Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0129%/8h= −14.1% APRpaid last 24h −0.060%

Price spread now: KuCoin against Phoenix−0.012%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$480.476% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.012%, 7d avg −0.048%

Together, before fees−0.239%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.036% dearer against Phoenix than usual: you sell high and buy low (spread −0.012% now, against its 7-day average of −0.048%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MU	1,050.2	0.0229	pay 0.0029% / 1h	49m 01s	$537K	$271K	15x
Short	KuCoin MUUSDTM	1,050.1	0.0100	get 0.0100% / 8h	5h 49m	$5.3M	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$27.02
Price spread: −0.012% → −0.048%: $3.58
Slippage, 4 orders: −$28.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$71.08
Costs to cover: 0.476%
Break-even: never at this rate

Slippage from Phoenix: live order book, 13 min ago; KuCoin: 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, 13 min ago	2.85 bp	10.7 bp −$11	22.6 bp −$226	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	3.05 bp	14.7 bp −$15	39.3 bp −$393	doesn't fit	doesn't fit

MU on 36 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	−0.0504%	4h	1,050.4	+0.021%	$1.3M	$671K	10x	as long as short
RISEx MU/USDC	0.0000%	1h	1,050.4	+0.021%	$333K	$349K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,049.9	−0.032%	$62.1M	$27.4M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.1	−0.008%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,051.7	+0.147%	$11K	$5.9M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,049.7	−0.048%	$129K	$427K	50x	as long as short
Aftermath Perps MUUSD	+0.0019%	1h	1,049.9	−0.029%	$3K	$44K	10x	as long as short
GRVT MU_USDT_Perp	+0.0024%	8h	1,050.8	+0.055%	$79K	$1.3M	10x	as long as short
Bybit MUUSDT	+0.0025%	8h	1,050.4	+0.015%	$19.2M	$32.4M	100x	as long as short
QFEX MU-USD	+0.0030%	1h	1,050.2	−0.002%	$7.2M	$18.4M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH MU	+0.0032%	1h	1,049.9	−0.032%	$1.2M	$4.2M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.110%	$19K	$5K	12x	as long as short
Extended MU_24_5-USD	+0.0040%	1h	1,049.6	−0.056%	$564K	$1.1M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,050.2	+0.001%	$71K	$235K	10x	as long as short
OKX MU-USDT-SWAP	+0.0042%	8h	1,050.1	−0.008%	$31.0M	$100.1M	50x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,050.8	+0.061%	—	$175K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,049.8	−0.038%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,049.9	−0.030%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.4	−0.074%	$1.9M	$2.3M	10x	as long as short
Paradex MU-USD-PERP	+0.0059%	8h	1,050.4	+0.015%	$2K	—	5x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,049.9	−0.025%	$756K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,049.7	−0.050%	$148K	$185K	10x	as long as short
KuCoin MUUSDTMshort	+0.0100%	8h	1,050.1	−0.012%	$5.3M	$3.4M	20x
ApeX Omni MUUSDT	+0.0100%	1h	1,050.8	+0.057%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050	−0.021%	$835	$799	20x	as long as short
Lighter MU	+0.0104%	1h	1,049.9	−0.030%	$1.1M	$4.8M	20x	as long as short
Aster MUUSD1	+0.0110%	8h	1,050.2	−0.001%	$21.4M	$52.1M	20x	as long as short
Nado MU-PERP	+0.0110%	1h	1,049.7	−0.046%	$280K	$850K	10x	as long as short
Aevo MU-PERP	+0.0120%	1h	1,049.6	−0.056%	$32K	$1K	10x	as long as short
tradeXYZ xyz:MU	+0.0127%	1h	1,049.7	−0.048%	$178.2M	$99.2M	10x	as long as short
Variational Omni MU	+0.0144%	8h	1,050.4	+0.023%	$2.7M	$2.3M	—	as long as short
Bullet MU-USD	+0.0158%	1h	1,050.1	−0.010%	$26K	$397K	10x	as long as short
Binance MUUSDT	+0.0165%	8h	1,050.1	−0.009%	$126.5M	$520.0M	50x	as long as short
Bitget MUUSDT	+0.0168%	8h	1,050.1	−0.010%	$20.6M	$41.2M	50x	as long as short
Phoenix MUlong	+0.0229%	1h	1,050.2	long leg	$537K	$271K	15x
Deribit MU_USDC-PERPETUAL	+0.0265%	1h	1,050	−0.017%	$66K	$355K	10x	as long as short