Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.040%

Price spread now: Bybit against Coinbase International+0.003%54s7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.313% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.245%−$25 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now +0.003%, 7d avg +0.038%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.035% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.038%). Swap the legs. The two prices were read 54 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	Coinbase International MU-PERP-INTX	1,050.3	0.0128	pay 0.0016% / 1h	18m 24s	$757K	$1.2M	10x
Short	Bybit MUUSDT	1,050.3	0	get 0.0000% / 8h	6h 18m	$19.2M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$26.88
Price spread: +0.003% → +0.038%: −$3.51
Slippage, 4 orders: −$10.27
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$61.66
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Bybit: 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 Coinbase International live order book, 5 min ago	2.95 bp	8.3 bp −$8	12.5 bp −$125	60.7 bp −$6,068	doesn't fit
Sell Bybit live order book, 5 min ago	0.05 bp	7.7 bp −$8	10.0 bp −$100	24.4 bp −$2,442	doesn't fit

MU on 36 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	−0.0297%	4h	1,050	−0.025%	$1.3M	$672K	10x	as long as short
Nado MU-PERP	−0.0007%	1h	1,049.5	−0.071%	$276K	$854K	10x	as long as short
Bybit MUUSDTshort	0.0000%	8h	1,050.3	+0.003%	$19.2M	$32.6M	100x
Gate MU_USDT	0.0000%	8h	1,049.7	−0.051%	$62.0M	$27.7M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.4	−0.084%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,050	−0.027%	$25K	$394K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050.9	+0.059%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,049.7	−0.054%	$66K	$340K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,049.4	−0.085%	$129K	$425K	50x	as long as short
Aftermath Perps MUUSD	+0.0018%	1h	1,049.5	−0.074%	$3K	$45K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MU	+0.0032%	1h	1,049.9	−0.038%	$1.1M	$4.8M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,049.8	−0.044%	$1.1M	$4.2M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,049.3	−0.098%	$567K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,049.7	−0.059%	$7.4M	$19.5M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.6	−0.063%	$71K	$236K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050.6	+0.033%	—	$177K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,049.7	−0.055%	$178.2M	$99.6M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,049.6	−0.065%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,049.8	−0.050%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.8	−0.139%	$1.9M	$2.3M	10x	as long as short
OKX MU-USDT-SWAP	+0.0052%	8h	1,050	−0.026%	$30.8M	$100.5M	50x	as long as short
Paradex MU-USD-PERP	+0.0062%	8h	1,050	−0.026%	$2K	—	5x	as long as short
GRVT MU_USDT_Perp	+0.0085%	8h	1,050.7	+0.044%	$81K	$1.3M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,049.8	−0.045%	$149K	$187K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,049.7	−0.059%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,049.9	−0.041%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049.9	−0.036%	$835	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.103%	$19K	$5K	12x	as long as short
Aevo MU-PERP	+0.0128%	1h	1,049.8	−0.048%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTXlong	+0.0128%	1h	1,050.3	long leg	$757K	$1.2M	10x
Aster MUUSD1	+0.0156%	8h	1,049.9	−0.036%	$21.6M	$51.5M	20x	as long as short
Variational Omni MU	+0.0181%	8h	1,049.8	−0.050%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0194%	8h	1,050.1	−0.020%	$126.5M	$523.4M	50x	as long as short
Bitget MUUSDT	+0.0235%	8h	1,050	−0.024%	$20.6M	$42.0M	50x	as long as short
Phoenix MU	+0.0304%	1h	1,050.3	+0.002%	$537K	$273K	15x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,050.1	−0.019%	$334K	$348K	20x	as long as short