Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0336%/8h= +36.8% APRpaid last 24h +0.036%

Price spread now: BloFin against Lighter+0.089%840s7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as 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−$140.141% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 3 days (all we have)−0.098%−$10 · spread now +0.089%, 7d avg +0.029%

Together, before fees+0.064%+ Points / potential airdropLighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and BloFin is 0.060% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.029%. The two prices were read 840 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.163% in total (about 8.5% 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	Lighter MU	1,048.9	0.0032	pay 0.0004% / 1h	35m 06s	$1.1M	$4.8M	20x
Short	BloFin MU-USDT	1,049.8	0.0368	get 0.0368% / 8h	6h 35m	$1.5M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now +0.089%Rate

Funding earned: $70.49
Price spread: +0.089% → +0.029%: $5.98
Slippage, 4 orders: −$2.09
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $62.38
Costs to cover: 0.141%
Break-even: 0.8 days

Slippage from Lighter: live order book, 3 min ago; BloFin: live order book, 18 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 Lighter live order book, 3 min ago	0.57 bp	0.6 bp −$1	1.1 bp −$11	16.7 bp −$1,673	doesn't fit
Sell BloFin live order book, 18 min ago	0.09 bp	6.8 bp −$7	7.8 bp −$78	16.5 bp −$1,652	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	−0.0949%	4h	1,048.4	−0.042%	$1.3M	$671K	10x	as long as short
Nado MU-PERP	−0.0006%	1h	1,049	+0.011%	$274K	$858K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,049.6	+0.072%	$19.2M	$32.6M	100x	as long as short
Gate MU_USDT	0.0000%	8h	1,049	+0.011%	$62.1M	$27.6M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,048.8	−0.012%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,049.1	+0.021%	$26K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050.1	+0.120%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,048.6	−0.025%	$66K	$329K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,048.9	0.000%	$129K	$430K	50x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,048.8	−0.007%	$3K	$45K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MUlong	+0.0032%	1h	1,048.9	long leg	$1.1M	$4.8M	20x
Lighter RH MU	+0.0032%	1h	1,048.9	−0.002%	$1.1M	$4.2M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,048.4	−0.041%	$567K	$1.2M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,049	+0.007%	$7.5M	$20.0M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,048.8	−0.006%	$71K	$237K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050	+0.108%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,049	+0.011%	$178.1M	$99.9M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.8	−0.008%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,048.9	0.000%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.4	−0.046%	$1.9M	$2.4M	10x	as long as short
Paradex MU-USD-PERP	+0.0067%	8h	1,049.3	+0.040%	$2K	—	5x	as long as short
OKX MU-USDT-SWAP	+0.0069%	8h	1,049	+0.012%	$30.8M	$100.7M	50x	as long as short
Pacifica MU	+0.0100%	1h	1,048.9	+0.001%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,048.9	−0.002%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,048.9	−0.001%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,048.9	+0.005%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.236%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,048.1	−0.076%	$759K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,048.7	−0.020%	$32K	$1K	10x	as long as short
GRVT MU_USDT_Perp	+0.0158%	8h	1,049	+0.008%	$81K	$1.3M	10x	as long as short
Aster MUUSD1	+0.0200%	8h	1,049.2	+0.029%	$21.6M	$50.1M	20x	as long as short
Variational Omni MU	+0.0204%	8h	1,049.1	+0.020%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0218%	8h	1,049.3	+0.044%	$126.9M	$525.0M	50x	as long as short
Bitget MUUSDT	+0.0274%	8h	1,049.4	+0.053%	$20.3M	$41.9M	50x	as long as short
Phoenix MU	+0.0304%	1h	1,049.2	+0.031%	$537K	$273K	15x	as long as short
BloFin MU-USDTshort	+0.0368%	8h	1,049.8	+0.089%	$1.5M	$2.0M	20x
RISEx MU/USDC	+0.0507%	1h	1,049.2	+0.027%	$333K	$348K	20x	as long as short