Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0234%/8h= −25.7% APRpaid last 24h −0.078%

Price spread now: OKX against Phoenix+0.025%96s7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as 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−$350.351% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.296%−$30 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.025%, 7d avg −0.012%

Together, before fees−0.266%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.037% dearer against Phoenix than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.012%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 12 hours. The two prices were read 96 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	1,049.2	0.0304	pay 0.0038% / 1h	35m 54s	$537K	$273K	15x
Short	OKX MU-USDT-SWAP	1,049.5	0.0070	get 0.0070% / 8h	6h 35m	$30.8M	$100.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$49.2
Price spread: +0.025% → −0.012%: $3.66
Slippage, 4 orders: −$18.05
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$80.6
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Phoenix: live order book, 31 min ago; OKX: 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, 31 min ago	3.80 bp	12.1 bp −$12	26.3 bp −$263	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.05 bp	5.6 bp −$6	7.2 bp −$72	22.2 bp −$2,217	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	−0.0949%	4h	1,048.4	−0.072%	$1.3M	$671K	10x	as long as short
Nado MU-PERP	−0.0007%	1h	1,048.4	−0.078%	$274K	$858K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,049.6	+0.035%	$19.2M	$32.6M	100x	as long as short
Gate MU_USDT	0.0000%	8h	1,049.2	+0.004%	$62.1M	$27.6M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,048.7	−0.044%	$190K	$3.4M	20x	as long as short
Bullet MU-USD	0.0000%	1h	1,049.2	+0.002%	$26K	$395K	10x	as long as short
SunX MU-USDT	0.0000%	8h	1,050.2	+0.095%	$11K	$6.0M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,049	−0.021%	$66K	$329K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,049.1	−0.012%	$129K	$430K	50x	as long as short
Aftermath Perps MUUSD	+0.0021%	1h	1,048.6	−0.058%	$3K	$45K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MU	+0.0032%	1h	1,049.2	−0.004%	$1.1M	$4.8M	20x	as long as short
Lighter RH MU	+0.0032%	1h	1,049.2	−0.004%	$1.1M	$4.1M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,048.6	−0.060%	$567K	$1.2M	10x	as long as short
QFEX MU-USD	+0.0040%	1h	1,048.6	−0.062%	$7.5M	$20.1M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,048.7	−0.047%	$71K	$237K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,049.8	+0.059%	—	$176K	25x	as long as short
tradeXYZ xyz:MU	+0.0050%	1h	1,049	−0.019%	$178.1M	$99.9M	10x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,048.9	−0.029%	$170K	$203K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,048.9	−0.029%	$688K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,048.4	−0.076%	$1.9M	$2.4M	10x	as long as short
Paradex MU-USD-PERP	+0.0068%	8h	1,048.7	−0.049%	$2K	—	5x	as long as short
OKX MU-USDT-SWAPshort	+0.0070%	8h	1,049.5	+0.025%	$30.8M	$100.7M	50x
Pacifica MU	+0.0100%	1h	1,048.5	−0.067%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,049.1	−0.014%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,048.6	−0.054%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,049	−0.021%	$834	$799	20x	as long as short
Injective MU/USDC PERP	+0.0107%	1h	1,051.4	+0.206%	$19K	$5K	12x	as long as short
Coinbase International MU-PERP-INTX	+0.0128%	1h	1,048.1	−0.107%	$759K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,048.9	−0.029%	$32K	$1K	10x	as long as short
GRVT MU_USDT_Perp	+0.0158%	8h	1,049	−0.022%	$81K	$1.3M	10x	as long as short
Aster MUUSD1	+0.0203%	8h	1,049.2	−0.002%	$21.6M	$50.1M	20x	as long as short
Variational Omni MU	+0.0204%	8h	1,049.1	−0.010%	$2.7M	$2.4M	—	as long as short
Binance MUUSDT	+0.0221%	8h	1,049.3	+0.010%	$126.9M	$524.9M	50x	as long as short
Bitget MUUSDT	+0.0278%	8h	1,049.4	+0.015%	$20.3M	$41.9M	50x	as long as short
Phoenix MUlong	+0.0304%	1h	1,049.2	long leg	$537K	$273K	15x
BloFin MU-USDT	+0.0368%	8h	1,049.8	+0.058%	$1.5M	$2.0M	20x	as long as short
RISEx MU/USDC	+0.0507%	1h	1,049.1	−0.013%	$333K	$348K	20x	as long as short