Funding you earn now, next payment 01:00 UTC−0.0254%/8h= −27.9% APRnext payment −$0.32 per $10,000 · paid last 24h −0.039%
Price spread now: tradeXYZ against Phoenix−0.029%61s7-day average −0.059% · you buy dearer than you sell
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−$440.442% of the position
Funding, last 7 days−0.210%−$21 on $10k
+Price spread, last 4 days (all we have)−0.051%−$5 · spread now −0.029%, 7d avg −0.059%
=Together, before fees−0.261%+ Points / potential airdroptradeXYZ: Active · farm board−$26 on $10k · with fees, hour by hour
The price spread pays, funding is against you. tradeXYZ is 0.030% dearer against Phoenix than usual: you sell high and buy low (spread −0.029% now, against its 7-day average of −0.059%): +$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 9 hours. At the pace of the last 7 days (−0.210% in total) that is about 24 hours. The two prices were read 61 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 | 0.0304 | pay 0.0038% / 1h | 14m 20s | $537K | $273K | 15x |
| Short | tradeXYZ xyz:MU | 1,049.9 | 0.0050 | get 0.0006% / 1h | 14m 20s | $178.2M | $99.6M | 10x |
Phoenix MU
tradeXYZ xyz:MUFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ 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
- −$53.41
- Price spread: −0.029% → −0.059%
- $3
- Slippage, 4 orders
- −$19.2
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$94.62
- Costs to cover
- 0.442%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 53 min ago; tradeXYZ: live order book, 6 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, 53 min ago | 3.80 bp | 12.1 bp −$12 | 26.3 bp −$263 | doesn't fit | doesn't fit |
| Sell tradeXYZ live order book, 6 min ago | 0.95 bp | 10.0 bp −$10 | 11.2 bp −$112 | 15.7 bp −$1,567 | 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 | −0.0876% | 4h | 1,049.5 | −0.068% | $1.3M | $672K | 10x | as long as short |
| Nado MU-PERP | −0.0004% | 1h | 1,049.7 | −0.048% | $277K | $854K | 10x | as long as short |
| Bybit MUUSDT | 0.0000% | 8h | 1,050.4 | +0.014% | $19.2M | $32.6M | 100x | as long as short |
| Gate MU_USDT | 0.0000% | 8h | 1,050 | −0.023% | $62.0M | $27.7M | 75x | as long as short |
| StandX MU-USD | 0.0000% | 1h | 1,049.6 | −0.057% | $190K | $3.4M | 20x | as long as short |
| Bullet MU-USD | 0.0000% | 1h | 1,050.2 | −0.003% | $25K | $394K | 10x | as long as short |
| SunX MU-USDT | 0.0000% | 8h | 1,051.4 | +0.113% | $11K | $6.0M | 10x | as long as short |
| Deribit MU_USDC-PERPETUAL | 0.0000% | 1h | 1,049.8 | −0.042% | $66K | $342K | 10x | as long as short |
| HTX MU-USDT | 0.0000% | 8h | 1,049.7 | −0.044% | $129K | $425K | 50x | as long as short |
| Aftermath Perps MUUSD | +0.0017% | 1h | 1,049.7 | −0.051% | $3K | $45K | 10x | as long as short |
edgeX MUUSDC
Nado MU-PERP
Bybit MUUSDT
Gate MU_USDT
StandX MU-USD
Bullet MU-USD
SunX MU-USDT
Deribit MU_USDC-PERPETUAL
HTX MU-USDT
Aftermath Perps MUUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter MU | +0.0032% | 1h | 1,049.8 | −0.034% | $1.1M | $4.8M | 20x | as long as short |
| Lighter RH MU | +0.0032% | 1h | 1,049.8 | −0.039% | $1.1M | $4.2M | 10x | as long as short |
| Extended MU_24_5-USD | +0.0032% | 1h | 1,049.3 | −0.088% | $567K | $1.1M | 10x | as long as short |
| QFEX MU-USD | +0.0040% | 1h | 1,049.8 | −0.037% | $7.4M | $19.3M | 10x | as long as short |
| Arcus MU-USD | +0.0040% | 1h | 1,049.7 | −0.048% | $71K | $236K | 10x | as long as short |
| Vest MU-USD-PERP | +0.0046% | 1h | 1,050.8 | +0.056% | — | $175K | 25x | as long as short |
| tradeXYZ xyz:MUshort | +0.0050% | 1h | 1,049.9 | −0.029% | $178.2M | $99.6M | 10x | |
| 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 | 1,050 | −0.024% | $689K | $16K | 10x | as long as short |
| OKX MU-USDT-SWAP | +0.0050% | 8h | 1,050.2 | −0.003% | $30.8M | $100.5M | 50x | as long as short |
| Ondo Perps MU-USD.P | +0.0050% | 1h | 1,049.3 | −0.084% | $1.9M | $2.3M | 10x | as long as short |
| GRVT MU_USDT_Perp | +0.0056% | 8h | 1,049.8 | −0.037% | $81K | $1.3M | 10x | as long as short |
| Paradex MU-USD-PERP | +0.0061% | 8h | 1,050.1 | −0.006% | $2K | — | 5x | as long as short |
| Pacifica MU | +0.0100% | 1h | 1,049.9 | −0.033% | $149K | $187K | 10x | as long as short |
| KuCoin MUUSDTM | +0.0100% | 8h | 1,049.8 | −0.041% | $5.3M | $3.5M | 20x | as long as short |
| ApeX Omni MUUSDT | +0.0100% | 1h | 1,049.9 | −0.032% | $71K | $268K | 50x | as long as short |
| Orderly PERP_MU_USDC_mythos | +0.0100% | 8h | 1,050.1 | −0.010% | $835 | $799 | 20x | as long as short |
| Injective MU/USDC PERP | +0.0107% | 1h | 1,051.4 | +0.110% | $19K | $5K | 12x | as long as short |
| Aevo MU-PERP | +0.0128% | 1h | 1,049.7 | −0.048% | $32K | $1K | 10x | as long as short |
| Coinbase International MU-PERP-INTX | +0.0128% | 1h | 1,050.3 | +0.008% | $757K | $1.2M | 10x | as long as short |
| Aster MUUSD1 | +0.0148% | 8h | 1,050 | −0.016% | $21.6M | $51.7M | 20x | as long as short |
| Variational Omni MU | +0.0171% | 8h | 1,049.8 | −0.038% | $2.7M | $2.4M | — | as long as short |
| Binance MUUSDT | +0.0188% | 8h | 1,050.1 | −0.007% | $126.5M | $523.1M | 50x | as long as short |
| Bitget MUUSDT | +0.0224% | 8h | 1,050.1 | −0.009% | $20.6M | $41.9M | 50x | as long as short |
| Phoenix MUlong | +0.0304% | 1h | 1,050.2 | long leg | $537K | $273K | 15x | |
| RISEx MU/USDC | +0.0507% | 1h | 1,050.2 | +0.004% | $334K | $349K | 20x | as long as short |
Lighter MU
Lighter RH MU
Extended MU_24_5-USD
QFEX MU-USD
Arcus MU-USD
Vest MU-USD-PERP
Polymarket Perps MU-USD
SoDEX MU-USD
OKX MU-USDT-SWAP
Ondo Perps MU-USD.P
GRVT MU_USDT_Perp
Paradex MU-USD-PERP
Pacifica MU
KuCoin MUUSDTM
ApeX Omni MUUSDT
Orderly PERP_MU_USDC_mythos
Injective MU/USDC PERP
Aevo MU-PERP
Coinbase International MU-PERP-INTX
Aster MUUSD1
Variational Omni MU
Binance MUUSDT
Bitget MUUSDT
RISEx MU/USDC