Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0185%/8h= +20.3% APRpaid last 24h −0.018%

Price spread now: Bybit against Deribit+0.042%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.003%$0 · spread now +0.042%, 7d avg +0.024%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.024%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.007% in total (about -0.7% 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	Deribit MU_USDC-PERPETUAL	1,050.4	0	get 0.0000% / 1h	1m 49s	$65K	$314K	10x
Short	Bybit MUUSDT	1,050.8	0.0185	get 0.0185% / 8h	7h 01m	$19.4M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.042%Rate

Funding earned: $38.87
Price spread: +0.042% → +0.024%: $1.79
Slippage, 4 orders: −$25.17
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2.51
Costs to cover: 0.432%
Break-even: 7.5 days

Slippage from Deribit: live order book, 7 min ago; Bybit: live order book, 2 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 Deribit live order book, 7 min ago	3.09 bp	12.8 bp −$13	14.8 bp −$148	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.14 bp	8.3 bp −$8	10.8 bp −$108	30.6 bp −$3,063	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	+0.107%	$1.3M	$671K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.6	+0.019%	$62.6M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.9	−0.042%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,051.6	+0.114%	$11K	$6.1M	10x	as long as short
Deribit MU_USDC-PERPETUALlong	0.0000%	1h	1,050.4	long leg	$65K	$314K	10x
HTX MU-USDT	0.0000%	8h	1,050.5	+0.013%	$129K	$424K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,050.7	+0.029%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.4	+0.006%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.094%	$19K	$5K	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.7	+0.122%	—	$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	1,050.3	−0.006%	$1.1M	$4.8M	20x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,050.6	+0.022%	$171K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,050.6	+0.017%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.9	−0.044%	$2.0M	$2.3M	10x	as long as short
QFEX MU-USD	+0.0054%	1h	1,050.4	+0.001%	$7.6M	$21.1M	10x	as long as short
Paradex MU-USD-PERP	+0.0082%	8h	1,050.5	+0.010%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0084%	1h	1,050.2	−0.012%	$274K	$857K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,050.4	0.000%	$149K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.6	+0.017%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,051.9	+0.143%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.7	+0.035%	$835	$799	20x	as long as short
OKX MU-USDT-SWAP	+0.0105%	8h	1,050.6	+0.023%	$30.9M	$101.6M	50x	as long as short
Aevo MU-PERP	+0.0152%	1h	1,050.5	+0.013%	$32K	$1K	10x	as long as short
Bullet MU-USD	+0.0165%	1h	1,050.8	+0.043%	$25K	$396K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,050.5	+0.010%	$762K	$1.2M	10x	as long as short
Bybit MUUSDTshort	+0.0185%	8h	1,050.8	+0.042%	$19.4M	$32.6M	100x
tradeXYZ xyz:MU	+0.0190%	1h	1,050.5	+0.012%	$178.4M	$100.2M	10x	as long as short
Arcus MU-USD	+0.0240%	1h	1,050.9	+0.048%	$71K	$242K	10x	as long as short
Variational Omni MU	+0.0256%	8h	1,051.6	+0.112%	$2.7M	$2.4M	—	as long as short
Extended MU_24_5-USD	+0.0264%	1h	1,050.2	−0.013%	$558K	$1.2M	10x	as long as short
Aster MUUSD1	+0.0268%	8h	1,051	+0.061%	$21.6M	$48.4M	20x	as long as short
Binance MUUSDT	+0.0272%	8h	1,050.5	+0.014%	$126.1M	$521.8M	50x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,050.7	+0.035%	$316K	$340K	20x	as long as short
Phoenix MU	+0.0383%	1h	1,051.6	+0.117%	$538K	$306K	15x	as long as short
BloFin MU-USDT	+0.0391%	8h	1,050.6	+0.026%	$1.5M	$2.0M	20x	as long as short
Bitget MUUSDT	+0.0414%	8h	1,050.6	+0.026%	$20.6M	$41.6M	50x	as long as short
GRVT MU_USDT_Perp	+0.0582%	8h	1,051.5	+0.108%	$83K	$1.3M	10x	as long as short