MU

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0152%/8h= −16.6% APRnext payment −$0.19 per $10,000 · paid last 24h −0.034%

Price spread now: Coinbase International against Phoenix+0.307%72s7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as 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−$450.445% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)−0.316%−$32 · spread now +0.307%, 7d avg −0.047%

Together, before fees−0.369%−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.354% dearer against Phoenix than usual: you sell high and buy low (spread +0.307% now, against its 7-day average of −0.047%): +$35 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 7.8 days. At the pace of the last 7 days (−0.053% in total) that is about 47 days. The two prices were read 72 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	Phoenix MU	1,035.6	0.0232	pay 0.0029% / 1h	50m 18s	$530K	$270K	15x
Short	Coinbase International MU-PERP-INTX	1,038.8	0.0080	get 0.0010% / 1h	50m 18s	$734K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.307%Rate

Funding earned: −$31.82
Price spread: +0.307% → −0.047%: $35.44
Slippage, 4 orders: −$27.51
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$40.88
Costs to cover: 0.445%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Coinbase International: 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, 52 min ago	3.86 bp	13.1 bp −$13	29.1 bp −$291	doesn't fit	doesn't fit
Sell Coinbase International live order book, 3 min ago	3.72 bp	8.8 bp −$9	12.2 bp −$122	55.1 bp −$5,506	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	−0.0721%	4h	1,036	+0.040%	$1.3M	$672K	10x	as long as short
Bitget MUUSDT	−0.0217%	8h	1,036.9	+0.127%	$20.1M	$40.0M	50x	as long as short
Aster MUUSD1	0.0000%	8h	1,036.7	+0.108%	$21.1M	$64.7M	20x	as long as short
Binance MUUSDT	0.0000%	8h	1,036.6	+0.095%	$122.0M	$538.3M	50x	as long as short
Bybit MUUSDT	0.0000%	8h	1,036.5	+0.091%	$18.7M	$32.2M	100x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,036.6	+0.093%	$29.7M	$100.0M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,036.5	+0.088%	$313K	$385K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,036.3	+0.071%	$61.4M	$28.2M	75x	as long as short
Variational Omni MU	0.0000%	8h	1,036.2	+0.061%	$2.5M	$2.6M	—	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,035.8	+0.016%	$82K	$1.4M	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX MU-USD	0.0000%	1h	1,036.1	+0.049%	$187K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,038.3	+0.262%	$11K	$5.6M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,036.5	+0.083%	$74K	$592K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,036.3	+0.069%	$127K	$460K	50x	as long as short
Aftermath Perps MUUSD	+0.0016%	1h	1,035.9	+0.030%	$3K	$44K	10x	as long as short
QFEX MU-USD	+0.0021%	1h	1,036.3	+0.067%	$7.0M	$18.8M	10x	as long as short
Nado MU-PERP	+0.0029%	1h	1,036	+0.043%	$277K	$807K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,036.7	+0.109%	$1.1M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,036	+0.038%	$546K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+1.522%	$19K	$5K	12x	as long as short
Bullet MU-USD	+0.0039%	1h	1,036.6	+0.094%	$25K	$390K	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,035.7	+0.009%	$90K	$244K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,036.1	+0.048%	—	$175K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,036.2	+0.058%	$176.2M	$84.0M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,036.2	+0.058%	$168K	$195K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,036.5	+0.090%	$680K	$15K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,035.7	+0.005%	$1.8M	$2.7M	10x	as long as short
Paradex MU-USD-PERP	+0.0051%	8h	1,036.3	+0.064%	$2K	—	5x	as long as short
Lighter MU	+0.0056%	1h	1,036.8	+0.119%	$1.0M	$4.9M	20x	as long as short
Aevo MU-PERP	+0.0080%	1h	1,036.2	+0.059%	$32K	$1K	10x	as long as short
Coinbase International MU-PERP-INTXshort	+0.0080%	1h	1,038.8	+0.307%	$734K	$1.2M	10x
Pacifica MU	+0.0100%	1h	1,036.2	+0.062%	$147K	$188K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,036.1	+0.046%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,036.6	+0.097%	$70K	$270K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,036.4	+0.072%	$824	$799	20x	as long as short
BloFin MU-USDT	+0.0120%	8h	1,036.4	+0.077%	$1.5M	$2.1M	20x	as long as short
Phoenix MUlong	+0.0232%	1h	1,035.6	long leg	$530K	$270K	15x