Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h +0.072%

Price spread now: Phoenix against Bitget+0.024%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.247%+$25 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.024%, 7d avg +0.007%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MUUSDT	1,040.2	0	get 0.0000% / 8h	5h 05m	$19.8M	$43.7M	50x
Short	Phoenix MU	1,040.4	0.0308	get 0.0038% / 1h	5m 24s	$532K	$159K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.024%Rate

Funding earned: $64.59
Price spread: +0.024% → +0.007%: $1.71
Slippage, 4 orders: −$23.07
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $24.23
Costs to cover: 0.421%
Break-even: 4.4 days

Slippage from Bitget: live order book, 2 min ago; Phoenix: live order book, 40 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 Bitget live order book, 2 min ago	0.05 bp	8.5 bp −$8	10.3 bp −$103	doesn't fit	doesn't fit
Sell Phoenix live order book, 40 min ago	3.85 bp	13.1 bp −$13	29.0 bp −$290	doesn't fit	doesn't fit

MU on 37 exchanges

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	−0.0722%	4h	1,040.3	+0.010%	$1.3M	$695K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,040.9	+0.072%	$21.2M	$73.6M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,040.2	+0.007%	$122.2M	$555.2M	50x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,040.1	−0.008%	$29.8M	$107.2M	50x	as long as short
Gate MU_USDT	0.0000%	8h	1,040.4	+0.023%	$61.5M	$28.3M	75x	as long as short
Bitget MUUSDTlong	0.0000%	8h	1,040.2	long leg	$19.8M	$43.7M	50x
Variational Omni MU	0.0000%	8h	1,040.3	+0.011%	$2.6M	$2.5M	—	as long as short
StandX MU-USD	0.0000%	1h	1,039.7	−0.048%	$188K	$3.7M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,041.9	+0.163%	$11K	$5.0M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,040.3	+0.018%	$120K	$473K	50x	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH MU	+0.0032%	1h	1,040.3	+0.011%	$1.1M	$4.5M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.078%	$19K	$5K	12x	as long as short
Aftermath Perps MUUSD	+0.0037%	1h	1,040.2	+0.009%	$3K	$41K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,041.4	+0.118%	—	$177K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,040	−0.014%	$170K	$163K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,040.5	+0.029%	$684K	$14K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,039.2	−0.089%	$1.9M	$3.2M	10x	as long as short
QFEX MU-USD	+0.0058%	1h	1,040.2	+0.002%	$7.0M	$19.4M	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,039.9	−0.021%	$32K	$1K	10x	as long as short
Paradex MU-USD-PERP	+0.0082%	8h	1,040.4	+0.019%	$2K	—	5x	as long as short
Bybit MUUSDT	+0.0098%	8h	1,040.6	+0.040%	$18.9M	$32.3M	100x	as long as short
Pacifica MU	+0.0100%	1h	1,040.4	+0.025%	$152K	$228K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,040	−0.014%	$5.2M	$6.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,041.1	+0.087%	$71K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,040.4	+0.022%	$827	$799	20x	as long as short
RISEx MU/USDC	+0.0118%	1h	1,040.4	+0.026%	$299K	$335K	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,040.5	+0.037%	$1.5M	$2.7M	20x	as long as short
Arcus MU-USD	+0.0139%	1h	1,040	−0.016%	$90K	$160K	10x	as long as short
Nado MU-PERP	+0.0143%	1h	1,039.7	−0.041%	$276K	$835K	10x	as long as short
GRVT MU_USDT_Perp	+0.0152%	8h	1,040.8	+0.066%	$73K	$1.4M	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0164%	1h	1,039.9	−0.029%	$33K	$729K	10x	as long as short
Lighter MU	+0.0176%	1h	1,040.3	+0.016%	$1.0M	$5.0M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0192%	1h	1,037.9	−0.218%	$727K	$1.2M	10x	as long as short
tradeXYZ xyz:MU	+0.0232%	1h	1,040	−0.014%	$177.9M	$75.0M	10x	as long as short
Bullet MU-USD	+0.0237%	1h	1,040.2	+0.005%	$26K	$384K	10x	as long as short
Extended MU_24_5-USD	+0.0296%	1h	1,039.4	−0.072%	$546K	$1.1M	10x	as long as short
Phoenix MUshort	+0.0308%	1h	1,040.4	+0.024%	$532K	$159K	15x