Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h +0.125%

Price spread now: Backpack against Binance−0.175%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs+$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.956%+$96 on $10k

Price spread, last 4 days (all we have)+0.125%+$12 · spread now −0.175%, 7d avg −0.081%

Together, before fees+1.080%+$108 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.095% cheaper against Binance than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.081%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.956%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XMRUSDT	573.57	0.0546	pay 0.0546% / 8h	3h 33m	$52.4M	$163.6M	75x
Short	Backpack XMR_USDC_PERP	572.56	0.0474	get 0.0059% / 1h	33m 15s	$169K	$532K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.175%Rate

Funding earned: −$15.11
Price spread: −0.175% → −0.081%: −$9.49
Slippage, 4 orders: −$17.76
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$62.35
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Backpack: live order book, 21 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 Binance live order book, 10 min ago	0.09 bp	13.7 bp −$14	28.7 bp −$287	doesn't fit	doesn't fit
Sell Backpack live order book, 21 min ago	0.87 bp	5.9 bp −$6	27.0 bp −$270	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 −0.0008%	1h	572.32	−0.217%	$50K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	582.55	+1.566%	$3K	$3K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	573.92	+0.062%	$1.0M	$645K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	572.95	−0.108%	$2K	$1.9M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	572.00	−0.273%	$1.1M	$1.6M	20x	as long as short
Aevo XMR-PERP	+0.0216%	1h	573.92	+0.062%	$12K	—	3x	as long as short
Kraken Futures PF_XMRUSD	+0.0226%	1h	572.42	−0.200%	$5.4M	$19.4M	50x	as long as short
KuCoin XMRUSDTM	+0.0343%	8h	572.70	−0.151%	$44.9M	$26.3M	50x	as long as short
Backpack XMR_USDC_PERPshort	+0.0474%	1h	572.56	−0.175%	$169K	$532K	20x
Gate XMR_USDT	+0.0478%	8h	573.38	−0.033%	$1.6M	$4.5M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XMR	+0.0520%	1h	573.66	+0.017%	$3.1M	$7.5M	10x	as long as short
Bitget XMRUSDT	+0.0522%	8h	573.32	−0.043%	$9.4M	$13.5M	50x	as long as short
BingX XMR-USDT	+0.0535%	8h	573.80	+0.041%	—	$5.6M	—	as long as short
MEXC XMR_USDT	+0.0543%	8h	573.74	+0.030%	$19.8M	$14.7M	100x	as long as short
Binance XMRUSDTlong	+0.0546%	8h	573.57	long leg	$52.4M	$163.6M	75x
Bybit XMRUSDT	+0.0594%	8h	573.49	−0.013%	$46.7M	$64.4M	75x	as long as short
Extended XMR-USD	+0.0656%	1h	573.62	+0.010%	$3.1M	$8.3M	25x	as long as short
Pacifica XMR	+0.0682%	1h	572.93	−0.112%	$264K	$1.0M	10x	as long as short
Aster XMRUSDT	+0.0695%	8h	573.24	−0.058%	$636K	$2.3M	75x	as long as short
Polymarket Perps XMR-USD	+0.0760%	1h	573.26	−0.053%	$27K	$2.2M	5x	as long as short
BloFin XMR-USDT	+0.0894%	8h	573.65	+0.015%	$2.7M	$11.2M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0936%	8h	574.38	+0.143%	$338K	$726K	10x	as long as short
dYdX XMR-USD	+0.0957%	1h	571.67	−0.331%	$104K	$44K	5x	as long as short
Paradex XMR-USD-PERP	+0.0980%	8h	573.17	−0.070%	$8K	$4K	20x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0988% / S −0.1254%	1h	572.15	−0.248%	$589K	—	100x	as long as short
Nado XMR-PERP	+0.1088%	1h	573.84	+0.049%	$1.3M	$458K	10x	as long as short
Variational Omni XMR	+0.1103%	8h	573.42	−0.025%	$6.3M	$2.4M	—	as long as short
Orderly PERP_XMR_USDC	+0.1126%	8h	573.56	−0.001%	$40K	$735K	10x	as long as short
Hyperliquid XMR	+0.1254%	1h	573.37	−0.034%	$86.3M	$71.3M	5x	as long as short
SoDEX XMR-USD	+0.1406%	1h	573.76	+0.034%	$436K	$3K	5x	as long as short
Aftermath Perps XMRUSD	+0.1931%	1h	573.44	−0.022%	$1K	$44K	10x	as long as short