Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0368%/8h= −40.3% APRpaid last 24h −0.078%

Price spread now: GRVT against Backpack+0.218%7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.739%−$74 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now +0.218%, 7d avg +0.101%

Together, before fees−0.541%+ Points / potential airdropGRVT: Active · farm board−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.116% dearer against Backpack than usual: you sell high and buy low (spread +0.218% now, against its 7-day average of +0.101%): +$12 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XMR_USDC_PERP	570.00	0.1373	pay 0.0172% / 1h	40m 50s	$167K	$534K	20x
Short	GRVT XMR_USDT_Perp	571.24	0.1005	get 0.1005% / 8h	2h 40m	$330K	$728K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.218%Rate

Funding earned: −$77.26
Price spread: +0.218% → +0.101%: $11.61
Slippage, 4 orders: −$23
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$107.65
Costs to cover: 0.420%
Break-even: never at this rate

Slippage from Backpack: live order book, 8 min ago; GRVT: live order book, 7 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, 8 min ago	1.66 bp	6.9 bp −$7	33.1 bp −$331	doesn't fit	doesn't fit
Sell GRVT live order book, 7 min ago	1.14 bp	11.4 bp −$11	doesn't fit	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 −0.0003%	1h	569.31	−0.121%	$37K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	582.55	+2.202%	$3K	$3K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	571.22	+0.215%	$1.0M	$642K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	569.73	−0.047%	$2K	$1.9M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	570.65	+0.114%	$1.1M	$1.6M	20x	as long as short
Aevo XMR-PERP	+0.0232%	1h	570.70	+0.123%	$12K	—	3x	as long as short
KuCoin XMRUSDTM	+0.0295%	8h	570.06	+0.011%	$44.8M	$26.5M	50x	as long as short
Bitget XMRUSDT	+0.0563%	8h	570.51	+0.089%	$9.4M	$13.3M	50x	as long as short
MEXC XMR_USDT	+0.0606%	8h	570.49	+0.086%	$19.7M	$14.6M	100x	as long as short
Binance XMRUSDT	+0.0606%	8h	570.18	+0.032%	$52.2M	$161.6M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XMR_USDT	+0.0609%	8h	570.43	+0.075%	$1.5M	$4.3M	50x	as long as short
dYdX XMR-USD	+0.0625%	1h	569.32	−0.120%	$103K	$44K	5x	as long as short
BingX XMR-USDT	+0.0673%	8h	570.37	+0.065%	—	$5.7M	—	as long as short
Bybit XMRUSDT	+0.0709%	8h	570.10	+0.018%	$46.2M	$64.3M	75x	as long as short
Aster XMRUSDT	+0.0752%	8h	570.11	+0.020%	$639K	$2.3M	75x	as long as short
Kraken Futures PF_XMRUSD	+0.0752%	1h	569.18	−0.144%	$5.4M	$19.1M	50x	as long as short
Extended XMR-USD	+0.0768%	1h	570.32	+0.055%	$3.0M	$8.2M	25x	as long as short
Polymarket Perps XMR-USD	+0.0779%	1h	570.23	+0.040%	$28K	$2.2M	5x	as long as short
Paradex XMR-USD-PERP	+0.0884%	8h	570.49	+0.086%	$8K	$4K	20x	as long as short
Pacifica XMR	+0.0912%	1h	570.21	+0.037%	$264K	$1.0M	10x	as long as short
Lighter XMR	+0.0992%	1h	570.26	+0.046%	$3.1M	$7.5M	10x	as long as short
BloFin XMR-USDT	+0.0997%	8h	570.78	+0.137%	$2.7M	$11.1M	75x	as long as short
GRVT XMR_USDT_Perpshort	+0.1005%	8h	571.24	+0.218%	$330K	$728K	10x
GMX XMR/USD [WBTC.b-USDC]	L +0.1036% / S −0.1358%	1h	569.21	−0.138%	$589K	—	100x	as long as short
Orderly PERP_XMR_USDC	+0.1186%	8h	570.28	+0.049%	$40K	$714K	10x	as long as short
Variational Omni XMR	+0.1192%	8h	570.33	+0.057%	$6.3M	$2.3M	—	as long as short
Hyperliquid XMR	+0.1197%	1h	570.36	+0.063%	$86.0M	$71.4M	5x	as long as short
SoDEX XMR-USD	+0.1357%	1h	570.48	+0.084%	$434K	$3K	5x	as long as short
Backpack XMR_USDC_PERPlong	+0.1373%	1h	570.00	long leg	$167K	$534K	20x
Nado XMR-PERP	+0.1488%	1h	570.34	+0.060%	$1.3M	$455K	10x	as long as short
Aftermath Perps XMRUSD	+0.2101%	1h	570.33	+0.058%	$1K	$43K	10x	as long as short