Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0233%/8hnext payment +$0.29 per $10,000 · paid last 24h +0.038%

Price spread now: Phoenix against Lighter−0.081%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 3 days (all we have)+0.103%+$10 · spread now −0.081%, 7d avg +0.024%

Together, before fees+0.276%+ Points / potential airdropLighter: Season 3 · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.105% cheaper against Lighter than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of +0.024%). If the spread goes back, that is −$10 on $10k: about 36 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.173% in total) that is about 4.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MU	1,046.5	0.0072	pay 0.0009% / 1h	23m 01s	$973K	$4.7M	20x
Short	Phoenix MU	1,045.6	0.0305	get 0.0038% / 1h	23m 01s	$529K	$219K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.081%Rate

Funding earned: $48.92
Price spread: −0.081% → +0.024%: −$10.5
Slippage, 4 orders: −$11.88
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.55
Costs to cover: 0.189%
Break-even: 4.2 days

Slippage from Lighter: live order book, 9 min ago; Phoenix: live order book, 9 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, 9 min ago	0.43 bp	0.6 bp −$1	1.8 bp −$18	9.2 bp −$920	doesn't fit
Sell Phoenix live order book, 9 min ago	1.91 bp	8.9 bp −$9	18.9 bp −$189	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	−0.0425%	4h	1,046.9	+0.041%	$1.3M	$673K	10x	as long as short
Aster MUUSD1	0.0000%	8h	1,046.9	+0.039%	$21.5M	$26.6M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,046.5	+0.002%	$125.5M	$519.7M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,046.6	+0.015%	$19.0M	$31.1M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,046.1	−0.032%	$30.9M	$101.3M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,047	+0.050%	$288K	$331K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,046.4	−0.009%	$63.7M	$28.0M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,046.4	−0.009%	$2.7M	$2.7M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,046.8	+0.030%	$83K	$1.2M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,046.4	−0.001%	$189K	$3.0M	20x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX MU-USDT	0.0000%	8h	1,048.2	+0.169%	$11K	$6.7M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,046.3	−0.019%	$125K	$443K	50x	as long as short
Bitget MUUSDT	+0.0023%	8h	1,046.1	−0.032%	$20.1M	$41.0M	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,046.3	−0.015%	$1.1M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.407%	$14K	$302	12x	as long as short
Arcus MU-USD	+0.0041%	1h	1,046.4	−0.005%	$63K	$235K	10x	as long as short
QFEX MU-USD	+0.0045%	1h	1,046.7	+0.026%	$7.9M	$23.5M	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.9	+0.041%	—	$190K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,046.6	+0.014%	$166K	$177K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,046.3	−0.019%	$687K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,045.7	−0.076%	$1.9M	$2.6M	10x	as long as short
Paradex MU-USD-PERP	+0.0056%	8h	1,046.5	0.000%	$2K	—	5x	as long as short
Lighter MUlong	+0.0072%	1h	1,046.5	long leg	$973K	$4.7M	20x
Extended MU_24_5-USD	+0.0080%	1h	1,045.8	−0.064%	$526K	$1.0M	10x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,046.4	−0.008%	$33K	—	10x	as long as short
Bullet MU-USD	+0.0082%	1h	1,046.8	+0.033%	$25K	$397K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,046.5	+0.004%	$153K	$179K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,046.1	−0.030%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,046.8	+0.029%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,046.5	+0.009%	$832	$799	20x	as long as short
tradeXYZ xyz:MU	+0.0112%	1h	1,046.1	−0.033%	$178.7M	$98.5M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0120%	1h	1,046.3	−0.014%	$769K	$1.7M	10x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,046.5	+0.005%	$1.5M	$2.0M	20x	as long as short
Nado MU-PERP	+0.0130%	1h	1,046	−0.045%	$334K	$797K	10x	as long as short
Aftermath Perps MUUSD	+0.0163%	1h	1,046.8	+0.036%	$3K	$44K	10x	as long as short
Phoenix MUshort	+0.0305%	1h	1,045.6	−0.081%	$529K	$219K	15x
Deribit MU_USDC-PERPETUAL	+0.0352%	1h	1,046.3	−0.011%	$55K	$150K	10x	as long as short