26.3 bp −$263	doesn't fit	doesn't fit
Sell SunX live order book, 12 min ago	21.57 bp	32.7 bp −$33	doesn't fit	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	−0.0855%	4h	1,050.5	−0.042%	$1.3M	$670K	10x	as long as short
Nado MU-PERP	−0.0014%	1h	1,048.9	−0.191%	$271K	$859K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,048.6	−0.215%	$62.3M	$27.3M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.5	−0.132%	$190K	$3.3M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,049.1	−0.171%	$26K	$397K	10x	as long as short
SunX MU-USDTshort	0.0000%	8h	1,050.1	−0.078%	$11K	$6.1M	10x
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.7	−0.209%	$65K	$315K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.7	−0.206%	$129K	$424K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,050	−0.088%	$3K	$45K	10x	as long as short
Lighter MU	+0.0032%	1h	1,048.5	−0.229%	$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
Lighter RH MU	+0.0032%	1h	1,048.5	−0.231%	$1.2M	$4.1M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,048.3	−0.245%	$7.5M	$20.9M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.6	−0.122%	$71K	$242K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050.2	−0.064%	—	$179K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,048.4	−0.238%	$177.9M	$100.3M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.8	−0.200%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,049	−0.180%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.1	−0.174%	$1.9M	$2.4M	10x	as long as short
Paradex MU-USD-PERP	+0.0078%	8h	1,048.5	−0.231%	$2K	—	5x	as long as short
OKX MU-USDT-SWAP	+0.0096%	8h	1,048.6	−0.224%	$30.9M	$101.3M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,048.8	−0.201%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,048.8	−0.203%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,050.4	−0.049%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049.2	−0.161%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.044%	$19K	$5K	12x	as long as short
Bybit MUUSDT	+0.0113%	8h	1,048.9	−0.191%	$19.3M	$32.7M	100x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,049.6	−0.126%	$761K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0152%	1h	1,048.7	−0.206%	$32K	$1K	10x	as long as short
Extended MU_24_5-USD	+0.0184%	1h	1,048.1	−0.266%	$563K	$1.2M	10x	as long as short
Variational Omni MU	+0.0260%	8h	1,050.4	−0.051%	$2.7M	$2.4M	—	as long as short
Aster MUUSD1	+0.0262%	8h	1,049.4	−0.145%	$21.6M	$49.1M	20x	as long as short
Binance MUUSDT	+0.0266%	8h	1,048.7	−0.208%	$125.8M	$523.1M	50x	as long as short
Phoenix MUlong	+0.0383%	1h	1,050.9	long leg	$538K	$273K	15x
Bitget MUUSDT	+0.0386%	8h	1,048.9	−0.191%	$20.5M	$41.6M	50x	as long as short
BloFin MU-USDT	+0.0388%	8h	1,049.6	−0.124%	$1.5M	$2.0M	20x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,048.7	−0.212%	$315K	$340K	20x	as long as short
GRVT MU_USDT_Perp	+0.0514%	8h	1,050.4	−0.048%	$83K	$1.3M	10x	as long as short