Funding arb · Price arb /

XLM

all XLM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0356%/8h= +39.0% APRpaid last 24h +0.094%

Price spread now: Coinbase International against Phemex−0.123%7-day average +0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.304%+$30 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.123%, 7d avg +0.066%

Together, before fees+0.401%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.188% cheaper against Phemex than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of +0.066%). If the spread goes back, that is −$19 on $10k: about 42 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.304% in total) that is about 4.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XLMUSDT	0.2120	0.0100	pay 0.0100% / 8h	2h 12m	$8.8M	$9.0M	50x
Short	Coinbase International XLM-PERP-INTX	0.2117	0.0456	get 0.0057% / 1h	12m 16s	$226K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.123%Rate

Funding earned: $74.76
Price spread: −0.123% → +0.066%: −$18.82
Slippage, 4 orders: −$23.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $10.65
Costs to cover: 0.453%
Break-even: 6.0 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 1 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 Phemex live order book, 2 min ago	3.54 bp	9.8 bp −$10	16.9 bp −$169	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	4.24 bp	13.8 bp −$14	21.1 bp −$211	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	0.2119	−0.039%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	+0.236%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2123	+0.146%	$356K	$995K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2120	+0.002%	$562K	$634K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2122	+0.077%	$54.4M	$162.1M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2120	0.000%	$42.9M	$47.5M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2121	+0.066%	$12.3M	$44.3M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2119	−0.024%	$4.0M	$7.7M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2121	+0.066%	$24.2M	$28.5M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2121	+0.028%	$13.9M	$9.4M	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	0.2121	+0.028%	$25.5M	$22.8M	75x	as long as short
BingX XLM-USDC	+0.0100%	8h	0.2121	+0.038%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2122	+0.071%	$131K	$315K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2111	−0.417%	$252K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2114	−0.269%	$12K	$308K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2115	−0.217%	$586K	$603K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2114	−0.283%	$169K	$265K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2121	+0.047%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2118	−0.080%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2121	+0.052%	$578	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2120	+0.014%	$195K	$251K	20x	as long as short
Phemex XLMUSDTlong	+0.0100%	8h	0.2120	long leg	$8.8M	$9.0M	50x
Extended XLM-USD	+0.0104%	1h	0.2121	+0.029%	$189K	$1.8M	10x	as long as short
Kraken Futures PF_XLMUSD	+0.0142%	1h	0.2122	+0.086%	$2.6M	$2.7M	50x	as long as short
Hyperliquid XLM	+0.0184%	1h	0.2122	+0.108%	$12.1M	$6.6M	5x	as long as short
dYdX XLM-USD	+0.0198%	1h	0.2119	−0.030%	$23K	$2K	10x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2120	0.000%	$2.3M	$5.6M	75x	as long as short
Phoenix XLM	+0.0226%	1h	0.2115	−0.217%	$4K	$49K	5x	as long as short
Coinbase International XLM-PERP-INTXshort	+0.0456%	1h	0.2117	−0.123%	$226K	$1.6M	50x
GMX XLM/USD [WBTC.b-USDC]	L +0.0517% / S −0.0228%	1h	0.2119	−0.045%	$41K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.1071%	1h	0.2123	+0.127%	$526K	$164K	25x	as long as short