Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.002%

Price spread now: Phoenix against Orderly−0.028%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Phoenix is 0.028% cheaper against Orderly than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 26 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XLM_USDC_mythos	0.2144	0.0100	pay 0.0050% / 4h	2h 24m	$3K	$2K	10x
Short	Phoenix XLM	0.2143	0.0187	get 0.0023% / 1h	24m 34s	$5K	$43K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.028%Rate

Funding earned: $18.18
Price spread: −0.028% → 0.000%: −$2.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.38
Costs to cover: 0.130%
Break-even: 6.1 days

Slippage unknown: Orderly: no order-book sample; Phoenix: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Orderly and Phoenix: 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
dYdX XLM-USD	0.0000%	1h	0.2145	+0.045%	$23K	$3K	10x	as long as short
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2145	+0.035%	$4K	—	150x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2145	+0.050%	$585K	$793K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2145	+0.042%	$55.3M	$145.0M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2144	+0.009%	$43.6M	$41.1M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2143	−0.028%	$13.0M	$40.5M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2145	+0.033%	$3.9M	$5.9M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2145	+0.051%	$25.1M	$25.2M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2144	+0.009%	$14.4M	$10.4M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2144	+0.009%	$25.7M	$17.9M	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	0.2144	+0.014%	—	$6.9M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2146	+0.093%	$102K	$221K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2142	−0.073%	$207K	$1.1M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2140	−0.164%	$12K	$297K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2141	−0.136%	$600K	$611K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2140	−0.201%	$171K	$255K	50x	as long as short
Orderly PERP_XLM_USDC_mythoslong	+0.0100%	4h	0.2144	long leg	$3K	$2K	10x
SunX XLM-USDT	+0.0100%	8h	0.2142	−0.098%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2145	+0.023%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2143	−0.065%	$200K	$267K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2144	−0.019%	$9.0M	$9.0M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2144	+0.022%	$193K	$1.6M	10x	as long as short
Phoenix XLMshort	+0.0187%	1h	0.2143	−0.028%	$5K	$43K	5x
BloFin XLM-USDT	+0.0220%	8h	0.2145	+0.070%	$2.3M	$6.3M	75x	as long as short
Injective XLM/USDC PERP	+0.0249%	1h	0.2127	−0.793%	$476	$154K	12x	as long as short
Hyperliquid XLM	+0.0255%	1h	0.2147	+0.131%	$12.0M	$5.8M	5x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0313% / S −0.0166%	1h	0.2144	+0.015%	$45K	—	100x	as long as short
Coinbase International XLM-PERP-INTX	+0.0408%	1h	0.2145	+0.051%	$228K	$1.5M	50x	as long as short
Kraken Futures PF_XLMUSD	+0.0550%	1h	0.2145	+0.054%	$2.6M	$2.6M	50x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0729%	1h	0.2146	+0.103%	$533K	$170K	25x	as long as short
Lighter XLM	+0.0824%	1h	0.2150	+0.271%	$429K	$788K	5x	as long as short