Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.016%

Price spread now: Injective against Bybit−0.070%68s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 0.070% cheaper against Bybit than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 20 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.135%, so the current rate has only just turned in your favour. The two prices were read 68 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	Bybit MUUSDT	1,052.1	0.0021	pay 0.0021% / 8h	4h 12m	$19.1M	$32.3M	100x
Short	Injective MU/USDC PERP	1,051.4	0.0033	get 0.0004% / 1h	12m 16s	$19K	$5K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.070%Rate

Funding earned: $2.52
Price spread: −0.070% → 0.000%: −$7.03
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$15.54
Costs to cover: 0.110%
Break-even: 50.2 days

Slippage unknown: Bybit: live order book, 1 min ago; Injective: no order-book sample. Net counts fees only.

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	0.52 bp	7.3 bp −$7	10.2 bp −$102	25.6 bp −$2,561	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.063%	$1.3M	$673K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,052.3	+0.019%	$21.4M	$55.0M	20x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,052.1	−0.005%	$31.2M	$99.6M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052	−0.006%	$341K	$354K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,051.9	−0.015%	$62.3M	$27.5M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,051.7	−0.040%	$81K	$1.4M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,051.5	−0.058%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.1	+0.003%	$11K	$5.8M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,051.6	−0.046%	$72K	$443K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,051.5	−0.056%	$131K	$434K	50x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MU	+0.0003%	8h	1,051.8	−0.031%	$2.7M	$2.4M	—	as long as short
Bybit MUUSDTlong	+0.0021%	8h	1,052.1	long leg	$19.1M	$32.3M	100x
Aftermath Perps MUUSD	+0.0023%	1h	1,051.9	−0.022%	$3K	$44K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,052	−0.008%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,051.6	−0.052%	$566K	$1.1M	10x	as long as short
Injective MU/USDC PERPshort	+0.0033%	1h	1,051.4	−0.070%	$19K	$5K	12x
QFEX MU-USD	+0.0034%	1h	1,051.7	−0.040%	$7.1M	$17.8M	10x	as long as short
Binance MUUSDT	+0.0039%	8h	1,052.1	+0.001%	$126.6M	$516.5M	50x	as long as short
Arcus MU-USD	+0.0040%	1h	1,051.6	−0.049%	$71K	$234K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053	+0.089%	—	$176K	25x	as long as short
Nado MU-PERP	+0.0047%	1h	1,051.5	−0.057%	$282K	$836K	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,051.7	−0.038%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,051.9	−0.021%	$690K	$16K	10x	as long as short
Bullet MU-USD	+0.0050%	1h	1,052	−0.009%	$26K	$395K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,051	−0.101%	$1.9M	$2.2M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,051.9	−0.016%	$2K	—	5x	as long as short
Lighter MU	+0.0056%	1h	1,052.1	−0.005%	$1.1M	$5.1M	20x	as long as short
Bitget MUUSDT	+0.0069%	8h	1,052.1	+0.001%	$20.5M	$41.1M	50x	as long as short
tradeXYZ xyz:MU	+0.0072%	1h	1,051.7	−0.038%	$178.7M	$99.0M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0080%	1h	1,052.9	+0.075%	$759K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0088%	1h	1,051.5	−0.057%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,051.8	−0.028%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,051.8	−0.032%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051	−0.103%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,051.9	−0.019%	$836	$799	20x	as long as short
BloFin MU-USDT	+0.0161%	8h	1,051.9	−0.021%	$1.5M	$2.0M	20x	as long as short
Phoenix MU	+0.0304%	1h	1,052.5	+0.038%	$538K	$271K	15x	as long as short