Funding you earn now, next payment 09:00 UTC−0.0215%/8h= −23.5% APRnext payment −$0.27 per $10,000 · paid last 24h −0.067%
Price spread now: SoDEX against Phoenix+0.323%7-day average −0.029% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$500.500% of the position
Funding, last 4 days (all we have)−0.033%−$3 on $10k
+Price spread, last 4 days (all we have)−0.336%−$34 · spread now +0.323%, 7d avg −0.029%
=The price spread pays, funding is against you. SoDEX is 0.352% dearer against Phoenix than usual: you sell high and buy low (spread +0.323% now, against its 7-day average of −0.029%): +$35 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 5.5 days. At the pace of the last 4 days (−0.033% in total) that is about 38 days.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MU | 1,035.5 | 0.0310 | pay 0.0039% / 1h | 5m 20s | $530K | $269K | 15x |
| Short | SoDEX MU-USD | 1,038.8 | 0.0095 | get 0.0012% / 1h | 5m 20s | $682K | $13K | 10x |
Phoenix MU
SoDEX MU-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
SoDEX 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
- −$45.15
- Price spread: +0.323% → −0.029%
- $35.2
- Slippage, 4 orders
- −$34.97
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee SoDEX: 4 bp × 2 orders
- −$8
- Net
- −$59.93
- Costs to cover
- 0.500%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 45 min ago; SoDEX: live order book, 46 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, 45 min ago | 3.87 bp | 13.2 bp −$13 | 29.1 bp −$291 | doesn't fit | doesn't fit |
| Sell SoDEX live order book, 46 min ago | 0.05 bp | 11.8 bp −$12 | 41.3 bp −$413 | doesn't fit | doesn't fit |
MU on 37 exchanges
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 | −0.0946% | 4h | 1,035.7 | +0.015% | $1.3M | $695K | 10x | as long as short |
| Aster MUUSD1 | 0.0000% | 8h | 1,039.8 | +0.419% | $21.3M | $73.1M | 20x | as long as short |
| Binance MUUSDT | 0.0000% | 8h | 1,038.6 | +0.299% | $121.5M | $553.7M | 50x | as long as short |
| OKX MU-USDT-SWAP | 0.0000% | 8h | 1,039.2 | +0.357% | $29.6M | $107.6M | 50x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,039.5 | +0.387% | $61.8M | $28.2M | 75x | as long as short |
| Bitget MUUSDT | 0.0000% | 8h | 1,038.9 | +0.331% | $19.9M | $43.4M | 50x | as long as short |
| Variational Omni MU | 0.0000% | 8h | 1,039.1 | +0.347% | $2.6M | $2.6M | — | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,037.4 | +0.183% | $188K | $3.7M | 20x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,040.6 | +0.492% | $11K | $5.1M | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,039.2 | +0.356% | $119K | $475K | 50x | as long as short |
edgeX MUUSDC
Aster MUUSD1
Binance MUUSDT
OKX MU-USDT-SWAP
Gate MU_USDT
Bitget MUUSDT
Variational Omni MU
StandX MU-USD
SunX MU-USDT
HTX MU-USDTShow all 37 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH MU | +0.0032% | 1h | 1,038.7 | +0.311% | $1.2M | $4.6M | 10x | as long as short |
| Aftermath Perps MUUSD | +0.0032% | 1h | 1,036 | +0.053% | $3K | $42K | 10x | as long as short |
| Injective MU/USDC PERP | +0.0033% | 1h | 1,051.4 | +1.532% | $19K | $5K | 12x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,040.1 | +0.440% | — | $177K | 25x | as long as short |
| Polymarket Perps MU-USD | +0.0050% | 1h | 1,039.5 | +0.386% | $168K | $178K | 10x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,038.6 | +0.295% | $1.9M | $3.2M | 10x | as long as short |
| Bybit MUUSDT | +0.0058% | 8h | 1,039.8 | +0.412% | $18.9M | $32.5M | 100x | as long as short |
| QFEX MU-USD | +0.0059% | 1h | 1,039.4 | +0.376% | $7.0M | $19.2M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0075% | 8h | 1,039.4 | +0.373% | $2K | — | 5x | as long as short |
| Aevo MU-PERP | +0.0080% | 1h | 1,039 | +0.335% | $32K | $1K | 10x | as long as short |
| SoDEX MU-USDshort | +0.0095% | 1h | 1,038.8 | +0.323% | $682K | $13K | 10x | |
| Pacifica MU | +0.0100% | 1h | 1,039.4 | +0.379% | $147K | $223K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,038.8 | +0.321% | $5.2M | $5.7M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,038.6 | +0.296% | $70K | $270K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,038.8 | +0.323% | $826 | $799 | 20x | as long as short |
| RISEx MU/USDC | +0.0107% | 1h | 1,039.7 | +0.407% | $296K | $351K | 20x | as long as short |
| Deribit MU_USDC-PERPETUAL | +0.0116% | 1h | 1,038.8 | +0.320% | $39K | $711K | 10x | as long as short |
| BloFin MU-USDT | +0.0120% | 8h | 1,039 | +0.339% | $1.4M | $2.5M | 20x | as long as short |
| Nado MU-PERP | +0.0124% | 1h | 1,038.9 | +0.326% | $273K | $840K | 10x | as long as short |
| Arcus MU-USD | +0.0139% | 1h | 1,039.2 | +0.361% | $90K | $148K | 10x | as long as short |
| Lighter MU | +0.0152% | 1h | 1,038.9 | +0.332% | $1.0M | $5.1M | 20x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0152% | 1h | 1,035.4 | −0.011% | $734K | $1.1M | 10x | as long as short |
| tradeXYZ xyz:MU | +0.0185% | 1h | 1,039.4 | +0.377% | $177.1M | $75.6M | 10x | as long as short |
| Bullet MU-USD | +0.0211% | 1h | 1,039.8 | +0.418% | $25K | $386K | 10x | as long as short |
| GRVT MU_USDT_Perp | +0.0215% | 8h | 1,038.1 | +0.256% | $81K | $1.4M | 10x | as long as short |
| Phoenix MUlong | +0.0310% | 1h | 1,035.5 | long leg | $530K | $269K | 15x | |
| Extended MU_24_5-USD | +0.0328% | 1h | 1,038.4 | +0.284% | $552K | $1.1M | 10x | as long as short |
Lighter RH MU
Aftermath Perps MUUSD
Injective MU/USDC PERP
Vest MU-USD-PERP
Polymarket Perps MU-USD
Ondo Perps MU-USD.P
Bybit MUUSDT
QFEX MU-USD
Paradex MU-USD-PERP
Aevo MU-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
RISEx MU/USDC
Deribit MU_USDC-PERPETUAL
BloFin MU-USDT
Nado MU-PERP
Arcus MU-USD
Lighter MU
Coinbase International MU-PERP-INTX
tradeXYZ xyz:MU
Bullet MU-USD
GRVT MU_USDT_Perp
Extended MU_24_5-USD