Funding arb · Price arb /

XLM

all XLM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0263%/8h= +28.9% APRpaid last 24h +0.001%

Price spread now: Backpack against SunX+0.221%49s7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1411.412% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.280%−$28 · spread now +0.221%, 7d avg −0.046%

Together, before fees−0.321%−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.266% dearer against SunX than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of −0.046%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.041% in total (about -2.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XLM-USDT	0.2175	0.0100	pay 0.0100% / 8h	1h 54m	$2K	$1.7M	20x
Short	Backpack XLM_USDC_PERP	0.2180	0.0363	get 0.0045% / 1h	54m 13s	$103K	$239K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.221%Rate

Funding earned: $55.33
Price spread: +0.221% → −0.046%: $26.64
Slippage, 4 orders: −$123.19
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$59.23
Costs to cover: 1.412%
Break-even: 14.5 days

Slippage from SunX: live order book, 11 min ago; Backpack: live order book, 29 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 SunX live order book, 11 min ago	29.42 bp	47.9 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 29 min ago	0.70 bp	9.4 bp −$9	doesn't fit	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
dYdX XLM-USD	0.0000%	1h	0.2177	+0.064%	$24K	$3K	10x	as long as short
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2177	+0.057%	$4K	—	150x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2177	+0.071%	$592K	$800K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2176	+0.018%	$56.6M	$147.8M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2175	−0.018%	$44.2M	$42.4M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2174	−0.055%	$13.2M	$41.7M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2177	+0.074%	$4.0M	$5.9M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2176	+0.041%	$25.9M	$25.4M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2177	+0.074%	$14.6M	$10.5M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2176	+0.023%	$26.0M	$18.5M	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	0.2177	+0.083%	—	$7.0M	—	as long as short
Variational Omni XLM	+0.0100%	8h	0.2175	−0.004%	$242K	$1.1M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2171	−0.219%	$12K	$298K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2175	−0.030%	$604K	$610K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2167	−0.386%	$174K	$256K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2177	+0.074%	$3K	$2K	10x	as long as short
SunX XLM-USDTlong	+0.0100%	8h	0.2175	long leg	$2K	$1.7M	20x
SoDEX XLM-USD	+0.0100%	1h	0.2175	+0.005%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2180	+0.198%	$201K	$272K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2176	+0.018%	$9.2M	$9.1M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2176	+0.038%	$195K	$1.6M	10x	as long as short
Phoenix XLM	+0.0187%	1h	0.2170	−0.267%	$5K	$41K	5x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2181	+0.248%	$2.4M	$6.3M	75x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0315% / S −0.0166%	1h	0.2176	+0.022%	$45K	—	100x	as long as short
Backpack XLM_USDC_PERPshort	+0.0363%	1h	0.2180	+0.221%	$103K	$239K	20x
Coinbase International XLM-PERP-INTX	+0.0432%	1h	0.2179	+0.170%	$231K	$1.5M	50x	as long as short
Injective XLM/USDC PERP	+0.0475%	1h	0.2156	−0.892%	$116	$185K	12x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0485%	1h	0.2178	+0.120%	$541K	$174K	25x	as long as short
Kraken Futures PF_XLMUSD	+0.0502%	1h	0.2177	+0.075%	$2.6M	$2.6M	50x	as long as short
Hyperliquid XLM	+0.0508%	1h	0.2179	+0.163%	$12.3M	$6.0M	5x	as long as short
Lighter XLM	+0.0768%	1h	0.2179	+0.161%	$429K	$804K	5x	as long as short