Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0216%/8h= −23.7% APRpaid last 24h −0.050%

Price spread now: Phemex against GMX+0.068%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.068% dearer against GMX than usual: you sell high and buy low (spread +0.068% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XLM/USD [WBTC.b-USDC]	0.2165	L +0.0316% / S −0.0167%	pay 0.0040% / 1h	35m 51s	$45K	—	100x
Short	Phemex XLMUSDT	0.2167	0.0100	get 0.0100% / 8h	7h 35m	$9.1M	$9.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GMX. 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 GMXbpFee PhemexbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$45.44
Price spread: +0.068% → 0.000%: $6.84
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$62.6
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.16 bp	8.4 bp −$8	17.8 bp −$178	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.380%	$736	$241K	12x	as long as short
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2165	−0.011%	$4K	—	150x	as long as short
dYdX XLM-USD	+0.0036%	1h	0.2164	−0.072%	$23K	$2K	10x	as long as short
Lighter XLM	+0.0096%	1h	0.2170	+0.198%	$400K	$838K	5x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2166	+0.031%	$55.9M	$150.9M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2166	+0.036%	$44.2M	$44.1M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2166	+0.031%	$13.2M	$41.5M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2166	+0.022%	$4.1M	$6.3M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2166	+0.045%	$25.0M	$26.3M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2166	+0.031%	$14.4M	$10.2M	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	0.2166	+0.041%	$25.8M	$19.6M	75x	as long as short
BingX XLM-USDC	+0.0100%	8h	0.2166	+0.022%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2167	+0.078%	$89K	$269K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2166	+0.044%	$285K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2162	−0.130%	$12K	$301K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2160	−0.250%	$609K	$619K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2162	−0.172%	$173K	$257K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2166	+0.036%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2161	−0.186%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2167	+0.059%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2166	+0.031%	$200K	$256K	20x	as long as short
Phemex XLMUSDTshort	+0.0100%	8h	0.2167	+0.068%	$9.1M	$9.0M	50x
Extended XLM-USD	+0.0104%	1h	0.2166	+0.040%	$193K	$1.6M	10x	as long as short
Aster XLMUSDT	+0.0123%	8h	0.2166	+0.054%	$581K	$689K	75x	as long as short
Kraken Futures PF_XLMUSD	+0.0182%	1h	0.2167	+0.060%	$2.6M	$2.6M	50x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2165	−0.029%	$2.3M	$5.4M	75x	as long as short
Phoenix XLM	+0.0223%	1h	0.2161	−0.186%	$5K	$42K	5x	as long as short
GMX XLM/USD [WBTC.b-USDC]long	L +0.0316% / S −0.0167%	1h	0.2165	long leg	$45K	—	100x
Coinbase International XLM-PERP-INTX	+0.0448%	1h	0.2165	+0.008%	$229K	$1.5M	50x	as long as short
Hyperliquid XLM	+0.0506%	1h	0.2169	+0.184%	$12.5M	$6.2M	5x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0812%	1h	0.2168	+0.119%	$538K	$158K	25x	as long as short