Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0087%/8h= −9.6% APRpaid last 24h −0.010%

Price spread now: Bybit against Phoenix+0.056%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Bybit

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

The price spread pays, funding is against you. Bybit is 0.056% dearer against Phoenix than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XLM	0.2127	0.0187	pay 0.0023% / 1h	27m 13s	$5K	$46K	5x
Short	Bybit XLMUSDT	0.2128	0.0100	get 0.0100% / 8h	6h 27m	$42.8M	$46.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$18.33
Price spread: +0.056% → 0.000%: $5.64
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.69
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 2 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 Phoenix no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	2.35 bp	12.4 bp −$12	17.2 bp −$172	78.8 bp −$7,885	doesn't fit

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 30 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	0.2128	+0.061%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	−0.094%	$683	$241K	12x	as long as short
dYdX XLM-USD	+0.0057%	1h	0.2128	+0.035%	$23K	$2K	10x	as long as short
Lighter XLM	+0.0096%	1h	0.2130	+0.127%	$359K	$901K	5x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2129	+0.094%	$54.0M	$155.2M	75x	as long as short
Bybit XLMUSDTshort	+0.0100%	8h	0.2128	+0.056%	$42.8M	$46.3M	75x
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2129	+0.085%	$12.7M	$41.9M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2129	+0.089%	$4.1M	$6.7M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2130	+0.155%	$23.8M	$26.8M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2129	+0.108%	$14.1M	$10.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XLMUSDT	+0.0100%	8h	0.2129	+0.113%	$25.5M	$20.7M	75x	as long as short
BingX XLM-USDC	+0.0100%	8h	0.2129	+0.113%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2129	+0.075%	$89K	$262K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2123	−0.180%	$254K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2125	−0.088%	$11K	$301K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2125	−0.099%	$594K	$611K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2122	−0.230%	$170K	$257K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2129	+0.094%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2127	0.000%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2129	+0.080%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2127	0.000%	$196K	$262K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2128	+0.056%	$8.9M	$8.9M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2129	+0.084%	$191K	$1.8M	10x	as long as short
Aster XLMUSDT	+0.0131%	8h	0.2128	+0.066%	$569K	$631K	75x	as long as short
Phoenix XLMlong	+0.0187%	1h	0.2127	long leg	$5K	$46K	5x
Hyperliquid XLM	+0.0218%	1h	0.2131	+0.188%	$12.3M	$6.4M	5x	as long as short
Kraken Futures PF_XLMUSD	+0.0380%	1h	0.2129	+0.095%	$2.6M	$2.7M	50x	as long as short
Coinbase International XLM-PERP-INTX	+0.0440%	1h	0.2131	+0.202%	$232K	$1.5M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0517% / S −0.0193%	1h	0.2128	+0.055%	$44K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0831%	1h	0.2131	+0.169%	$529K	$150K	25x	as long as short