Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0129%/8h= +14.1% APRpaid last 24h +0.060%

Price spread now: Phoenix against KuCoin+0.044%93s7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as 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−$480.476% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.246%+$25 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.044%, 7d avg +0.048%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 93 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	KuCoin MUUSDTM	1,050.2	0.0100	pay 0.0100% / 8h	5h 49m	$5.3M	$3.4M	20x
Short	Phoenix MU	1,050.7	0.0229	get 0.0029% / 1h	49m 56s	$537K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.044%Rate

Funding earned: $27.02
Price spread: +0.044% → +0.048%: −$0.43
Slippage, 4 orders: −$28.64
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$21.05
Costs to cover: 0.476%
Break-even: 12.5 days

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 12 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 KuCoin live order book, 3 min ago	3.05 bp	11.5 bp −$11	477.9 bp −$4,779	doesn't fit	doesn't fit
Sell Phoenix live order book, 12 min ago	2.85 bp	10.7 bp −$11	22.6 bp −$226	doesn't fit	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	−0.0504%	4h	1,050.4	+0.017%	$1.3M	$671K	10x	as long as short
RISEx MU/USDC	0.0000%	1h	1,050.8	+0.054%	$333K	$349K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.2	−0.001%	$62.1M	$27.4M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050	−0.026%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052	+0.169%	$11K	$5.9M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.1	−0.015%	$129K	$427K	50x	as long as short
Aftermath Perps MUUSD	+0.0019%	1h	1,050.3	+0.007%	$3K	$44K	10x	as long as short
GRVT MU_USDT_Perp	+0.0021%	8h	1,050.7	+0.044%	$79K	$1.3M	10x	as long as short
Bybit MUUSDT	+0.0024%	8h	1,050.5	+0.024%	$19.2M	$32.4M	100x	as long as short
QFEX MU-USD	+0.0030%	1h	1,050.4	+0.019%	$7.2M	$18.5M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH MU	+0.0032%	1h	1,050.1	−0.014%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.107%	$19K	$5K	12x	as long as short
Extended MU_24_5-USD	+0.0040%	1h	1,049.5	−0.068%	$564K	$1.1M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,050.3	+0.005%	$71K	$235K	10x	as long as short
OKX MU-USDT-SWAP	+0.0042%	8h	1,050.5	+0.027%	$31.0M	$100.2M	50x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.2	+0.088%	—	$175K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,050.1	−0.013%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,050.2	−0.008%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.7	−0.050%	$1.9M	$2.3M	10x	as long as short
Paradex MU-USD-PERP	+0.0060%	8h	1,050.7	+0.043%	$2K	—	5x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0093%	1h	1,050.3	+0.004%	$66K	$355K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,049.9	−0.029%	$756K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,050.4	+0.011%	$149K	$187K	10x	as long as short
KuCoin MUUSDTMlong	+0.0100%	8h	1,050.2	long leg	$5.3M	$3.4M	20x
ApeX Omni MUUSDT	+0.0100%	1h	1,050.8	+0.053%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.3	+0.010%	$835	$799	20x	as long as short
Lighter MU	+0.0104%	1h	1,050.1	−0.010%	$1.1M	$4.8M	20x	as long as short
Aster MUUSD1	+0.0111%	8h	1,050.3	+0.007%	$21.4M	$52.1M	20x	as long as short
Nado MU-PERP	+0.0112%	1h	1,050.1	−0.017%	$280K	$850K	10x	as long as short
Aevo MU-PERP	+0.0120%	1h	1,050	−0.022%	$32K	$1K	10x	as long as short
tradeXYZ xyz:MU	+0.0132%	1h	1,050.1	−0.013%	$178.3M	$99.2M	10x	as long as short
Variational Omni MU	+0.0144%	8h	1,050.4	+0.019%	$2.7M	$2.3M	—	as long as short
Bullet MU-USD	+0.0159%	1h	1,050.3	+0.009%	$26K	$397K	10x	as long as short
Binance MUUSDT	+0.0166%	8h	1,050.4	+0.011%	$126.5M	$520.0M	50x	as long as short
Bitget MUUSDT	+0.0170%	8h	1,050.2	−0.004%	$20.6M	$41.2M	50x	as long as short
Phoenix MUshort	+0.0229%	1h	1,050.7	+0.044%	$537K	$271K	15x