Funding you earn now, next payment 04:00 UTC−0.0305%/8h= −33.4% APRnext payment −$0.38 per $10,000 · paid last 24h −0.048%
Price spread now: Deribit against Phoenix−0.096%50s7-day average −0.033% · you buy dearer than you sell
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−$480.481% of the position
Funding, last 4 days (all we have)−0.036%−$4 on $10k
+Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.096%, 7d avg −0.033%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Deribit is 0.063% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.033%). Swap the legs. The two prices were read 50 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 4 days it paid -0.036% in total (about -3.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. 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 | 1,044.2 | 0.0305 | pay 0.0038% / 1h | 17m 29s | $534K | $271K | 15x |
| Short | Deribit MU_USDC-PERPETUAL | 1,043.2 | 0 | get 0.0000% / 1h | 17m 29s | $73K | $480K | 10x |
Phoenix MU
Deribit MU_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$64
- Price spread: −0.096% → −0.033%
- −$6.26
- Slippage, 4 orders
- −$34.15
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$118.4
- Costs to cover
- 0.481%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 35 min ago; Deribit: live order book, 36 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, 35 min ago | 2.86 bp | 10.7 bp −$11 | 22.4 bp −$224 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 36 min ago | 4.53 bp | 9.1 bp −$9 | 13.6 bp −$136 | 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 | −0.0350% | 4h | 1,044.9 | +0.071% | $1.3M | $672K | 10x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,044.7 | +0.051% | $21.2M | $56.6M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,044.7 | +0.049% | $124.0M | $522.8M | 50x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,044.8 | +0.061% | $18.7M | $31.8M | 100x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,044.8 | +0.057% | $30.9M | $99.6M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,044.4 | +0.016% | $337K | $353K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,044.3 | +0.011% | $61.9M | $27.9M | 75x | as long as short |
| Bitget MUUSDT | 0.0000% | 8h | 1,044.7 | +0.046% | $20.5M | $41.6M | 50x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,045.1 | +0.082% | $2.7M | $2.4M | — | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,044.9 | +0.069% | $79K | $1.4M | 10x | as long as short |
edgeX MUUSDC
Aster MUUSD1
Binance MUUSDT
Bybit MUUSDT
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
Bitget MUUSDT
Variational Omni MU
GRVT MU_USDT_PerpShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| StandX MU-USD | 0.0000% | 1h | 1,043.2 | −0.099% | $189K | $3.4M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,045.7 | +0.139% | $11K | $5.8M | 10x | as long as short |
| Deribit MU_USDC-PERPETUALshort | 0.0000% | 1h | 1,043.2 | −0.096% | $73K | $480K | 10x | |
| HTX MU-USDT | 0.0000% | 8h | 1,043 | −0.111% | $130K | $435K | 50x | as long as short |
| Aftermath Perps MUUSD | +0.0023% | 1h | 1,044.2 | −0.003% | $3K | $44K | 10x | as long as short |
| QFEX MU-USD | +0.0032% | 1h | 1,044.2 | −0.005% | $7.0M | $18.0M | 10x | as long as short |
| Lighter MU | +0.0032% | 1h | 1,044.5 | +0.025% | $1.1M | $5.1M | 20x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,044.5 | +0.033% | $1.3M | $4.4M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,043.6 | −0.057% | $548K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | +0.686% | $19K | $5K | 12x | as long as short |
| Nado MU-PERP | +0.0034% | 1h | 1,044.1 | −0.014% | $282K | $828K | 10x | as long as short |
| Bullet MU-USD | +0.0040% | 1h | 1,044.6 | +0.040% | $26K | $392K | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,043.8 | −0.037% | $70K | $232K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,044.6 | +0.037% | — | $176K | 25x | as long as short |
| tradeXYZ xyz:MU | +0.0050% | 1h | 1,044.3 | +0.010% | $176.7M | $95.3M | 10x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,044.2 | 0.000% | $169K | $203K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,043.2 | −0.101% | $685K | $16K | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0050% | 8h | 1,044.5 | +0.027% | $2K | — | 5x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,043.2 | −0.093% | $1.9M | $2.2M | 10x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,042.8 | −0.133% | $32K | $1K | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,044.4 | +0.015% | $147K | $185K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,044.3 | +0.006% | $5.2M | $3.4M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,043.9 | −0.034% | $71K | $269K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,044.4 | +0.020% | $830 | $799 | 20x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0120% | 1h | 1,044.8 | +0.053% | $749K | $1.2M | 10x | as long as short |
| BloFin MU-USDT | +0.0120% | 8h | 1,044.2 | +0.001% | $1.5M | $2.0M | 20x | as long as short |
| Phoenix MUlong | +0.0305% | 1h | 1,044.2 | long leg | $534K | $271K | 15x |
StandX MU-USD
SunX MU-USDT
HTX MU-USDT
Aftermath Perps MUUSD
QFEX MU-USD
Lighter MU
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
Nado MU-PERP
Bullet MU-USD
Arcus MU-USD
Vest MU-USD-PERP
tradeXYZ xyz:MU
Polymarket Perps MU-USD
SoDEX MU-USD
Paradex MU-USD-PERP
Ondo Perps MU-USD.P
Aevo MU-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Coinbase International MU-PERP-INTX
BloFin MU-USDT