Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.055%

Price spread now: Variational Omni against Phoenix−0.029%69s7-day average −0.016% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.026%−$3 on $10k

Price spread, last 3 days (all we have)+0.046%+$5 · spread now −0.029%, 7d avg −0.016%

Together, before fees+0.020%+ Points / potential airdropVariational Omni: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.026% in total (about -2.9% a year). A funding rate is set anew for every payment. 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	1,046.6	0.0460	pay 0.0057% / 1h	44m 19s	$535K	$306K	15x
Short	Variational Omni MU	1,046.3	0.0200	get 0.0200% / 8h	44m 19s	$2.6M	$2.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.029%Rate

Funding earned: −$54.62
Price spread: −0.029% → −0.016%: −$1.28
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$62.9
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 33 min ago; Variational Omni: RFQ quote, 5 min ago. 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, 33 min ago	3.83 bp	13.1 bp −$13	28.0 bp −$280	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	1.91 bp	doesn't fit	5.1 bp −$51	doesn't fit	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	−0.0477%	4h	1,045.5	−0.108%	$1.3M	$673K	10x	as long as short
Gate MU_USDT	0.0000%	8h	1,046.1	−0.045%	$63.1M	$29.0M	75x	as long as short
StandX MU-USD	0.0000%	1h	1,045.5	−0.101%	$189K	$3.3M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,048.3	+0.160%	$11K	$6.6M	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,045.8	−0.080%	$124K	$446K	50x	as long as short
Lighter RH MU	+0.0032%	1h	1,046.2	−0.040%	$1.2M	$4.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,050.7	+0.393%	$14K	$302	12x	as long as short
Aftermath Perps MUUSD	+0.0035%	1h	1,045.3	−0.121%	$3K	$45K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,046.2	−0.034%	—	$194K	25x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,046	−0.057%	$166K	$197K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps MU-USD.P	+0.0050%	1h	1,045.3	−0.124%	$2.0M	$2.7M	10x	as long as short
QFEX MU-USD	+0.0080%	1h	1,046	−0.060%	$7.9M	$24.0M	10x	as long as short
OKX MU-USDT-SWAP	+0.0081%	8h	1,046.3	−0.032%	$30.8M	$105.3M	50x	as long as short
SoDEX MU-USD	+0.0099%	1h	1,046.3	−0.032%	$687K	$16K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,046	−0.057%	$153K	$182K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,045.6	−0.097%	$5.2M	$3.9M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,045.6	−0.096%	$71K	$266K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,046.4	−0.023%	$832	$799	20x	as long as short
Bitget MUUSDT	+0.0136%	8h	1,046.1	−0.048%	$20.5M	$43.6M	50x	as long as short
Aevo MU-PERP	+0.0136%	1h	1,046.2	−0.039%	$33K	—	10x	as long as short
Paradex MU-USD-PERP	+0.0154%	8h	1,046	−0.053%	$2K	—	5x	as long as short
Aster MUUSD1	+0.0170%	8h	1,046.9	+0.026%	$21.6M	$47.3M	20x	as long as short
Lighter MU	+0.0184%	1h	1,046.2	−0.037%	$1.0M	$4.8M	20x	as long as short
Variational Omni MUshort	+0.0200%	8h	1,046.3	−0.029%	$2.6M	$2.5M	—
Binance MUUSDT	+0.0212%	8h	1,046.4	−0.021%	$124.9M	$533.2M	50x	as long as short
Coinbase International MU-PERP-INTX	+0.0224%	1h	1,045.5	−0.107%	$757K	$1.4M	10x	as long as short
Bullet MU-USD	+0.0238%	1h	1,046.3	−0.031%	$25K	$395K	10x	as long as short
Nado MU-PERP	+0.0249%	1h	1,045.5	−0.109%	$270K	$876K	10x	as long as short
GRVT MU_USDT_Perp	+0.0253%	8h	1,045.7	−0.082%	$77K	$1.4M	10x	as long as short
Bybit MUUSDT	+0.0285%	8h	1,046.6	+0.002%	$19.2M	$32.6M	100x	as long as short
tradeXYZ xyz:MU	+0.0299%	1h	1,046.2	−0.038%	$176.8M	$105.6M	10x	as long as short
BloFin MU-USDT	+0.0332%	8h	1,046	−0.054%	$1.4M	$2.0M	20x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0343%	1h	1,046.2	−0.035%	$62K	$260K	10x	as long as short
Phoenix MUlong	+0.0460%	1h	1,046.6	long leg	$535K	$306K	15x
Arcus MU-USD	+0.0462%	1h	1,045.8	−0.077%	$74K	$240K	10x	as long as short
RISEx MU/USDC	+0.0525%	1h	1,046.6	0.000%	$317K	$339K	20x	as long as short
Extended MU_24_5-USD	+0.0704%	1h	1,045.5	−0.107%	$540K	$1.1M	10x	as long as short