Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.249%

Price spread now: Bybit against Backpack+0.507%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs+$8as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.179%−$118 on $10k

Price spread, last 4 days (all we have)−0.536%−$54 · spread now +0.507%, 7d avg +0.055%

Together, before fees−1.715%−$172 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.452% dearer against Backpack than usual: you sell high and buy low (spread +0.507% now, against its 7-day average of +0.055%): +$45 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XMR_USDC_PERP	589.31	0.0407	pay 0.0051% / 1h	12m 04s	$200K	$580K	20x
Short	Bybit XMRUSDT	592.30	0.0114	get 0.0114% / 8h	12m 04s	$48.1M	$64.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.507%Rate

Funding earned: −$61.39
Price spread: +0.507% → +0.055%: $45.19
Slippage, 4 orders: −$15.8
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53
Costs to cover: 0.368%
Break-even: from the start

Slippage from Backpack: live order book, 2 min ago; Bybit: live order book, 2 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, 2 min ago	0.34 bp	8.1 bp −$8	27.6 bp −$276	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.08 bp	12.1 bp −$12	27.5 bp −$275	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	588.45	−0.145%	$45K	—	150x	as long as short
edgeX XMRUSDC	+0.0100%	4h	592.50	+0.542%	$1.1M	$666K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	589.01	−0.051%	$2K	$2.0M	20x	as long as short
Bybit XMRUSDTshort	+0.0114%	8h	592.30	+0.507%	$48.1M	$64.1M	75x
Aevo XMR-PERP	+0.0160%	1h	589.91	+0.102%	$12K	—	3x	as long as short
Lighter XMR	+0.0304%	1h	589.91	+0.101%	$3.3M	$7.2M	10x	as long as short
Binance XMRUSDT	+0.0326%	8h	590.72	+0.239%	$54.0M	$165.6M	75x	as long as short
MEXC XMR_USDT	+0.0327%	8h	590.54	+0.209%	$21.7M	$15.1M	100x	as long as short
Backpack XMR_USDC_PERPlong	+0.0407%	1h	589.31	long leg	$200K	$580K	20x
BingX XMR-USDT	+0.0428%	8h	590.92	+0.273%	—	$5.8M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XMRUSDT	+0.0451%	8h	591.00	+0.287%	$9.7M	$14.5M	50x	as long as short
Kraken Futures PF_XMRUSD	+0.0467%	1h	588.91	−0.067%	$5.6M	$20.5M	50x	as long as short
BloFin XMR-USDT	+0.0471%	8h	591.12	+0.307%	$2.8M	$11.6M	75x	as long as short
Gate XMR_USDT	+0.0481%	8h	589.45	+0.024%	$1.6M	$4.6M	50x	as long as short
Variational Omni XMR	+0.0537%	8h	592.82	+0.595%	$6.8M	$2.6M	—	as long as short
Pacifica XMR	+0.0565%	1h	590.71	+0.238%	$276K	$1.1M	10x	as long as short
KuCoin XMRUSDTM	+0.0568%	8h	589.92	+0.104%	$48.2M	$26.0M	50x	as long as short
Aster XMRUSDT	+0.0590%	8h	589.85	+0.091%	$642K	$2.4M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0600%	8h	592.61	+0.560%	$348K	$785K	10x	as long as short
Polymarket Perps XMR-USD	+0.0846%	1h	589.72	+0.070%	$71K	$1.8M	5x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0868% / S −0.2449%	1h	588.36	−0.162%	$547K	—	100x	as long as short
Paradex XMR-USD-PERP	+0.0888%	8h	589.83	+0.089%	$8K	$4K	20x	as long as short
Orderly PERP_XMR_USDC	+0.0957%	8h	589.99	+0.115%	$42K	$733K	10x	as long as short
SoDEX XMR-USD	+0.1004%	1h	590.17	+0.146%	$449K	$3K	5x	as long as short
Nado XMR-PERP	+0.1180%	1h	590.17	+0.146%	$1.3M	$468K	10x	as long as short
Injective XMR/USDC PERP	+0.1312%	1h	596.76	+1.264%	$3K	$6K	12x	as long as short
Hyperliquid XMR	+0.1731%	1h	591.06	+0.297%	$89.2M	$71.9M	5x	as long as short
HTX XMR-USDT	+0.1791%	8h	589.00	−0.053%	$1.1M	$1.5M	20x	as long as short
dYdX XMR-USD	+0.1810%	1h	590.16	+0.144%	$107K	$50K	5x	as long as short
Extended XMR-USD	+0.1952%	1h	590.05	+0.125%	$3.2M	$7.0M	25x	as long as short
Aftermath Perps XMRUSD	+0.2365%	1h	590.94	+0.276%	$2K	$46K	10x	as long as short