Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0324%/8h= −35.4% APRpaid last 24h −0.066%

Price spread now: Bitget against Phoenix+0.044%89s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as 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−$400.400% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.219%−$22 on $10k

Price spread, last 3 days (all we have)+0.004%$0 · spread now +0.044%, 7d avg −0.005%

Together, before fees−0.215%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.049% dearer against Phoenix than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of −0.005%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.219% in total) that is about 38 hours. The two prices were read 89 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 -0.219% in total (about -11.4% 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	Phoenix MU	1,045.9	0.0460	pay 0.0057% / 1h	45m 58s	$535K	$306K	15x
Short	Bitget MUUSDT	1,046.4	0.0136	get 0.0136% / 8h	45m 58s	$20.5M	$43.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$67.96
Price spread: +0.044% → −0.005%: $4.89
Slippage, 4 orders: −$20.98
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$103.05
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Phoenix: live order book, 32 min ago; Bitget: live order book, 3 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, 32 min ago	3.83 bp	13.1 bp −$13	28.0 bp −$280	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.05 bp	7.0 bp −$7	8.7 bp −$87	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	−0.0477%	4h	1,045.5	−0.041%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,046.3	+0.034%	$63.1M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,045.1	−0.076%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,048.5	+0.250%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.9	+0.002%	$124K	$446K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,046.2	+0.032%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.460%	$14K	$302	12x	as long as short
Aftermath Perps MUUSD	+0.0035%	1h	1,044.9	−0.095%	$3K	$45K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.1	+0.021%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,046	+0.010%	$166K	$197K	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	1,044.6	−0.121%	$2.0M	$2.7M	10x	as long as short
OKX MU-USDT-SWAP	+0.0080%	8h	1,046.3	+0.040%	$30.8M	$105.2M	50x	as long as short
QFEX MU-USD	+0.0080%	1h	1,046.3	+0.042%	$7.8M	$23.9M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,046.3	+0.042%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.5	−0.038%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.9	−0.002%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,046.4	+0.047%	$832	$799	20x	as long as short
Bitget MUUSDTshort	+0.0136%	8h	1,046.4	+0.044%	$20.5M	$43.6M	50x
Aevo MU-PERP	+0.0136%	1h	1,046.2	+0.028%	$33K	—	10x	as long as short
SoDEX MU-USD	+0.0143%	1h	1,046.4	+0.043%	$687K	$16K	10x	as long as short
Paradex MU-USD-PERP	+0.0157%	8h	1,046.2	+0.030%	$2K	—	5x	as long as short
Aster MUUSD1	+0.0164%	8h	1,046.6	+0.064%	$21.6M	$47.3M	20x	as long as short
Variational Omni MU	+0.0189%	8h	1,045.5	−0.039%	$2.6M	$2.5M	—	as long as short
Lighter MU	+0.0200%	1h	1,046.2	+0.031%	$1.0M	$4.8M	20x	as long as short
Binance MUUSDT	+0.0211%	8h	1,046.5	+0.061%	$124.9M	$533.2M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.7	−0.021%	$756K	$1.4M	10x	as long as short
GRVT MU_USDT_Perp	+0.0253%	8h	1,045.7	−0.015%	$77K	$1.4M	10x	as long as short
Bullet MU-USD	+0.0257%	1h	1,046.4	+0.047%	$25K	$396K	10x	as long as short
Nado MU-PERP	+0.0260%	1h	1,045.5	−0.034%	$270K	$875K	10x	as long as short
Bybit MUUSDT	+0.0285%	8h	1,046.6	+0.067%	$19.2M	$32.6M	100x	as long as short
tradeXYZ xyz:MU	+0.0312%	1h	1,046.2	+0.029%	$176.8M	$105.6M	10x	as long as short
BloFin MU-USDT	+0.0329%	8h	1,046.4	+0.043%	$1.4M	$2.0M	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0362%	1h	1,046.1	+0.020%	$62K	$258K	10x	as long as short
Phoenix MUlong	+0.0460%	1h	1,045.9	long leg	$535K	$306K	15x
Arcus MU-USD	+0.0462%	1h	1,045.8	−0.007%	$74K	$240K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,046.7	+0.076%	$317K	$339K	20x	as long as short
Extended MU_24_5-USD	+0.0720%	1h	1,045.3	−0.062%	$540K	$1.1M	10x	as long as short