Funding you earn now, next payment 04:00 UTC−0.0305%/8h= −33.4% APRpaid last 24h −0.068%
Price spread now: Variational Omni against Phoenix+0.015%114s7-day average −0.018% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.030%−$3 on $10k
+Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.015%, 7d avg −0.018%
=Together, before fees−0.020%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Variational Omni is 0.032% dearer against Phoenix than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.018%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 4 days (−0.030% in total) that is about 3.7 days. The two prices were read 114 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.030% in total (about -3.1% a year). A funding rate is set anew for every payment. 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 | 1,044.9 | 0.0305 | pay 0.0038% / 1h | 17m 39s | $534K | $271K | 15x |
| Short | Variational Omni MU | 1,045.1 | 0 | get 0.0000% / 8h | 3h 17m | $2.7M | $2.4M | — |
Phoenix MU
Variational Omni MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni 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
- −$64
- Price spread: +0.015% → −0.018%
- $3.22
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- −$67.78
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 35 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 35 min ago | 2.86 bp | 10.7 bp −$11 | 22.4 bp −$224 | doesn't fit | doesn't fit |
| Sell Variational Omni RFQ quote, 1 min ago | 1.92 bp | doesn't fit | 5.2 bp −$52 | 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 | −0.0350% | 4h | 1,044.9 | +0.004% | $1.3M | $672K | 10x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,044.7 | −0.021% | $21.2M | $56.6M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,044.5 | −0.034% | $124.0M | $522.8M | 50x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,044.4 | −0.047% | $18.7M | $31.8M | 100x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,044.4 | −0.044% | $30.9M | $99.6M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,044.4 | −0.051% | $337K | $353K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,044.3 | −0.056% | $61.9M | $27.9M | 75x | as long as short |
| Bitget MUUSDT | 0.0000% | 8h | 1,044.7 | −0.021% | $20.5M | $41.6M | 50x | as long as short |
| Variational Omni MUshort | 0.0000% | 8h | 1,045.1 | +0.015% | $2.7M | $2.4M | — | |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,044.9 | +0.002% | $79K | $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
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 | 1,043.7 | −0.111% | $189K | $3.4M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,045.7 | +0.072% | $11K | $5.8M | 10x | as long as short |
| Deribit MU_USDC-PERPETUAL | 0.0000% | 1h | 1,043.2 | −0.163% | $73K | $480K | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,043 | −0.178% | $130K | $435K | 50x | as long as short |
| Aftermath Perps MUUSD | +0.0023% | 1h | 1,044.1 | −0.076% | $3K | $44K | 10x | as long as short |
| QFEX MU-USD | +0.0032% | 1h | 1,044.2 | −0.072% | $7.0M | $18.0M | 10x | as long as short |
| Lighter MU | +0.0032% | 1h | 1,044.5 | −0.042% | $1.1M | $5.1M | 20x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,044.5 | −0.034% | $1.3M | $4.4M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,043.6 | −0.123% | $548K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | +0.618% | $19K | $5K | 12x | as long as short |
| Nado MU-PERP | +0.0035% | 1h | 1,043.3 | −0.155% | $280K | $828K | 10x | as long as short |
| Bullet MU-USD | +0.0039% | 1h | 1,043.3 | −0.151% | $26K | $392K | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,043.8 | −0.104% | $70K | $232K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,043.9 | −0.098% | — | $176K | 25x | as long as short |
| tradeXYZ xyz:MU | +0.0050% | 1h | 1,044.2 | −0.067% | $176.7M | $95.3M | 10x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,043 | −0.182% | $169K | $203K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,043.2 | −0.167% | $685K | $16K | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0050% | 8h | 1,044.5 | −0.040% | $2K | — | 5x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,043.2 | −0.160% | $1.9M | $2.2M | 10x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,042.8 | −0.200% | $32K | $1K | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,044.4 | −0.052% | $147K | $185K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,044.2 | −0.063% | $5.2M | $3.4M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,043.9 | −0.100% | $71K | $269K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,043.2 | −0.165% | $829 | $799 | 20x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0120% | 1h | 1,044.8 | −0.014% | $749K | $1.2M | 10x | as long as short |
| BloFin MU-USDT | +0.0120% | 8h | 1,044.2 | −0.066% | $1.5M | $2.0M | 20x | as long as short |
| Phoenix MUlong | +0.0305% | 1h | 1,044.9 | long leg | $534K | $271K | 15x |
StandX MU-USD
SunX MU-USDT
Deribit MU_USDC-PERPETUAL
HTX MU-USDT
Aftermath Perps MUUSD
QFEX MU-USD
Lighter MU
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
Nado MU-PERP
Bullet MU-USD
Arcus MU-USD
Vest MU-USD-PERP
tradeXYZ xyz:MU
Polymarket Perps MU-USD
SoDEX MU-USD
Paradex MU-USD-PERP
Ondo Perps MU-USD.P
Aevo MU-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Coinbase International MU-PERP-INTX
BloFin MU-USDT