Funding you earn now, next payment 03:00 UTC−0.0270%/8h= −29.5% APRnext payment −$0.34 per $10,000 · paid last 24h −0.076%
Price spread now: QFEX against Phoenix−0.059%7-day average −0.023% · 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−$42as in the Price arb table
costs, in and out, $10k−$380.381% of the position
Funding, last 4 days (all we have)−0.069%−$7 on $10k
+Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.059%, 7d avg −0.023%
=Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and QFEX is 0.035% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.023%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.069% in total (about -7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.34 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 | 1,052.6 | 0.0304 | pay 0.0038% / 1h | 36m 52s | $538K | $271K | 15x |
| Short | QFEX MU-USD | 1,052 | 0.0034 | get 0.0004% / 1h | 36m 52s | $7.2M | $17.9M | 10x |
Phoenix MU
QFEX MU-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
QFEX 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
- −$56.6
- Price spread: −0.059% → −0.023%
- −$3.55
- Slippage, 4 orders
- −$21.09
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee QFEX: 5 bp × 2 orders
- −$10
- Net
- −$98.23
- Costs to cover
- 0.381%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 21 min ago; QFEX: live order book, 12 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, 21 min ago | 3.80 bp | 13.0 bp −$13 | 29.2 bp −$292 | doesn't fit | doesn't fit |
| Sell QFEX live order book, 12 min ago | 0.81 bp | 6.2 bp −$6 | 6.2 bp −$62 | 11.5 bp −$1,151 | 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 | −0.0053% | 4h | 1,052.1 | −0.044% | $1.3M | $671K | 10x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,052.2 | −0.034% | $31.2M | $99.8M | 50x | as long as short |
| RISEx MU/USDC | 0.0000% | 1h | 1,052.3 | −0.027% | $333K | $348K | 20x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,052.1 | −0.046% | $62.3M | $27.4M | 75x | as long as short |
| GRVT MU_USDT_Perp | 0.0000% | 8h | 1,052.6 | −0.004% | $82K | $1.3M | 10x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,051.7 | −0.085% | $190K | $3.4M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,053.9 | +0.124% | $11K | $5.8M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,052.3 | −0.029% | $131K | $436K | 50x | as long as short |
| Aster MUUSD1 | +0.0004% | 8h | 1,052.1 | −0.049% | $21.4M | $55.0M | 20x | as long as short |
| Aftermath Perps MUUSD | +0.0018% | 1h | 1,052.3 | −0.032% | $3K | $45K | 10x | as long as short |
edgeX MUUSDC
OKX MU-USDT-SWAP
RISEx MU/USDC
Gate MU_USDT
GRVT MU_USDT_Perp
StandX MU-USD
SunX MU-USDT
HTX MU-USDT
Aster MUUSD1
Aftermath Perps MUUSDShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit MUUSDT | +0.0022% | 8h | 1,052.5 | −0.007% | $19.1M | $32.3M | 100x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,052.1 | −0.048% | $1.3M | $4.4M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,051.7 | −0.086% | $564K | $1.1M | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | −0.118% | $19K | $5K | 12x | as long as short |
| QFEX MU-USDshort | +0.0034% | 1h | 1,052 | −0.059% | $7.2M | $17.9M | 10x | |
| Variational Omni MU | +0.0036% | 8h | 1,052.5 | −0.011% | $2.7M | $2.4M | — | as long as short |
| Bullet MU-USD | +0.0038% | 1h | 1,052.2 | −0.040% | $25K | $398K | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,052 | −0.059% | $71K | $234K | 10x | as long as short |
| Nado MU-PERP | +0.0043% | 1h | 1,051.6 | −0.091% | $282K | $842K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,053.1 | +0.043% | — | $176K | 25x | as long as short |
| Lighter MU | +0.0048% | 1h | 1,052.1 | −0.045% | $1.1M | $5.1M | 20x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,051.8 | −0.076% | $171K | $202K | 10x | as long as short |
| SoDEX MU-USD | +0.0050% | 1h | 1,052.1 | −0.052% | $690K | $16K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,051.6 | −0.100% | $1.9M | $2.2M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0052% | 8h | 1,052.3 | −0.030% | $2K | — | 5x | as long as short |
| Binance MUUSDT | +0.0068% | 8h | 1,052.3 | −0.028% | $126.8M | $517.1M | 50x | as long as short |
| tradeXYZ xyz:MU | +0.0077% | 1h | 1,052 | −0.057% | $178.8M | $99.0M | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0080% | 1h | 1,052.1 | −0.045% | $758K | $1.2M | 10x | as long as short |
| Aevo MU-PERP | +0.0096% | 1h | 1,051.8 | −0.079% | $32K | $1K | 10x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,051.9 | −0.064% | $148K | $185K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,051.9 | −0.070% | $5.3M | $3.4M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,052.3 | −0.025% | $71K | $268K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,052.1 | −0.049% | $836 | $799 | 20x | as long as short |
| Bitget MUUSDT | +0.0116% | 8h | 1,052.3 | −0.029% | $20.6M | $41.1M | 50x | as long as short |
| Deribit MU_USDC-PERPETUAL | +0.0149% | 1h | 1,052 | −0.060% | $69K | $419K | 10x | as long as short |
| BloFin MU-USDT | +0.0188% | 8h | 1,052.3 | −0.029% | $1.5M | $2.0M | 20x | as long as short |
| Phoenix MUlong | +0.0304% | 1h | 1,052.6 | long leg | $538K | $271K | 15x |
Bybit MUUSDT
Lighter RH MU
Extended MU_24_5-USD
Injective MU/USDC PERP
Variational Omni MU
Bullet MU-USD
Arcus MU-USD
Nado MU-PERP
Vest MU-USD-PERP
Lighter MU
Polymarket Perps MU-USD
SoDEX MU-USD
Ondo Perps MU-USD.P
Paradex MU-USD-PERP
Binance MUUSDT
tradeXYZ xyz:MU
Coinbase International MU-PERP-INTX
Aevo MU-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Bitget MUUSDT
Deribit MU_USDC-PERPETUAL
BloFin MU-USDT