Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0363%/8h= −39.7% APRpaid last 24h −0.008%

Price spread now: QFEX against Bitget−0.021%46s7-day average −0.055% · 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−$270.273% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$3 on $10k

Price spread, last 7 days−0.026%−$3 · spread now −0.021%, 7d avg −0.055%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.034% dearer against Bitget than usual: you sell high and buy low (spread −0.021% now, against its 7-day average of −0.055%): +$3 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 3 days (−0.025% in total) that is about 4.8 days. The two prices were read 46 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 -0.025% in total (about -2.6% a year). A funding rate is set anew for every payment. 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	Bitget MUUSDT	1,050.9	0.0417	pay 0.0417% / 8h	7h 02m	$20.6M	$41.6M	50x
Short	QFEX MU-USD	1,050.6	0.0054	get 0.0007% / 1h	2m 56s	$7.6M	$21.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$76.18
Price spread: −0.021% → −0.055%: $3.45
Slippage, 4 orders: −$5.29
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$100.03
Costs to cover: 0.273%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; QFEX: live order book, 6 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, 1 min ago	0.48 bp	8.1 bp −$8	10.7 bp −$107	doesn't fit	doesn't fit
Sell QFEX live order book, 6 min ago	0.81 bp	5.8 bp −$6	5.8 bp −$58	11.3 bp −$1,126	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	−0.0631%	4h	1,051.5	+0.060%	$1.3M	$671K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.6	−0.026%	$62.6M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.6	−0.026%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,051.9	+0.099%	$11K	$6.1M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,050.3	−0.055%	$65K	$313K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.5	−0.039%	$129K	$424K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,051	+0.012%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.5	−0.031%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.048%	$19K	$5K	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.8	+0.088%	—	$179K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MU	+0.0048%	1h	1,050.5	−0.034%	$1.1M	$4.8M	20x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,050.5	−0.034%	$171K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,050.5	−0.039%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.9	−0.090%	$2.0M	$2.3M	10x	as long as short
QFEX MU-USDshort	+0.0054%	1h	1,050.6	−0.021%	$7.6M	$21.1M	10x
Paradex MU-USD-PERP	+0.0083%	8h	1,051	+0.009%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0085%	1h	1,050.5	−0.031%	$274K	$857K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,050.8	−0.010%	$149K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.5	−0.034%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051.9	+0.096%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.7	−0.015%	$835	$799	20x	as long as short
OKX MU-USDT-SWAP	+0.0105%	8h	1,050.6	−0.021%	$30.9M	$101.6M	50x	as long as short
Aevo MU-PERP	+0.0152%	1h	1,050.4	−0.041%	$32K	$1K	10x	as long as short
Bullet MU-USD	+0.0168%	1h	1,050.7	−0.015%	$26K	$396K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,050.5	−0.036%	$762K	$1.2M	10x	as long as short
Bybit MUUSDT	+0.0189%	8h	1,051	+0.010%	$19.4M	$32.6M	100x	as long as short
tradeXYZ xyz:MU	+0.0194%	1h	1,050.4	−0.044%	$178.4M	$100.2M	10x	as long as short
Arcus MU-USD	+0.0240%	1h	1,051.1	+0.019%	$71K	$242K	10x	as long as short
Variational Omni MU	+0.0256%	8h	1,051.6	+0.066%	$2.7M	$2.4M	—	as long as short
Aster MUUSD1	+0.0268%	8h	1,051	+0.013%	$21.6M	$48.4M	20x	as long as short
Binance MUUSDT	+0.0271%	8h	1,050.6	−0.022%	$126.3M	$521.5M	50x	as long as short
Extended MU_24_5-USD	+0.0272%	1h	1,050.1	−0.075%	$558K	$1.2M	10x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,050.9	+0.002%	$316K	$340K	20x	as long as short
Phoenix MU	+0.0383%	1h	1,051.6	+0.070%	$538K	$306K	15x	as long as short
BloFin MU-USDT	+0.0391%	8h	1,050.6	−0.021%	$1.5M	$2.0M	20x	as long as short
Bitget MUUSDTlong	+0.0417%	8h	1,050.9	long leg	$20.6M	$41.6M	50x
GRVT MU_USDT_Perp	+0.0582%	8h	1,051.5	+0.061%	$83K	$1.3M	10x	as long as short