Funding you earn now, next payment 03:00 UTC+0.0254%/8h= +27.8% APRnext payment +$0.32 per $10,000 · paid last 24h +0.075%
Price spread now: Phoenix against SoDEX−0.036%70s7-day average +0.028% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$490.492% of the position
Funding, last 3 days (all we have)+0.018%+$2 on $10k
+Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.036%, 7d avg +0.028%
=Funding pays, the price is against you. Phoenix is 0.064% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of +0.028%). If the spread goes back, that is −$6 on $10k: about 20 hours of funding at the current rate (+$8 a day). At the pace of the last 3 days (+0.018% in total) that is about 12 days. The two prices were read 70 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 3 days it paid 0.018% in total (about 2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 per $10,000. 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 | SoDEX MU-USD | 1,052.3 | 0.0050 | pay 0.0006% / 1h | 10m 15s | $691K | $16K | 10x |
| Short | Phoenix MU | 1,051.9 | 0.0304 | get 0.0038% / 1h | 10m 15s | $538K | $271K | 15x |
SoDEX MU-USD
Phoenix MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against SoDEX. 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
- $53.34
- Price spread: −0.036% → +0.028%
- −$6.45
- Slippage, 4 orders
- −$34.21
- Fee SoDEX: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$2.33
- Costs to cover
- 0.492%
- Break-even
- 7.3 days
Slippage from SoDEX: live order book, 48 min ago; Phoenix: live order book, 47 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, 48 min ago | 0.05 bp | 11.7 bp −$12 | 39.4 bp −$394 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 47 min ago | 3.80 bp | 13.0 bp −$13 | 29.3 bp −$293 | 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 | −0.0084% | 4h | 1,051.4 | −0.080% | $1.3M | $673K | 10x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,052.5 | +0.021% | $21.4M | $55.0M | 20x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,052.4 | +0.010% | $31.2M | $99.6M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,052.5 | +0.017% | $340K | $354K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,052.2 | −0.007% | $62.3M | $27.5M | 75x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,051.9 | −0.033% | $2.7M | $2.4M | — | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,051.7 | −0.057% | $81K | $1.4M | 10x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,051.9 | −0.036% | $190K | $3.4M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,052.7 | +0.042% | $11K | $5.8M | 10x | as long as short |
| Deribit MU_USDC-PERPETUAL | 0.0000% | 1h | 1,052 | −0.023% | $72K | $444K | 10x | as long as short |
edgeX MUUSDC
Aster MUUSD1
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
Variational Omni MU
GRVT MU_USDT_Perp
StandX MU-USD
SunX MU-USDT
Deribit MU_USDC-PERPETUALShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX MU-USDT | 0.0000% | 8h | 1,052.2 | −0.007% | $131K | $434K | 50x | as long as short |
| Bybit MUUSDT | +0.0018% | 8h | 1,052.5 | +0.020% | $19.1M | $32.3M | 100x | as long as short |
| Aftermath Perps MUUSD | +0.0022% | 1h | 1,051.9 | −0.038% | $3K | $44K | 10x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,052.3 | −0.003% | $1.3M | $4.4M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,051.5 | −0.069% | $566K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | −0.087% | $19K | $5K | 12x | as long as short |
| QFEX MU-USD | +0.0034% | 1h | 1,052.2 | −0.010% | $7.1M | $17.8M | 10x | as long as short |
| Binance MUUSDT | +0.0036% | 8h | 1,052.4 | +0.007% | $126.6M | $516.3M | 50x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,051.7 | −0.051% | $71K | $234K | 10x | as long as short |
| Nado MU-PERP | +0.0045% | 1h | 1,052 | −0.025% | $282K | $836K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,053.5 | +0.113% | — | $176K | 25x | as long as short |
| Bullet MU-USD | +0.0048% | 1h | 1,052.5 | +0.017% | $26K | $395K | 10x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,052 | −0.027% | $171K | $202K | 10x | as long as short |
| SoDEX MU-USDlong | +0.0050% | 1h | 1,052.3 | long leg | $691K | $16K | 10x | |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,051 | −0.118% | $1.9M | $2.2M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0051% | 8h | 1,052.3 | +0.004% | $2K | — | 5x | as long as short |
| Lighter MU | +0.0056% | 1h | 1,052.4 | +0.010% | $1.1M | $5.1M | 20x | as long as short |
| Bitget MUUSDT | +0.0063% | 8h | 1,052.3 | +0.005% | $20.5M | $41.1M | 50x | as long as short |
| tradeXYZ xyz:MU | +0.0070% | 1h | 1,052.1 | −0.017% | $178.8M | $99.0M | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0080% | 1h | 1,052.9 | +0.058% | $759K | $1.2M | 10x | as long as short |
| Aevo MU-PERP | +0.0088% | 1h | 1,051.9 | −0.039% | $32K | $1K | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,052.3 | +0.001% | $148K | $185K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,052.1 | −0.015% | $5.3M | $3.4M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,051 | −0.120% | $71K | $268K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,052.3 | −0.001% | $837 | $799 | 20x | as long as short |
| BloFin MU-USDT | +0.0151% | 8h | 1,052.4 | +0.012% | $1.5M | $2.0M | 20x | as long as short |
| Phoenix MUshort | +0.0304% | 1h | 1,051.9 | −0.036% | $538K | $271K | 15x |
HTX MU-USDT
Bybit MUUSDT
Aftermath Perps MUUSD
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
QFEX MU-USD
Binance MUUSDT
Arcus MU-USD
Nado MU-PERP
Vest MU-USD-PERP
Bullet MU-USD
Polymarket Perps MU-USD
Ondo Perps MU-USD.P
Paradex MU-USD-PERP
Lighter MU
Bitget MUUSDT
tradeXYZ xyz:MU
Coinbase International MU-PERP-INTX
Aevo MU-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
BloFin MU-USDT