Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.166%

Price spread now: Bitget against Backpack+0.122%49s7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$150as 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−$460.457% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−1.038%−$104 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.122%, 7d avg +0.071%

Together, before fees−1.191%−$119 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.051% dearer against Backpack than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of +0.071%): +$5 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 7 hours. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XMR_USDC_PERP	598.08	0.0979	pay 0.0122% / 1h	2m 12s	$204K	$575K	20x
Short	Bitget XMRUSDT	598.81	0.0418	get 0.0418% / 8h	1h 02m	$10.0M	$14.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$117.78
Price spread: +0.122% → +0.071%: $5.11
Slippage, 4 orders: −$23.7
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$158.38
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Backpack: live order book, 17 min ago; Bitget: live order book, 1 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, 17 min ago	1.68 bp	6.8 bp −$7	26.2 bp −$262	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.76 bp	15.1 bp −$15	23.9 bp −$239	doesn't fit	doesn't fit

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	598.21	+0.021%	$45K	—	150x	as long as short
Bybit XMRUSDT	+0.0100%	8h	599.38	+0.217%	$48.8M	$62.2M	75x	as long as short
edgeX XMRUSDC	+0.0100%	4h	598.01	−0.012%	$1.1M	$666K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	598.01	−0.012%	$2K	$1.9M	20x	as long as short
Aevo XMR-PERP	+0.0160%	1h	598.88	+0.134%	$12K	—	3x	as long as short
MEXC XMR_USDT	+0.0325%	8h	598.95	+0.145%	$22.4M	$15.0M	100x	as long as short
Binance XMRUSDT	+0.0326%	8h	599.31	+0.205%	$54.9M	$163.4M	75x	as long as short
Variational Omni XMR	+0.0338%	8h	597.86	−0.036%	$6.9M	$2.6M	—	as long as short
Kraken Futures PF_XMRUSD	+0.0381%	1h	597.97	−0.018%	$5.7M	$20.3M	50x	as long as short
Pacifica XMR	+0.0387%	1h	598.93	+0.142%	$282K	$1.0M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XMR-USDT	+0.0396%	8h	599.08	+0.167%	—	$5.7M	—	as long as short
Bitget XMRUSDTshort	+0.0418%	8h	598.81	+0.122%	$10.0M	$14.2M	50x
BloFin XMR-USDT	+0.0458%	8h	598.86	+0.130%	$2.8M	$11.6M	75x	as long as short
Lighter XMR	+0.0480%	1h	598.61	+0.089%	$3.4M	$6.9M	10x	as long as short
Gate XMR_USDT	+0.0548%	8h	597.96	−0.020%	$1.7M	$4.6M	50x	as long as short
KuCoin XMRUSDTM	+0.0565%	8h	598.34	+0.043%	$48.7M	$25.8M	50x	as long as short
Aster XMRUSDT	+0.0571%	8h	598.34	+0.043%	$685K	$2.4M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0608%	8h	598.06	−0.004%	$349K	$797K	10x	as long as short
Injective XMR/USDC PERP	+0.0695%	1h	596.76	−0.221%	$3K	$6K	12x	as long as short
SoDEX XMR-USD	+0.0755%	1h	599.00	+0.154%	$455K	$3K	5x	as long as short
Polymarket Perps XMR-USD	+0.0782%	1h	598.95	+0.145%	$23K	$1.8M	5x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0811% / S −0.1291%	1h	597.97	−0.018%	$332K	—	100x	as long as short
Paradex XMR-USD-PERP	+0.0844%	8h	598.76	+0.114%	$8K	$4K	20x	as long as short
Orderly PERP_XMR_USDC	+0.0955%	8h	598.58	+0.084%	$44K	$729K	10x	as long as short
Backpack XMR_USDC_PERPlong	+0.0979%	1h	598.08	long leg	$204K	$575K	20x
Nado XMR-PERP	+0.1183%	1h	598.86	+0.130%	$1.3M	$475K	10x	as long as short
Extended XMR-USD	+0.1816%	1h	598.88	+0.133%	$3.1M	$6.9M	25x	as long as short
Hyperliquid XMR	+0.1868%	1h	599.29	+0.202%	$89.9M	$69.7M	5x	as long as short
HTX XMR-USDT	+0.1953%	8h	596.96	−0.187%	$1.1M	$1.5M	20x	as long as short
dYdX XMR-USD	+0.2119%	1h	597.32	−0.127%	$108K	$50K	5x	as long as short
Aftermath Perps XMRUSD	+0.2353%	1h	597.97	−0.019%	$2K	$47K	10x	as long as short