MU

Alert: funding

Alert: spread

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: Phoenix against QFEX+0.059%7-day average +0.023% · 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−$35as in the Price arb table

costs, in and out, $10k−$380.381% of the position

Long on QFEX Short on Phoenix

What this pair did over the last

the charts below follow

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%

Together, before fees−0.055%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phoenix is 0.036% dearer against QFEX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.023%.

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	QFEX MU-USD	1,052	0.0034	pay 0.0004% / 1h	36m 51s	$7.2M	$17.9M	10x
Short	Phoenix MU	1,052.6	0.0304	get 0.0038% / 1h	36m 51s	$538K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.059%Rate

Funding earned: $56.6
Price spread: +0.059% → +0.023%: $3.55
Slippage, 4 orders: −$21.09
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $22.05
Costs to cover: 0.381%
Break-even: 4.3 days

Slippage from QFEX: live order book, 12 min ago; Phoenix: live order book, 21 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, 12 min ago	0.81 bp	5.9 bp −$6	6.3 bp −$63	10.6 bp −$1,057	doesn't fit
Sell Phoenix live order book, 21 min ago	3.80 bp	13.0 bp −$13	29.3 bp −$293	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	−0.0053%	4h	1,052.1	+0.015%	$1.3M	$671K	10x	as long as short
OKX MU-USDT-SWAP	0.0000%	8h	1,052.2	+0.025%	$31.2M	$99.8M	50x	as long as short
RISEx MU/USDC	0.0000%	1h	1,052.3	+0.032%	$333K	$348K	20x	as long as short
Gate MU_USDT	0.0000%	8h	1,052.1	+0.013%	$62.3M	$27.4M	75x	as long as short
GRVT MU_USDT_Perp	0.0000%	8h	1,052.6	+0.055%	$82K	$1.3M	10x	as long as short
StandX MU-USD	0.0000%	1h	1,051.7	−0.026%	$190K	$3.4M	20x	as long as short
SunX MU-USDT	0.0000%	8h	1,053.9	+0.183%	$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	+0.010%	$21.4M	$55.0M	20x	as long as short
Aftermath Perps MUUSD	+0.0018%	1h	1,052.3	+0.027%	$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
Bybit MUUSDT	+0.0022%	8h	1,052.5	+0.052%	$19.1M	$32.3M	100x	as long as short
Lighter RH MU	+0.0032%	1h	1,052.1	+0.010%	$1.3M	$4.4M	10x	as long as short
Extended MU_24_5-USD	+0.0032%	1h	1,051.7	−0.028%	$564K	$1.1M	10x	as long as short
Injective MU/USDC PERP	+0.0033%	1h	1,051.4	−0.059%	$19K	$5K	12x	as long as short
QFEX MU-USDlong	+0.0034%	1h	1,052	long leg	$7.2M	$17.9M	10x
Variational Omni MU	+0.0036%	8h	1,052.5	+0.048%	$2.7M	$2.4M	—	as long as short
Bullet MU-USD	+0.0038%	1h	1,052.2	+0.019%	$25K	$398K	10x	as long as short
Arcus MU-USD	+0.0040%	1h	1,052	0.000%	$71K	$234K	10x	as long as short
Nado MU-PERP	+0.0043%	1h	1,051.6	−0.032%	$282K	$842K	10x	as long as short
Vest MU-USD-PERP	+0.0046%	1h	1,053.1	+0.102%	—	$176K	25x	as long as short
Lighter MU	+0.0048%	1h	1,052.1	+0.014%	$1.1M	$5.1M	20x	as long as short
Polymarket Perps MU-USD	+0.0050%	1h	1,051.8	−0.017%	$171K	$202K	10x	as long as short
SoDEX MU-USD	+0.0050%	1h	1,052.1	+0.007%	$690K	$16K	10x	as long as short
Ondo Perps MU-USD.P	+0.0050%	1h	1,051.6	−0.041%	$1.9M	$2.2M	10x	as long as short
Paradex MU-USD-PERP	+0.0052%	8h	1,052.3	+0.029%	$2K	—	5x	as long as short
Binance MUUSDT	+0.0068%	8h	1,052.3	+0.031%	$126.8M	$517.1M	50x	as long as short
tradeXYZ xyz:MU	+0.0077%	1h	1,052	+0.002%	$178.8M	$99.0M	10x	as long as short
Coinbase International MU-PERP-INTX	+0.0080%	1h	1,052.1	+0.014%	$758K	$1.2M	10x	as long as short
Aevo MU-PERP	+0.0096%	1h	1,051.8	−0.020%	$32K	$1K	10x	as long as short
Pacifica MU	+0.0100%	1h	1,051.9	−0.005%	$148K	$185K	10x	as long as short
KuCoin MUUSDTM	+0.0100%	8h	1,051.9	−0.011%	$5.3M	$3.4M	20x	as long as short
ApeX Omni MUUSDT	+0.0100%	1h	1,052.3	+0.034%	$71K	$268K	50x	as long as short
Orderly PERP_MU_USDC_mythos	+0.0100%	8h	1,052.1	+0.010%	$836	$799	20x	as long as short
Bitget MUUSDT	+0.0116%	8h	1,052.3	+0.030%	$20.6M	$41.1M	50x	as long as short
Deribit MU_USDC-PERPETUAL	+0.0149%	1h	1,052	−0.001%	$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 MUshort	+0.0304%	1h	1,052.6	+0.059%	$538K	$271K	15x