Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h +0.018%

Price spread now: Bybit against Injective−1.314%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 1.314% cheaper against Injective than usual: you would sell low and buy high (−$131 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.123%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MU/USDC PERP	1,051.4	0.0033	pay 0.0004% / 1h	35m 18s	$19K	$5K	12x
Short	Bybit MUUSDT	1,037.6	0	get 0.0000% / 8h	35m 18s	$18.7M	$32.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now −1.314%Rate

Funding earned: −$7
Price spread: −1.314% → 0.000%: −$131.35
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$149.37
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.14 bp	7.5 bp −$8	9.8 bp −$98	28.7 bp −$2,875	doesn't fit

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	−0.0248%	4h	1,037.9	−1.276%	$1.3M	$673K	10x	as long as short
Bitget MUUSDT	−0.0178%	8h	1,037.8	−1.287%	$20.2M	$40.1M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,037.9	−1.281%	$21.2M	$65.5M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,037.6	−1.307%	$122.0M	$538.6M	50x	as long as short
Bybit MUUSDTshort	0.0000%	8h	1,037.6	−1.314%	$18.7M	$32.3M	100x
OKX MU-USDT-SWAP	0.0000%	8h	1,037.5	−1.316%	$29.8M	$100.1M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,037.8	−1.287%	$313K	$385K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,037.5	−1.317%	$61.4M	$28.3M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,037.7	−1.300%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,038	−1.270%	$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	1,038.1	−1.259%	$188K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,039.4	−1.141%	$11K	$5.6M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,037.3	−1.334%	$74K	$608K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,037.5	−1.323%	$127K	$480K	50x	as long as short
Bullet MU-USD	+0.0013%	1h	1,037.7	−1.297%	$25K	$390K	10x	as long as short
Aftermath Perps MUUSD	+0.0017%	1h	1,037.8	−1.286%	$3K	$44K	10x	as long as short
Nado MU-PERP	+0.0019%	1h	1,037.4	−1.328%	$279K	$808K	10x	as long as short
QFEX MU-USD	+0.0021%	1h	1,037.6	−1.308%	$7.0M	$18.8M	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,037.7	−1.298%	$1.1M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,037.5	−1.317%	$545K	$1.1M	10x	as long as short
Injective MU/USDC PERPlong	+0.0033%	1h	1,051.4	long leg	$19K	$5K	12x
Lighter MU	+0.0040%	1h	1,037.8	−1.294%	$1.0M	$4.9M	20x	as long as short
Arcus MU-USD	+0.0040%	1h	1,037.5	−1.322%	$90K	$245K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,037.9	−1.276%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,037.5	−1.318%	$176.3M	$82.7M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,037.4	−1.328%	$168K	$195K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,037.9	−1.278%	$681K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,037.5	−1.321%	$1.8M	$2.7M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,037.8	−1.290%	$2K	—	5x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,037.3	−1.335%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0080%	1h	1,037.4	−1.324%	$725K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,037.7	−1.302%	$147K	$188K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,037.4	−1.330%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,037.9	−1.283%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,037.6	−1.310%	$825	$799	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,038.3	−1.242%	$1.4M	$2.1M	20x	as long as short
Phoenix MU	+0.0232%	1h	1,038.3	−1.242%	$531K	$270K	15x	as long as short