Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.005%

Price spread now: QFEX against OKX+0.021%54s7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.241% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.028%−$3 on $10k

Price spread, last 7 days−0.042%−$4 · spread now +0.021%, 7d avg −0.041%

Together, before fees−0.071%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.062% dearer against OKX than usual: you sell high and buy low (spread +0.021% now, against its 7-day average of −0.041%): +$6 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 21 days. At the pace of the last 4 days (−0.028% in total) that is about 7.7 days. The two prices were read 54 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	OKX MU-USDT-SWAP	1,049.7	0.0039	pay 0.0039% / 8h	5h 46m	$31.0M	$100.0M	50x
Short	QFEX MU-USD	1,049.9	0.0030	get 0.0004% / 1h	46m 42s	$7.2M	$18.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against OKX. 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 OKXbpFee QFEXbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$2.05
Price spread: +0.021% → −0.041%: $6.24
Slippage, 4 orders: −$4.15
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$19.96
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; QFEX: live order book, 8 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 OKX live order book, 2 min ago	0.05 bp	6.3 bp −$6	7.9 bp −$79	22.9 bp −$2,294	doesn't fit
Sell QFEX live order book, 8 min ago	1.33 bp	6.3 bp −$6	6.3 bp −$63	10.7 bp −$1,069	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	−0.0822%	4h	1,050.1	+0.044%	$1.3M	$672K	10x	as long as short
RISEx MU/USDC	0.0000%	1h	1,050.2	+0.048%	$333K	$349K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,049.8	+0.015%	$62.0M	$27.4M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,049.6	−0.010%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,051.6	+0.181%	$11K	$5.9M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,049.6	−0.005%	$66K	$357K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,049.6	−0.004%	$129K	$427K	50x	as long as short
Bybit MUUSDT	+0.0013%	8h	1,050	+0.037%	$19.1M	$32.3M	100x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,049.9	+0.023%	$3K	$44K	10x	as long as short
GRVT MU_USDT_Perp	+0.0024%	8h	1,050.8	+0.108%	$79K	$1.3M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MU-USDshort	+0.0030%	1h	1,049.9	+0.021%	$7.2M	$18.4M	10x
Lighter RH MU	+0.0032%	1h	1,049.6	−0.009%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.163%	$19K	$5K	12x	as long as short
OKX MU-USDT-SWAPlong	+0.0039%	8h	1,049.7	long leg	$31.0M	$100.0M	50x
Extended MU_24_5-USD	+0.0040%	1h	1,049.4	−0.024%	$564K	$1.1M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,049.9	+0.026%	$71K	$235K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050.7	+0.101%	—	$175K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,049.8	+0.014%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,049.7	+0.006%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.3	−0.036%	$1.9M	$2.3M	10x	as long as short
Paradex MU-USD-PERP	+0.0059%	8h	1,050	+0.030%	$2K	—	5x	as long as short
Lighter MU	+0.0064%	1h	1,049.7	+0.002%	$1.1M	$4.8M	20x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,049.9	+0.028%	$756K	$1.2M	10x	as long as short
Nado MU-PERP	+0.0097%	1h	1,049.6	−0.008%	$280K	$848K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,049.8	+0.010%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,049.9	+0.019%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,049.6	−0.009%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049.7	+0.007%	$835	$799	20x	as long as short
Aster MUUSD1	+0.0103%	8h	1,050.1	+0.043%	$21.4M	$52.1M	20x	as long as short
tradeXYZ xyz:MU	+0.0104%	1h	1,049.6	−0.005%	$178.1M	$99.2M	10x	as long as short
Aevo MU-PERP	+0.0120%	1h	1,049.6	−0.006%	$32K	$1K	10x	as long as short
Bullet MU-USD	+0.0136%	1h	1,049.9	+0.025%	$26K	$397K	10x	as long as short
Variational Omni MU	+0.0144%	8h	1,050.4	+0.075%	$2.7M	$2.3M	—	as long as short
Binance MUUSDT	+0.0160%	8h	1,049.8	+0.015%	$126.4M	$519.9M	50x	as long as short
Bitget MUUSDT	+0.0162%	8h	1,049.9	+0.026%	$20.6M	$41.2M	50x	as long as short
Phoenix MU	+0.0229%	1h	1,050.2	+0.052%	$537K	$271K	15x	as long as short
BloFin MU-USDT	+0.0282%	8h	1,049.9	+0.022%	—	$2.0M	20x	as long as short