Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0264%/8h= −28.9% APRpaid last 24h −0.001%

Price spread now: SunX against Backpack−0.362%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$182as in the Price arb table

costs, in and out, $10k−$1411.411% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 3 days (all we have)+0.441%+$44 · spread now −0.362%, 7d avg +0.044%

Together, before fees+0.482%+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and SunX is 0.405% cheaper against Backpack than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of +0.044%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% 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	Backpack XLM_USDC_PERP	0.2184	0.0364	pay 0.0046% / 1h	37m 26s	$105K	$259K	20x
Short	SunX XLM-USDT	0.2176	0.0100	get 0.0100% / 8h	1h 37m	$2K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Backpack. 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 BackpackbpFee SunXbpOrdersPrice spread, now −0.362%Rate

Funding earned: −$55.5
Price spread: −0.362% → +0.044%: −$40.55
Slippage, 4 orders: −$123.1
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$237.15
Costs to cover: 1.411%
Break-even: never at this rate

Slippage from Backpack: live order book, 46 min ago; SunX: live order book, 18 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, 46 min ago	0.70 bp	8.0 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 18 min ago	29.33 bp	76.0 bp −$76	doesn't fit	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
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2188	+0.165%	$4K	—	150x	as long as short
dYdX XLM-USD	+0.0010%	1h	0.2179	−0.223%	$24K	$3K	10x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2181	−0.158%	$593K	$800K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2179	−0.238%	$56.9M	$149.8M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2178	−0.270%	$44.3M	$43.4M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2177	−0.307%	$13.3M	$42.1M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2179	−0.229%	$4.0M	$6.0M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2179	−0.211%	$26.4M	$26.1M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2179	−0.220%	$14.7M	$10.6M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2178	−0.275%	$26.0M	$19.0M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XLM-USDT	+0.0100%	8h	0.2179	−0.247%	—	$7.0M	—	as long as short
Variational Omni XLM	+0.0100%	8h	0.2192	+0.378%	$312K	$1.2M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2188	+0.198%	$12K	$299K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2187	+0.128%	$606K	$617K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2185	+0.046%	$175K	$256K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2187	+0.137%	$3K	$2K	10x	as long as short
SunX XLM-USDTshort	+0.0100%	8h	0.2176	−0.362%	$2K	$1.7M	20x
SoDEX XLM-USD	+0.0100%	1h	0.2184	+0.009%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2185	+0.032%	$202K	$272K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2183	−0.041%	$9.2M	$9.1M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2178	−0.276%	$195K	$1.6M	10x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2190	+0.266%	$2.4M	$6.2M	75x	as long as short
Phoenix XLM	+0.0221%	1h	0.2182	−0.096%	$5K	$41K	5x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0318% / S −0.0167%	1h	0.2188	+0.168%	$46K	—	100x	as long as short
Hyperliquid XLM	+0.0321%	1h	0.2180	−0.194%	$12.3M	$6.1M	5x	as long as short
Backpack XLM_USDC_PERPlong	+0.0364%	1h	0.2184	long leg	$105K	$259K	20x
Coinbase International XLM-PERP-INTX	+0.0432%	1h	0.2187	+0.137%	$234K	$1.6M	50x	as long as short
Injective XLM/USDC PERP	+0.0475%	1h	0.2156	−1.282%	$116	$185K	12x	as long as short
Kraken Futures PF_XLMUSD	+0.0501%	1h	0.2184	−0.018%	$2.7M	$2.7M	50x	as long as short
Lighter XLM	+0.0544%	1h	0.2183	−0.055%	$422K	$812K	5x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0620%	1h	0.2186	+0.082%	$542K	$174K	25x	as long as short