Funding arb · Price arb /

MU

RWAall MU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.015%

Price spread now: KuCoin against QFEX−0.001%7-day average +0.003% · 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−$40as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.050%+$5 on $10k

Price spread, last 7 days+0.056%+$6 · spread now −0.001%, 7d avg +0.003%

Together, before fees+0.106%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX MU-USD	1,050.1	0.0030	pay 0.0004% / 1h	24m 53s	$7.2M	$18.1M	10x
Short	KuCoin MUUSDTM	1,050.1	0.0100	get 0.0100% / 8h	5h 24m	$5.3M	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against QFEX. 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 QFEXbpFee KuCoinbpOrdersPrice spread, now −0.001%Rate

Funding earned: $14.77
Price spread: −0.001% → +0.003%: −$0.44
Slippage, 4 orders: −$17.57
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$25.25
Costs to cover: 0.396%
Break-even: 19.0 days

Slippage from QFEX: live order book, 4 min ago; KuCoin: live order book, 3 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 QFEX live order book, 4 min ago	0.52 bp	5.5 bp −$6	5.5 bp −$55	11.0 bp −$1,095	doesn't fit
Sell KuCoin live order book, 3 min ago	3.10 bp	15.2 bp −$15	27.2 bp −$272	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	−0.0861%	4h	1,049.9	−0.018%	$1.3M	$671K	10x	as long as short
Bybit MUUSDT	0.0000%	8h	1,050.8	+0.063%	$19.1M	$32.3M	100x	as long as short
RISEx MU/USDC	0.0000%	1h	1,050.3	+0.021%	$333K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,050.2	+0.011%	$62.1M	$27.5M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,050.2	+0.010%	$85K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,050.1	−0.005%	$190K	$3.5M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,052	+0.179%	$11K	$5.9M	10x	as long as short
Deribit MU_USDC-PERPETUAL	0.0000%	1h	1,050	−0.015%	$67K	$377K	10x	as long as short
HTX MU-USDT	0.0000%	8h	1,050.1	−0.002%	$129K	$429K	50x	as long as short
Aftermath Perps MUUSD	+0.0020%	1h	1,050	−0.007%	$3K	$45K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MU-USDT-SWAP	+0.0021%	8h	1,050.6	+0.047%	$31.0M	$99.8M	50x	as long as short
QFEX MU-USDlong	+0.0030%	1h	1,050.1	long leg	$7.2M	$18.1M	10x
Lighter RH MU	+0.0032%	1h	1,050.1	−0.005%	$1.2M	$4.3M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	+0.119%	$19K	$5K	12x	as long as short
Extended MU_24_5-USD	+0.0040%	1h	1,049.6	−0.045%	$564K	$1.1M	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,050	−0.007%	$71K	$235K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,051.2	+0.099%	—	$175K	25x	as long as short
Lighter MU	+0.0048%	1h	1,050.2	+0.009%	$1.1M	$4.9M	20x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,049.9	−0.020%	$170K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,050.1	+0.002%	$689K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,049.8	−0.027%	$1.9M	$2.3M	10x	as long as short
Nado MU-PERP	+0.0052%	1h	1,050	−0.006%	$282K	$848K	10x	as long as short
Paradex MU-USD-PERP	+0.0056%	8h	1,050.3	+0.019%	$2K	—	5x	as long as short
tradeXYZ xyz:MU	+0.0058%	1h	1,049.9	−0.020%	$178.1M	$99.2M	10x	as long as short
Aster MUUSD1	+0.0063%	8h	1,050.3	+0.018%	$21.4M	$52.9M	20x	as long as short
Bullet MU-USD	+0.0067%	1h	1,050.3	+0.018%	$25K	$398K	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0096%	1h	1,049.9	−0.016%	$756K	$1.2M	10x	as long as short
Pacifica MU	+0.0100%	1h	1,050.2	+0.010%	$149K	$185K	10x	as long as short
KuCoin MUUSDTMshort	+0.0100%	8h	1,050.1	−0.001%	$5.3M	$3.4M	20x
ApeX Omni MUUSDT	+0.0100%	1h	1,049.7	−0.035%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,050.2	+0.010%	$835	$799	20x	as long as short
Variational Omni MU	+0.0101%	8h	1,050.2	+0.006%	$2.7M	$2.4M	—	as long as short
Aevo MU-PERP	+0.0112%	1h	1,049.8	−0.029%	$32K	$1K	10x	as long as short
Bitget MUUSDT	+0.0119%	8h	1,050.4	+0.026%	$20.6M	$41.1M	50x	as long as short
Binance MUUSDT	+0.0128%	8h	1,050.4	+0.029%	$126.5M	$518.7M	50x	as long as short
Phoenix MU	+0.0229%	1h	1,050.4	+0.028%	$537K	$271K	15x	as long as short
BloFin MU-USDT	+0.0248%	8h	1,050.3	+0.019%	$1.5M	$2.0M	20x	as long as short