Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0769%/8h= −84.2% APRpaid last 24h −0.159%

Price spread now: Phemex against Deribit−0.126%7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.300%−$30 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.126%, 7d avg −0.055%

Together, before fees−0.241%−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Phemex is 0.070% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.055%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.300% in total (about -15.6% 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	Deribit XLM_USDC-PERPETUAL	0.2147	0.0869	pay 0.0109% / 1h	2m 41s	$532K	$110K	25x
Short	Phemex XLMUSDT	0.2145	0.0100	get 0.0100% / 8h	7h 02m	$8.8M	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$161.49
Price spread: −0.126% → −0.055%: −$7.05
Slippage, 4 orders: −$13.79
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$201.33
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Deribit: live order book, 31 min ago; Phemex: live order book, 6 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 Deribit live order book, 31 min ago	4.26 bp	7.8 bp −$8	14.8 bp −$148	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.87 bp	9.1 bp −$9	17.4 bp −$174	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	0.2144	−0.131%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	−1.039%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2147	−0.009%	$370K	$933K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2147	−0.035%	$569K	$545K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2145	−0.128%	$55.6M	$155.9M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2143	−0.200%	$44.4M	$44.7M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2143	−0.186%	$12.3M	$45.2M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2144	−0.140%	$4.0M	$7.4M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2146	−0.070%	$24.4M	$29.5M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2145	−0.107%	$13.9M	$9.0M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XLMUSDT	+0.0100%	8h	0.2145	−0.126%	$26.1M	$22.8M	75x	as long as short
BingX XLM-USDT	+0.0100%	8h	0.2145	−0.112%	—	$7.0M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2145	−0.088%	$121K	$329K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2141	−0.287%	$256K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2141	−0.309%	$12K	$309K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2143	−0.194%	$591K	$548K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2140	−0.359%	$171K	$252K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2146	−0.061%	$3K	$247	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2144	−0.149%	$2K	$1.5M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2145	−0.084%	$584	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2144	−0.149%	$198K	$189K	20x	as long as short
Phemex XLMUSDTshort	+0.0100%	8h	0.2145	−0.126%	$8.8M	$8.7M	50x
Extended XLM-USD	+0.0104%	1h	0.2145	−0.125%	$191K	$704K	10x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2147	−0.023%	$2.3M	$5.4M	75x	as long as short
Phoenix XLM	+0.0226%	1h	0.2142	−0.270%	$4K	$56K	5x	as long as short
Coinbase International XLM-PERP-INTX	+0.0328%	1h	0.2142	−0.233%	$215K	$1.6M	50x	as long as short
Kraken Futures PF_XLMUSD	+0.0336%	1h	0.2146	−0.043%	$2.6M	$2.6M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0497% / S −0.0231%	1h	0.2144	−0.156%	$38K	—	100x	as long as short
Hyperliquid XLM	+0.0557%	1h	0.2147	+0.005%	$12.4M	$6.0M	5x	as long as short
dYdX XLM-USD	+0.0845%	1h	0.2143	−0.179%	$27K	$5K	10x	as long as short
Deribit XLM_USDC-PERPETUALlong	+0.0869%	1h	0.2147	long leg	$532K	$110K	25x