Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0111%/8h= +12.2% APRpaid last 24h +0.058%

Price spread now: Phoenix against Binance+0.022%105s7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.356% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 2 days (all we have)−0.067%−$7 · spread now +0.022%, 7d avg +0.001%

Together, before fees+0.191%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.021% dearer against Binance than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.001%. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MUUSDT	1,050.1	0.0193	pay 0.0193% / 8h	6h 17m	$126.5M	$523.5M	50x
Short	Phoenix MU	1,050.3	0.0304	get 0.0038% / 1h	17m 39s	$537K	$273K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.022%Rate

Funding earned: $23.4
Price spread: +0.022% → +0.001%: $2.14
Slippage, 4 orders: −$18.64
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$10.1
Costs to cover: 0.356%
Break-even: 10.0 days

Slippage from Binance: live order book, 11 min ago; Phoenix: live order book, 50 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 Binance live order book, 11 min ago	0.05 bp	5.3 bp −$5	6.8 bp −$68	17.9 bp −$1,791	doesn't fit
Sell Phoenix live order book, 50 min ago	3.80 bp	12.1 bp −$12	26.4 bp −$264	doesn't fit	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	−0.0297%	4h	1,050	−0.005%	$1.3M	$672K	10x	as long as short
Nado MU-PERP	−0.0007%	1h	1,049.5	−0.051%	$276K	$854K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,050.1	+0.001%	$19.2M	$32.6M	100x	as long as short
Gate MU_USDT	0.0000%	8h	1,049.8	−0.024%	$62.0M	$27.7M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.4	−0.064%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,050	−0.007%	$25K	$394K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,051.3	+0.113%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,049.7	−0.034%	$66K	$340K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,049.9	−0.014%	$129K	$425K	50x	as long as short
Aftermath Perps MUUSD	+0.0018%	1h	1,049.5	−0.054%	$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	1,050	−0.005%	$1.1M	$4.8M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,050	−0.010%	$1.1M	$4.2M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,049.3	−0.076%	$567K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,049.7	−0.033%	$7.4M	$19.5M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.7	−0.039%	$71K	$236K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050.6	+0.053%	—	$177K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,049.8	−0.026%	$178.2M	$99.6M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,049.6	−0.045%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,049.8	−0.030%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.8	−0.119%	$1.9M	$2.3M	10x	as long as short
OKX MU-USDT-SWAP	+0.0051%	8h	1,050	−0.003%	$30.8M	$100.5M	50x	as long as short
Paradex MU-USD-PERP	+0.0062%	8h	1,050.2	+0.011%	$2K	—	5x	as long as short
GRVT MU_USDT_Perp	+0.0085%	8h	1,050.7	+0.064%	$81K	$1.3M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,050.1	+0.006%	$149K	$187K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,049.8	−0.024%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,049.9	−0.021%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049.9	−0.016%	$835	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.123%	$19K	$5K	12x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,049.8	−0.028%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,050.3	+0.020%	$757K	$1.2M	10x	as long as short
Aster MUUSD1	+0.0153%	8h	1,049.9	−0.016%	$21.6M	$51.6M	20x	as long as short
Variational Omni MU	+0.0181%	8h	1,049.8	−0.030%	$2.7M	$2.4M	—	as long as short
Binance MUUSDTlong	+0.0193%	8h	1,050.1	long leg	$126.5M	$523.5M	50x
Bitget MUUSDT	+0.0232%	8h	1,050.1	+0.002%	$20.6M	$42.0M	50x	as long as short
Phoenix MUshort	+0.0304%	1h	1,050.3	+0.022%	$537K	$273K	15x
RISEx MU/USDC	+0.0507%	1h	1,050.2	+0.012%	$334K	$348K	20x	as long as short