Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.012%

Price spread now: QFEX against Bybit−0.009%7-day average −0.047% · 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−$25as in the Price arb table

costs, in and out, $10k−$280.285% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 7 days−0.030%−$3 · spread now −0.009%, 7d avg −0.047%

Together, before fees−0.065%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.038% dearer against Bybit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MUUSDT	1,038.5	0	get 0.0000% / 8h	9m 28s	$18.8M	$32.3M	100x
Short	QFEX MU-USD	1,038.4	0.0021	get 0.0003% / 1h	9m 28s	$7.0M	$18.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.009%Rate

Funding earned: $4.38
Price spread: −0.009% → −0.047%: $3.79
Slippage, 4 orders: −$7.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$20.32
Costs to cover: 0.285%
Break-even: 39.4 days

Slippage from Bybit: live order book, 4 min ago; QFEX: live order book, 5 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, 4 min ago	0.82 bp	8.9 bp −$9	10.8 bp −$108	25.8 bp −$2,580	doesn't fit
Sell QFEX live order book, 5 min ago	0.82 bp	6.1 bp −$6	6.1 bp −$61	11.2 bp −$1,124	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	−0.0764%	4h	1,037.8	−0.067%	$1.3M	$672K	10x	as long as short
Bitget MUUSDT	−0.0149%	8h	1,038.7	+0.017%	$20.2M	$39.9M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,038.7	+0.021%	$21.2M	$67.1M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,038.5	−0.001%	$122.3M	$537.1M	50x	as long as short
Bybit MUUSDTlong	0.0000%	8h	1,038.5	long leg	$18.8M	$32.3M	100x
OKX MU-USDT-SWAP	0.0000%	8h	1,038.3	−0.021%	$29.8M	$100.1M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,038.6	+0.007%	$313K	$384K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,038.3	−0.015%	$61.6M	$28.4M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,037.8	−0.071%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,037.9	−0.055%	$71K	$1.4M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX MU-USD	0.0000%	1h	1,038.4	−0.012%	$188K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,040.1	+0.158%	$11K	$5.5M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,038.3	−0.017%	$74K	$617K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,038.4	−0.006%	$126K	$481K	50x	as long as short
Bullet MU-USD	+0.0007%	1h	1,038.6	+0.011%	$25K	$388K	10x	as long as short
Nado MU-PERP	+0.0014%	1h	1,038.1	−0.033%	$280K	$804K	10x	as long as short
Aftermath Perps MUUSD	+0.0019%	1h	1,038.2	−0.028%	$3K	$44K	10x	as long as short
QFEX MU-USDshort	+0.0021%	1h	1,038.4	−0.009%	$7.0M	$18.7M	10x
Lighter MU	+0.0032%	1h	1,038.5	−0.001%	$1.0M	$4.9M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,038.4	−0.008%	$1.1M	$4.5M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,037.9	−0.053%	$545K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.239%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,037.8	−0.071%	$90K	$244K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,038.6	+0.013%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,038.4	−0.009%	$176.4M	$80.2M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,038.2	−0.028%	$168K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,038.1	−0.034%	$681K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,037.8	−0.064%	$1.8M	$2.7M	10x	as long as short
Paradex MU-USD-PERP	+0.0050%	8h	1,038.4	−0.008%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,038.1	−0.040%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0080%	1h	1,038.3	−0.014%	$726K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,038.1	−0.037%	$145K	$191K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,038.2	−0.027%	$5.2M	$4.1M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,038	−0.049%	$70K	$269K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,038.5	+0.004%	$826	$799	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,038	−0.052%	$1.5M	$2.1M	20x	as long as short
Phoenix MU	+0.0232%	1h	1,038.9	+0.039%	$531K	$270K	15x	as long as short