Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0123%/8h= +13.4% APRpaid last 24h +0.008%

Price spread now: Phoenix against Variational Omni−0.123%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.123% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.123% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 3.3 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XLM	0.2165	0.0100	pay 0.0100% / 8h	7h 13m	$284K	$1.3M	—
Short	Phoenix XLM	0.2162	0.0223	get 0.0028% / 1h	13m 17s	$5K	$42K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.123%Rate

Funding earned: $25.76
Price spread: −0.123% → 0.000%: −$12.31
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $6.45
Costs to cover: 0.070%
Break-even: 5.2 days

Slippage unknown: Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	6.92 bp	doesn't fit	16.1 bp −$161	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
Injective XLM/USDC PERP	−0.5000%	1h	0.2157	−0.377%	$736	$241K	12x	as long as short
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2169	+0.186%	$4K	—	150x	as long as short
dYdX XLM-USD	+0.0045%	1h	0.2170	+0.203%	$24K	$2K	10x	as long as short
Lighter XLM	+0.0096%	1h	0.2174	+0.390%	$400K	$838K	5x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2170	+0.228%	$55.9M	$150.5M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2170	+0.223%	$44.5M	$44.0M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2170	+0.209%	$13.2M	$41.3M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2170	+0.219%	$4.1M	$6.3M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2171	+0.251%	$25.2M	$26.6M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2170	+0.242%	$14.4M	$10.1M	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	0.2170	+0.219%	$25.9M	$19.7M	75x	as long as short
BingX XLM-USDT	+0.0100%	8h	0.2170	+0.237%	—	$7.1M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2171	+0.279%	$89K	$260K	20x	as long as short
Variational Omni XLMlong	+0.0100%	8h	0.2165	long leg	$284K	$1.3M	—
edgeX XLMUSDC	+0.0100%	4h	0.2168	+0.152%	$12K	$303K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2169	+0.197%	$611K	$590K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2168	+0.149%	$174K	$257K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2170	+0.223%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2168	+0.126%	$2K	$1.6M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2169	+0.191%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2170	+0.219%	$200K	$257K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2171	+0.256%	$9.1M	$9.0M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2170	+0.221%	$194K	$1.7M	10x	as long as short
Aster XLMUSDT	+0.0154%	8h	0.2171	+0.258%	$582K	$660K	75x	as long as short
Kraken Futures PF_XLMUSD	+0.0182%	1h	0.2169	+0.168%	$2.6M	$2.6M	50x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2169	+0.168%	$2.3M	$5.3M	75x	as long as short
Phoenix XLMshort	+0.0223%	1h	0.2162	−0.123%	$5K	$42K	5x
Coinbase International XLM-PERP-INTX	+0.0448%	1h	0.2171	+0.288%	$235K	$1.5M	50x	as long as short
Hyperliquid XLM	+0.0529%	1h	0.2173	+0.345%	$12.6M	$6.3M	5x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0613% / S −0.1214%	1h	0.2169	+0.166%	$175K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0764%	1h	0.2171	+0.283%	$539K	$150K	25x	as long as short