Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.089%

Price spread now: Phoenix against HTX+0.121%72s7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as 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−$470.469% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.410%+$41 on $10k

Price spread, last 4 days (all we have)−0.192%−$19 · spread now +0.121%, 7d avg +0.013%

Together, before fees+0.217%+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.108% dearer against HTX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.013%. The two prices were read 72 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	HTX MU-USDT	1,038.1	0	get 0.0000% / 8h	1h 15m	$128K	$442K	50x
Short	Phoenix MU	1,039.4	0.0231	get 0.0029% / 1h	15m 37s	$532K	$270K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.121%Rate

Funding earned: $48.45
Price spread: +0.121% → +0.013%: $10.83
Slippage, 4 orders: −$27.89
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.38
Costs to cover: 0.469%
Break-even: 5.2 days

Slippage from HTX: live order book, 28 min ago; Phoenix: 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 HTX live order book, 28 min ago	0.19 bp	7.0 bp −$7	11.2 bp −$112	22.7 bp −$2,274	doesn't fit
Sell Phoenix live order book, 27 min ago	3.86 bp	13.1 bp −$13	29.1 bp −$291	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	−0.0331%	4h	1,039.1	+0.094%	$1.3M	$673K	10x	as long as short
Bitget MUUSDT	−0.0167%	8h	1,038.6	+0.044%	$20.2M	$40.4M	50x	as long as short
Nado MU-PERP	−0.0011%	1h	1,038.3	+0.016%	$279K	$814K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,038.8	+0.060%	$21.1M	$60.9M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,038.4	+0.025%	$122.1M	$538.7M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,038.4	+0.025%	$18.7M	$32.3M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,038.2	+0.003%	$29.8M	$100.1M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,038.7	+0.055%	$313K	$387K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,038.2	+0.010%	$61.6M	$28.7M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,038.4	+0.021%	$2.5M	$2.6M	—	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MU_USDT_Perp	0.0000%	8h	1,038.8	+0.064%	$84K	$1.4M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,038.4	+0.028%	$188K	$3.5M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,038.5	+0.039%	$26K	$390K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,039.9	+0.170%	$11K	$5.6M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,038.3	+0.012%	$74K	$572K	10x	as long as short
HTX MU-USDTlong	0.0000%	8h	1,038.1	long leg	$128K	$442K	50x
Aftermath Perps MUUSD	+0.0013%	1h	1,038.8	+0.063%	$3K	$44K	10x	as long as short
Lighter MU	+0.0032%	1h	1,038.6	+0.046%	$1.1M	$4.9M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,038.5	+0.031%	$1.2M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,038	−0.018%	$537K	$1.1M	10x	as long as short
QFEX MU-USD	+0.0032%	1h	1,038.3	+0.017%	$7.0M	$18.7M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.273%	$19K	$5K	12x	as long as short
Arcus MU-USD	+0.0040%	1h	1,038.2	+0.008%	$90K	$250K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,039	+0.086%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,038.2	+0.006%	$176.4M	$86.7M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,038.3	+0.015%	$169K	$195K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,038.5	+0.033%	$682K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,037.9	−0.024%	$1.8M	$2.7M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,038.5	+0.035%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,038.1	−0.001%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,038.4	+0.028%	$147K	$190K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,038.2	+0.001%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,038.8	+0.066%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,038.4	+0.029%	$826	$799	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0104%	1h	1,036	−0.204%	$731K	$1.2M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,039.1	+0.092%	$1.5M	$2.1M	20x	as long as short
Phoenix MUshort	+0.0231%	1h	1,039.4	+0.121%	$532K	$270K	15x