Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.011%

Price spread now: Bybit against SoDEX+0.049%7-day average +0.020% · 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−$37as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.049%, 7d avg +0.020%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.028% dearer against SoDEX than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of +0.020%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 3 days (−0.004% in total) that is about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX MU-USD	1,049.1	0.0050	pay 0.0006% / 1h	34m 13s	$688K	$16K	10x
Short	Bybit MUUSDT	1,049.6	0	get 0.0000% / 8h	6h 34m	$19.2M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$10.5
Price spread: +0.049% → +0.020%: $2.84
Slippage, 4 orders: −$20.57
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$47.22
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from SoDEX: live order book, 34 min ago; Bybit: live order book, 5 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 SoDEX live order book, 34 min ago	0.05 bp	11.6 bp −$12	39.4 bp −$394	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.48 bp	8.0 bp −$8	10.0 bp −$100	30.2 bp −$3,019	doesn't fit

MU on 36 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	−0.0949%	4h	1,048.4	−0.062%	$1.3M	$671K	10x	as long as short
Nado MU-PERP	−0.0006%	1h	1,049.3	+0.016%	$274K	$858K	10x	as long as short
Bybit MUUSDTshort	0.0000%	8h	1,049.6	+0.049%	$19.2M	$32.6M	100x
Gate MU_USDT	0.0000%	8h	1,049.2	+0.006%	$62.1M	$27.6M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,048.8	−0.029%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,049.1	+0.004%	$26K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050.1	+0.100%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.7	−0.036%	$66K	$330K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.9	−0.023%	$129K	$430K	50x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,048.7	−0.036%	$3K	$45K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MU	+0.0032%	1h	1,049.1	−0.001%	$1.1M	$4.8M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,049.1	+0.005%	$1.1M	$4.2M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,048.7	−0.041%	$567K	$1.2M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,049.1	+0.005%	$7.5M	$20.0M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,048.9	−0.020%	$71K	$237K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050	+0.089%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,049.2	+0.010%	$178.1M	$99.9M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.9	−0.018%	$170K	$203K	10x	as long as short
SoDEX MU-USDlong	+0.0050%	1h	1,049.1	long leg	$688K	$16K	10x
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.4	−0.066%	$1.9M	$2.4M	10x	as long as short
OKX MU-USDT-SWAP	+0.0066%	8h	1,049.2	+0.007%	$30.8M	$100.7M	50x	as long as short
Paradex MU-USD-PERP	+0.0067%	8h	1,049.5	+0.040%	$2K	—	5x	as long as short
Pacifica MU	+0.0100%	1h	1,049.1	+0.002%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,049	−0.010%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,048.9	−0.021%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049.1	−0.004%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.216%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,048.1	−0.096%	$759K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,048.9	−0.017%	$32K	$1K	10x	as long as short
GRVT MU_USDT_Perp	+0.0158%	8h	1,049	−0.012%	$81K	$1.3M	10x	as long as short
Aster MUUSD1	+0.0197%	8h	1,049.2	+0.009%	$21.6M	$50.1M	20x	as long as short
Variational Omni MU	+0.0204%	8h	1,049.1	0.000%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0217%	8h	1,049.4	+0.025%	$126.9M	$525.0M	50x	as long as short
Bitget MUUSDT	+0.0269%	8h	1,049.2	+0.012%	$20.3M	$41.9M	50x	as long as short
Phoenix MU	+0.0304%	1h	1,049.2	+0.010%	$537K	$273K	15x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,049.3	+0.024%	$333K	$348K	20x	as long as short