Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.068%

Price spread now: Aster against Phoenix−0.052%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

Price spread, last 3 days (all we have)+0.118%+$12 · spread now −0.052%, 7d avg −0.002%

Together, before fees−0.265%+ Points / potential airdropAster: Stage 5 · farm board−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Aster is 0.051% cheaper against Phoenix than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,051.6	0.0383	pay 0.0048% / 1h	4m 45s	$538K	$306K	15x
Short	Aster MUUSD1	1,051	0.0266	get 0.0266% / 8h	7h 04m	$21.6M	$48.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$24.59
Price spread: −0.052% → −0.002%: −$5.07
Slippage, 4 orders: −$18.14
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$62.8
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Phoenix: live order book, 68 min ago; Aster: live order book, 4 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 Phoenix live order book, 68 min ago	2.87 bp	10.8 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	1.09 bp	5.9 bp −$6	91.4 bp −$914	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	−0.0631%	4h	1,051.5	−0.010%	$1.3M	$671K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,051.5	−0.010%	$62.7M	$29.1M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.4	−0.112%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052.5	+0.087%	$11K	$6.1M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,051.2	−0.040%	$129K	$424K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,051.1	−0.047%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,051.3	−0.028%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.023%	$19K	$5K	12x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,052.3	+0.062%	—	$179K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,051.3	−0.029%	$171K	$203K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MU-USD.P	+0.0050%	1h	1,050.4	−0.119%	$2.0M	$2.3M	10x	as long as short
QFEX MU-USD	+0.0054%	1h	1,051.4	−0.021%	$7.6M	$21.1M	10x	as long as short
Lighter MU	+0.0056%	1h	1,051.3	−0.031%	$1.1M	$4.8M	20x	as long as short
SoDEX MU-USD	+0.0061%	1h	1,051.5	−0.011%	$690K	$16K	10x	as long as short
Paradex MU-USD-PERP	+0.0085%	8h	1,051.4	−0.023%	$2K	—	5x	as long as short
Nado MU-PERP	+0.0087%	1h	1,051	−0.058%	$274K	$858K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,051.5	−0.011%	$149K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,051.4	−0.022%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,050.6	−0.091%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,051.5	−0.007%	$836	$799	20x	as long as short
OKX MU-USDT-SWAP	+0.0108%	8h	1,051.7	+0.008%	$30.9M	$101.7M	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0131%	1h	1,051.4	−0.016%	$65K	$312K	10x	as long as short
Aevo MU-PERP	+0.0152%	1h	1,051.3	−0.025%	$32K	$1K	10x	as long as short
Bullet MU-USD	+0.0175%	1h	1,051.6	+0.003%	$26K	$396K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,050.5	−0.107%	$762K	$1.2M	10x	as long as short
tradeXYZ xyz:MU	+0.0200%	1h	1,051.2	−0.038%	$178.5M	$100.1M	10x	as long as short
Bybit MUUSDT	+0.0202%	8h	1,051.9	+0.027%	$19.4M	$32.6M	100x	as long as short
Arcus MU-USD	+0.0240%	1h	1,051.2	−0.042%	$71K	$242K	10x	as long as short
Variational Omni MU	+0.0256%	8h	1,051.6	−0.005%	$2.7M	$2.4M	—	as long as short
Aster MUUSD1short	+0.0266%	8h	1,051	−0.052%	$21.6M	$48.4M	20x
Binance MUUSDT	+0.0270%	8h	1,051.3	−0.026%	$126.4M	$521.4M	50x	as long as short
Extended MU_24_5-USD	+0.0296%	1h	1,050.9	−0.069%	$564K	$1.2M	10x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,051.6	−0.003%	$316K	$339K	20x	as long as short
Phoenix MUlong	+0.0383%	1h	1,051.6	long leg	$538K	$306K	15x
BloFin MU-USDT	+0.0389%	8h	1,051.5	−0.010%	$1.5M	$2.0M	20x	as long as short
Bitget MUUSDT	+0.0417%	8h	1,051.5	−0.011%	$20.6M	$41.6M	50x	as long as short
GRVT MU_USDT_Perp	+0.0569%	8h	1,051.2	−0.039%	$83K	$1.3M	10x	as long as short