Funding you earn now, next payment 01:00 UTC+0.0666%/8h= +72.9% APRnext payment +$0.83 per $10,000 · paid last 24h +0.146%
Price spread now: Deribit against Backpack+0.009%7-day average +0.060% · you sell dearer than you buy
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$34as in the Price arb table
costs, in and out, $10k−$290.288% of the position
Funding, last 7 days+0.148%+$15 on $10k
+Price spread, last 3 days (all we have)+0.037%+$4 · spread now +0.009%, 7d avg +0.060%
=Funding pays, the price is against you. Deribit is 0.051% cheaper against Backpack than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.060%). If the spread goes back, that is −$5 on $10k: about 6 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.148% in total) that is about 2.4 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.148% in total (about 7.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.83 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 | Backpack XLM_USDC_PERP | 0.2168 | 0.0100 | pay 0.0013% / 1h | 15m 56s | $89K | $260K | 20x |
| Short | Deribit XLM_USDC-PERPETUAL | 0.2168 | 0.0766 | get 0.0096% / 1h | 15m 56s | $538K | $150K | 25x |
Backpack XLM_USDC_PERP
Deribit XLM_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. 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
- $139.86
- Price spread: +0.009% → +0.060%
- −$5.08
- Slippage, 4 orders
- −$11.83
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $105.95
- Costs to cover
- 0.288%
- Break-even
- 1.7 days
Slippage from Backpack: live order book, 57 min ago; Deribit: live order book, 58 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 Backpack live order book, 57 min ago | 0.23 bp | 6.2 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Deribit live order book, 58 min ago | 2.56 bp | 6.1 bp −$6 | 14.9 bp −$149 | doesn't fit | doesn't fit |
XLM on 31 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective XLM/USDC PERP | −0.5000% | 1h | 0.2157 | −0.498% | $736 | $241K | 12x | as long as short |
| gTrade (Gains Network) XLM/USD | L 0.0000% / S +0.0002% | 1h | 0.2165 | −0.149% | $4K | — | 150x | as long as short |
| dYdX XLM-USD | +0.0033% | 1h | 0.2164 | −0.193% | $23K | $2K | 10x | as long as short |
| Lighter XLM | +0.0096% | 1h | 0.2170 | +0.106% | $400K | $838K | 5x | as long as short |
| Binance XLMUSDT | +0.0100% | 8h | 0.2168 | +0.016% | $55.9M | $150.8M | 75x | as long as short |
| Bybit XLMUSDT | +0.0100% | 8h | 0.2168 | +0.009% | $44.3M | $44.0M | 75x | as long as short |
| OKX XLM-USDT-SWAP | +0.0100% | 8h | 0.2168 | −0.005% | $13.2M | $41.3M | 50x | as long as short |
| Gate XLM_USDT | +0.0100% | 8h | 0.2166 | −0.069% | $4.1M | $6.3M | 75x | as long as short |
| MEXC XLM_USDT | +0.0100% | 8h | 0.2168 | +0.009% | $25.2M | $26.6M | 300x | as long as short |
| KuCoin XLMUSDTM | +0.0100% | 8h | 0.2168 | +0.005% | $14.4M | $10.1M | 75x | as long as short |
Injective XLM/USDC PERP
gTrade (Gains Network) XLM/USD
dYdX XLM-USD
Lighter XLM
Binance XLMUSDT
Bybit XLMUSDT
OKX XLM-USDT-SWAP
Gate XLM_USDT
MEXC XLM_USDT
KuCoin XLMUSDTMShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget XLMUSDT | +0.0100% | 8h | 0.2169 | +0.037% | $25.9M | $19.6M | 75x | as long as short |
| BingX XLM-USDT | +0.0100% | 8h | 0.2168 | +0.005% | — | $7.1M | — | as long as short |
| Backpack XLM_USDC_PERPlong | +0.0100% | 1h | 0.2168 | long leg | $89K | $260K | 20x | |
| Variational Omni XLM | +0.0100% | 8h | 0.2165 | −0.122% | $284K | $1.3M | — | as long as short |
| edgeX XLMUSDC | +0.0100% | 4h | 0.2162 | −0.262% | $12K | $302K | 10x | as long as short |
| GRVT XLM_USDT_Perp | +0.0100% | 8h | 0.2162 | −0.251% | $609K | $590K | 10x | as long as short |
| ApeX Omni XLMUSDT | +0.0100% | 1h | 0.2161 | −0.300% | $173K | $257K | 50x | as long as short |
| Orderly PERP_XLM_USDC_mythos | +0.0100% | 4h | 0.2167 | −0.037% | $3K | $2K | 10x | as long as short |
| SunX XLM-USDT | +0.0100% | 8h | 0.2163 | −0.203% | $2K | $1.6M | 20x | as long as short |
| SoDEX XLM-USD | +0.0100% | 1h | 0.2168 | +0.005% | $2K | $6K | 5x | as long as short |
| HTX XLM-USDT | +0.0100% | 8h | 0.2165 | −0.125% | $200K | $257K | 20x | as long as short |
| Phemex XLMUSDT | +0.0100% | 8h | 0.2167 | −0.028% | $9.1M | $8.9M | 50x | as long as short |
| Extended XLM-USD | +0.0104% | 1h | 0.2168 | +0.009% | $197K | $1.7M | 10x | as long as short |
| Aster XLMUSDT | +0.0148% | 8h | 0.2166 | −0.065% | $581K | $660K | 75x | as long as short |
| Kraken Futures PF_XLMUSD | +0.0182% | 1h | 0.2168 | +0.020% | $2.6M | $2.6M | 50x | as long as short |
| BloFin XLM-USDT | +0.0220% | 8h | 0.2163 | −0.203% | $2.3M | $5.3M | 75x | as long as short |
| Phoenix XLM | +0.0223% | 1h | 0.2162 | −0.244% | $5K | $42K | 5x | as long as short |
| Coinbase International XLM-PERP-INTX | +0.0448% | 1h | 0.2167 | −0.014% | $233K | $1.5M | 50x | as long as short |
| Hyperliquid XLM | +0.0522% | 1h | 0.2170 | +0.120% | $12.6M | $6.3M | 5x | as long as short |
| GMX XLM/USD [WBTC.b-USDC] | L +0.0608% / S −0.1190% | 1h | 0.2164 | −0.154% | $174K | — | 100x | as long as short |
| Deribit XLM_USDC-PERPETUALshort | +0.0766% | 1h | 0.2168 | +0.009% | $538K | $150K | 25x |
Bitget XLMUSDT
BingX XLM-USDT
Variational Omni XLM
edgeX XLMUSDC
GRVT XLM_USDT_Perp
ApeX Omni XLMUSDT
Orderly PERP_XLM_USDC_mythos
SunX XLM-USDT
SoDEX XLM-USD
HTX XLM-USDT
Phemex XLMUSDT
Extended XLM-USD
Aster XLMUSDT
Kraken Futures PF_XLMUSD
BloFin XLM-USDT
Phoenix XLM
Coinbase International XLM-PERP-INTX
Hyperliquid XLM
GMX XLM/USD [WBTC.b-USDC]