Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0326%/8h= +35.7% APRpaid last 24h +0.016%

Price spread now: Bullet against Bybit−0.010%7-day average +0.009% · 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−$33as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Bybit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.074%+$7 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now −0.010%, 7d avg +0.009%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.074% in total (about 8.4% 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	Bybit MUUSDT	1,053	0.0135	pay 0.0135% / 8h	7h 47m	$19.2M	$32.6M	100x
Short	Bullet MU-USD	1,052.9	0.0462	get 0.0058% / 1h	47m 26s	$26K	$394K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bybit. 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 BybitbpFee BulletbpOrdersPrice spread, now −0.010%Rate

Funding earned: $68.49
Price spread: −0.010% → +0.009%: −$1.96
Slippage, 4 orders: −$11.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bullet: 4 bp × 2 orders: −$8
Net: $35.62
Costs to cover: 0.309%
Break-even: 3.4 days

Slippage from Bybit: live order book, 1 min ago; Bullet: live order book, 27 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 Bybit live order book, 1 min ago	0.67 bp	6.7 bp −$7	10.3 bp −$103	32.4 bp −$3,241	doesn't fit
Sell Bullet live order book, 27 min ago	1.43 bp	7.1 bp −$7	21.6 bp −$216	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	−0.0892%	4h	1,050.2	−0.262%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.9	−0.015%	$63.1M	$28.5M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.6	−0.234%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,054.4	+0.131%	$11K	$6.3M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,052.6	−0.037%	$130K	$426K	50x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,049.6	−0.326%	$3K	$45K	10x	as long as short
Lighter MU	+0.0032%	1h	1,053	+0.001%	$1.1M	$4.7M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,052.9	−0.013%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	−0.218%	$14K	$251	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053.7	+0.066%	—	$195K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MU-USD.P	+0.0050%	1h	1,052.2	−0.081%	$1.9M	$2.3M	10x	as long as short
QFEX MU-USD	+0.0054%	1h	1,053	0.000%	$7.8M	$23.2M	10x	as long as short
Nado MU-PERP	+0.0059%	1h	1,052.8	−0.016%	$275K	$862K	10x	as long as short
OKX MU-USDT-SWAP	+0.0094%	8h	1,052.9	−0.009%	$30.9M	$102.4M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,053	−0.003%	$153K	$177K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,052.2	−0.076%	$5.3M	$3.6M	20x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,052.3	−0.069%	$837	$799	20x	as long as short
Paradex MU-USD-PERP	+0.0102%	8h	1,053.2	+0.020%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,052.8	−0.019%	$32K	$1K	10x	as long as short
Bybit MUUSDTlong	+0.0135%	8h	1,053	long leg	$19.2M	$32.6M	100x
Deribit MU_USDC-PERPETUAL	+0.0168%	1h	1,053.4	+0.038%	$63K	$294K	10x	as long as short
Variational Omni MU	+0.0177%	8h	1,049.9	−0.293%	$2.7M	$2.4M	—	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,052.2	−0.081%	$762K	$1.3M	10x	as long as short
Aster MUUSD1	+0.0199%	8h	1,052.2	−0.073%	$21.6M	$47.8M	20x	as long as short
Binance MUUSDT	+0.0206%	8h	1,053	−0.004%	$126.2M	$526.7M	50x	as long as short
Polymarket Perps MU-USD	+0.0238%	1h	1,052.7	−0.029%	$170K	$202K	10x	as long as short
Arcus MU-USD	+0.0240%	1h	1,050.5	−0.243%	$71K	$242K	10x	as long as short
Bitget MUUSDT	+0.0241%	8h	1,052.8	−0.019%	$20.7M	$41.7M	50x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,053	−0.004%	$317K	$339K	20x	as long as short
BloFin MU-USDT	+0.0315%	8h	1,050.8	−0.212%	$1.5M	$2.1M	20x	as long as short
ApeX Omni MUUSDT	+0.0363%	1h	1,050.9	−0.200%	$71K	$267K	50x	as long as short
Phoenix MU	+0.0383%	1h	1,050.3	−0.257%	$537K	$306K	15x	as long as short
SoDEX MU-USD	+0.0421%	1h	1,051.6	−0.136%	$690K	$16K	10x	as long as short
Bullet MU-USDshort	+0.0462%	1h	1,052.9	−0.010%	$26K	$394K	10x
tradeXYZ xyz:MU	+0.0498%	1h	1,052.9	−0.010%	$178.6M	$101.5M	10x	as long as short
Extended MU_24_5-USD	+0.0536%	1h	1,052.3	−0.065%	$551K	$1.1M	10x	as long as short
GRVT MU_USDT_Perp	+0.0707%	8h	1,050.8	−0.210%	$83K	$1.4M	10x	as long as short