Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.015%

Price spread now: SunX against QFEX+0.128%7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$710.713% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.128%, 7d avg +0.158%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SunX is 0.029% cheaper against QFEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.158%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MU-USD	1,042.9	0.0032	pay 0.0004% / 1h	4m 20s	$7.0M	$18.0M	10x
Short	SunX MU-USDT	1,044.2	0	get 0.0000% / 8h	3h 04m	$11K	$5.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against QFEX. 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 QFEXbpFee SunXbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$6.62
Price spread: +0.128% → +0.158%: −$2.93
Slippage, 4 orders: −$53.33
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$80.88
Costs to cover: 0.713%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; SunX: 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 QFEX live order book, 5 min ago	0.96 bp	7.2 bp −$7	8.4 bp −$84	12.4 bp −$1,242	doesn't fit
Sell SunX live order book, 4 min ago	21.58 bp	32.4 bp −$32	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	−0.0615%	4h	1,042.3	−0.053%	$1.3M	$672K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,043.7	+0.076%	$21.2M	$57.0M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,043.4	+0.045%	$123.3M	$525.4M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,043.4	+0.044%	$18.6M	$31.9M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,043.2	+0.030%	$30.7M	$99.7M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,043.2	+0.033%	$337K	$353K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,043.3	+0.035%	$62.0M	$28.1M	75x	as long as short
Bitget MUUSDT	0.0000%	8h	1,043.5	+0.055%	$20.5M	$41.7M	50x	as long as short
Variational Omni MU	0.0000%	8h	1,043.3	+0.040%	$2.7M	$2.4M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,042.5	−0.040%	$83K	$1.4M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX MU-USD	0.0000%	1h	1,043.2	+0.029%	$189K	$3.5M	20x	as long as short
SunX MU-USDTshort	0.0000%	8h	1,044.2	+0.128%	$11K	$5.8M	10x
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,042.7	−0.019%	$73K	$491K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,042.4	−0.045%	$130K	$435K	50x	as long as short
Aftermath Perps MUUSD	+0.0023%	1h	1,042.5	−0.034%	$3K	$44K	10x	as long as short
Nado MU-PERP	+0.0031%	1h	1,042.8	−0.011%	$281K	$823K	10x	as long as short
QFEX MU-USDlong	+0.0032%	1h	1,042.9	long leg	$7.0M	$18.0M	10x
Lighter MU	+0.0032%	1h	1,043.1	+0.023%	$1.1M	$5.1M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,042.9	+0.005%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,042.3	−0.052%	$554K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.812%	$19K	$5K	12x	as long as short
Bullet MU-USD	+0.0038%	1h	1,043.3	+0.039%	$26K	$392K	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,042.7	−0.022%	$70K	$232K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,043.3	+0.036%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,042.9	+0.001%	$177.4M	$94.9M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,042.9	+0.001%	$169K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,042.7	−0.020%	$684K	$16K	10x	as long as short
Paradex MU-USD-PERP	+0.0050%	8h	1,043.1	+0.023%	$2K	—	5x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,042	−0.082%	$1.9M	$2.3M	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,042.8	−0.004%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,043	+0.010%	$147K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,042.9	−0.001%	$5.2M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,042.3	−0.058%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,043.3	+0.040%	$829	$799	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0120%	1h	1,044.6	+0.164%	$749K	$1.2M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,042.9	+0.002%	$1.5M	$2.0M	20x	as long as short
Phoenix MU	+0.0305%	1h	1,043.1	+0.020%	$534K	$271K	15x	as long as short