Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0154%/8h= +16.9% APRpaid last 24h −0.124%

Price spread now: BingX against Backpack−0.022%7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

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

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.935%−$93 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.022%, 7d avg +0.083%

Together, before fees−0.945%−$95 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.105% cheaper against Backpack than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.083%). If the spread goes back, that is −$10 on $10k: about 2.3 days of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.935%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XMR_USDC_PERP	598.76	0.0255	pay 0.0032% / 1h	35m 21s	$204K	$575K	20x
Short	BingX XMR-USDT	598.63	0.0409	get 0.0409% / 8h	35m 21s	—	$5.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $32.38
Price spread: −0.022% → +0.083%: −$10.46
Slippage, 4 orders: −$25.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$23.43
Costs to cover: 0.453%
Break-even: 12.1 days

Slippage from Backpack: live order book, 43 min ago; BingX: live order book, 15 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 Backpack live order book, 43 min ago	1.68 bp	6.8 bp −$7	26.2 bp −$262	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	3.57 bp	15.6 bp −$16	33.2 bp −$332	84.3 bp −$8,429	652.4 bp −$326.2K

XMR 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) XMR/USD	L +0.0010% / S −0.0009%	1h	597.53	−0.205%	$45K	—	150x	as long as short
Bybit XMRUSDT	+0.0100%	8h	598.78	+0.003%	$49.0M	$63.1M	75x	as long as short
edgeX XMRUSDC	+0.0100%	4h	599.04	+0.047%	$1.1M	$664K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	599.02	+0.043%	$2K	$2.0M	20x	as long as short
Lighter XMR	+0.0104%	1h	598.14	−0.104%	$3.4M	$6.9M	10x	as long as short
Aevo XMR-PERP	+0.0160%	1h	599.60	+0.140%	$12K	—	3x	as long as short
Backpack XMR_USDC_PERPlong	+0.0255%	1h	598.76	long leg	$204K	$575K	20x
MEXC XMR_USDT	+0.0317%	8h	598.31	−0.075%	$22.2M	$14.9M	100x	as long as short
Binance XMRUSDT	+0.0318%	8h	598.42	−0.056%	$54.8M	$164.3M	75x	as long as short
BingX XMR-USDTshort	+0.0409%	8h	598.63	−0.022%	—	$5.7M	—

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XMRUSDT	+0.0430%	8h	598.38	−0.063%	$10.0M	$14.3M	50x	as long as short
Variational Omni XMR	+0.0439%	8h	599.98	+0.203%	$6.9M	$2.6M	—	as long as short
BloFin XMR-USDT	+0.0449%	8h	599.32	+0.094%	$2.8M	$11.7M	75x	as long as short
Kraken Futures PF_XMRUSD	+0.0459%	1h	598.31	−0.075%	$5.7M	$20.5M	50x	as long as short
Gate XMR_USDT	+0.0502%	8h	597.79	−0.162%	$1.7M	$4.6M	50x	as long as short
Pacifica XMR	+0.0565%	1h	598.48	−0.047%	$281K	$1.1M	10x	as long as short
KuCoin XMRUSDTM	+0.0573%	8h	598.14	−0.104%	$48.9M	$26.0M	50x	as long as short
Aster XMRUSDT	+0.0587%	8h	598.90	+0.023%	$684K	$2.4M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0594%	8h	599.70	+0.158%	$352K	$794K	10x	as long as short
SoDEX XMR-USD	+0.0675%	1h	599.42	+0.110%	$456K	$3K	5x	as long as short
Polymarket Perps XMR-USD	+0.0689%	1h	598.78	+0.003%	$22K	$1.7M	5x	as long as short
Paradex XMR-USD-PERP	+0.0850%	8h	598.18	−0.096%	$8K	$4K	20x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0883% / S −0.2497%	1h	597.46	−0.216%	$564K	—	100x	as long as short
Orderly PERP_XMR_USDC	+0.0946%	8h	598.35	−0.068%	$44K	$729K	10x	as long as short
Nado XMR-PERP	+0.1160%	1h	598.27	−0.082%	$1.3M	$476K	10x	as long as short
Injective XMR/USDC PERP	+0.1312%	1h	596.76	−0.334%	$3K	$6K	12x	as long as short
Hyperliquid XMR	+0.1721%	1h	599.27	+0.085%	$90.4M	$70.4M	5x	as long as short
Extended XMR-USD	+0.1752%	1h	598.47	−0.049%	$3.2M	$6.9M	25x	as long as short
HTX XMR-USDT	+0.1988%	8h	598.27	−0.082%	$1.1M	$1.5M	20x	as long as short
Aftermath Perps XMRUSD	+0.2312%	1h	598.73	−0.004%	$2K	$47K	10x	as long as short
dYdX XMR-USD	+0.2574%	1h	597.01	−0.292%	$108K	$50K	5x	as long as short