Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0283%/8h= −30.9% APRpaid last 24h −0.055%

Price spread now: Orderly against Phoenix+0.028%66s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Orderly is 0.028% dearer against Phoenix than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 66 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	1,050.2	0.0383	pay 0.0048% / 1h	24m 14s	$537K	$306K	15x
Short	Orderly PERP_MU_USDC_mythos	1,050.5	0.0100	get 0.0100% / 8h	7h 24m	$835	$799	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.028%Rate

Funding earned: −$59.34
Price spread: +0.028% → 0.000%: $2.76
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$69.58
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 48 min ago; Orderly: no order-book sample. Net counts fees only.

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, 48 min ago	2.87 bp	10.8 bp −$11	22.7 bp −$227	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0576%	4h	1,052.5	+0.222%	$1.3M	$672K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.2	+0.004%	$62.8M	$28.9M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,050.3	+0.012%	$190K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,051.7	+0.139%	$11K	$6.2M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.2	+0.003%	$129K	$424K	50x	as long as short
Aftermath Perps MUUSD	+0.0022%	1h	1,050.4	+0.023%	$3K	$45K	10x	as long as short
Lighter RH MU	+0.0032%	1h	1,050.2	−0.001%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.110%	$19K	$5K	12x	as long as short
Lighter MU	+0.0040%	1h	1,050.3	+0.011%	$1.1M	$4.8M	20x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.4	+0.117%	—	$179K	25x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MU-USD	+0.0050%	1h	1,050	−0.019%	$171K	$203K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.7	−0.049%	$1.9M	$2.3M	10x	as long as short
QFEX MU-USD	+0.0054%	1h	1,050.5	+0.024%	$7.7M	$22.0M	10x	as long as short
Nado MU-PERP	+0.0085%	1h	1,049.7	−0.050%	$274K	$857K	10x	as long as short
Paradex MU-USD-PERP	+0.0092%	8h	1,050.5	+0.028%	$2K	—	5x	as long as short
Pacifica MU	+0.0100%	1h	1,050.6	+0.041%	$148K	$186K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,050.2	−0.003%	$5.3M	$3.5M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,052	+0.168%	$71K	$267K	50x	as long as short
Orderly PERP_MU_USDC_mythosshort	+0.0100%	8h	1,050.5	+0.028%	$835	$799	20x
OKX MU-USDT-SWAP	+0.0104%	8h	1,050.4	+0.021%	$30.9M	$101.8M	50x	as long as short
SoDEX MU-USD	+0.0119%	1h	1,050.3	+0.011%	$689K	$16K	10x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,050	−0.018%	$32K	$1K	10x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0169%	1h	1,049.9	−0.026%	$64K	$304K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0184%	1h	1,048.4	−0.175%	$759K	$1.2M	10x	as long as short
Bybit MUUSDT	+0.0197%	8h	1,050.6	+0.033%	$19.4M	$32.6M	100x	as long as short
Bullet MU-USD	+0.0219%	1h	1,050.5	+0.028%	$26K	$396K	10x	as long as short
Variational Omni MU	+0.0224%	8h	1,051.7	+0.138%	$2.7M	$2.4M	—	as long as short
Aster MUUSD1	+0.0235%	8h	1,050.1	−0.006%	$21.6M	$48.3M	20x	as long as short
Binance MUUSDT	+0.0237%	8h	1,050.5	+0.024%	$126.0M	$522.6M	50x	as long as short
Arcus MU-USD	+0.0240%	1h	1,051.1	+0.084%	$71K	$243K	10x	as long as short
tradeXYZ xyz:MU	+0.0250%	1h	1,050.1	−0.010%	$178.3M	$100.3M	10x	as long as short
RISEx MU/USDC	+0.0312%	1h	1,050.4	+0.022%	$316K	$339K	20x	as long as short
BloFin MU-USDT	+0.0355%	8h	1,051.3	+0.102%	$1.5M	$2.0M	20x	as long as short
Bitget MUUSDT	+0.0377%	8h	1,050.3	+0.010%	$20.6M	$41.6M	50x	as long as short
Phoenix MUlong	+0.0383%	1h	1,050.2	long leg	$537K	$306K	15x
Extended MU_24_5-USD	+0.0384%	1h	1,049.8	−0.035%	$570K	$1.2M	10x	as long as short
GRVT MU_USDT_Perp	+0.0551%	8h	1,052.6	+0.226%	$83K	$1.3M	10x	as long as short