Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0126%/8h= +13.8% APRpaid last 24h +0.024%

Price spread now: Phoenix against Phemex−0.042%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 0.042% cheaper against Phemex than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 27 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XLMUSDT	0.2119	0.0100	pay 0.0100% / 8h	7h 48m	$8.7M	$8.8M	50x
Short	Phoenix XLM	0.2119	0.0226	get 0.0028% / 1h	48m 50s	$4K	$56K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.042%Rate

Funding earned: $26.52
Price spread: −0.042% → 0.000%: −$4.25
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.28
Costs to cover: 0.190%
Break-even: 6.1 days

Slippage unknown: Phemex: live order book, 5 min ago; 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 Phemex live order book, 5 min ago	4.73 bp	12.5 bp −$13	20.4 bp −$204	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2120	+0.005%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	+0.264%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2122	+0.118%	$366K	$917K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2121	+0.093%	$562K	$583K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2120	+0.038%	$55.2M	$161.1M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2119	−0.019%	$43.6M	$46.5M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2120	+0.038%	$12.1M	$45.2M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2119	−0.024%	$3.9M	$7.3M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2120	+0.033%	$24.4M	$28.7M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2120	+0.042%	$14.0M	$9.2M	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	0.2119	0.000%	$25.6M	$23.0M	75x	as long as short
BingX XLM-USDC	+0.0100%	8h	0.2120	+0.014%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2120	+0.047%	$130K	$347K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2122	+0.130%	$253K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2118	−0.070%	$12K	$308K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2119	−0.033%	$590K	$551K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2117	−0.094%	$170K	$265K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2121	+0.075%	$3K	$247	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2117	−0.094%	$2K	$1.6M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2120	+0.024%	$577	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2123	+0.189%	$196K	$219K	20x	as long as short
Phemex XLMUSDTlong	+0.0100%	8h	0.2119	long leg	$8.7M	$8.8M	50x
Extended XLM-USD	+0.0104%	1h	0.2120	+0.006%	$189K	$1.0M	10x	as long as short
dYdX XLM-USD	+0.0171%	1h	0.2120	+0.007%	$23K	$2K	10x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2120	+0.028%	$2.3M	$5.4M	75x	as long as short
Phoenix XLMshort	+0.0226%	1h	0.2119	−0.042%	$4K	$56K	5x
Coinbase International XLM-PERP-INTX	+0.0328%	1h	0.2121	+0.090%	$218K	$1.7M	50x	as long as short
Kraken Futures PF_XLMUSD	+0.0340%	1h	0.2120	+0.024%	$2.5M	$2.6M	50x	as long as short
Hyperliquid XLM	+0.0417%	1h	0.2122	+0.109%	$12.1M	$6.4M	5x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0517% / S −0.0247%	1h	0.2119	0.000%	$39K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0788%	1h	0.2122	+0.104%	$526K	$149K	25x	as long as short