Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0444%/8h= +48.7% APRpaid last 24h +0.072%

Price spread now: Kraken Futures against Binance−0.439%54s7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as 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−$690.689% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 4 days (all we have)+0.319%+$32 · spread now −0.439%, 7d avg −0.165%

Together, before fees+0.602%+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.273% cheaper against Binance than usual: you would sell low and buy high (spread −0.439% now, against its 7-day average of −0.165%). If the spread goes back, that is −$27 on $10k: about 2.0 days of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.283% in total) that is about 6.8 days. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.283% in total (about 14.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XMRUSDT	582.92	0.0517	pay 0.0517% / 8h	5h 36m	$53.1M	$166.9M	75x
Short	Kraken Futures PF_XMRUSD	580.36	0.0961	get 0.0120% / 1h	36m 22s	$5.5M	$20.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.439%Rate

Funding earned: $93.3
Price spread: −0.439% → −0.165%: −$27.32
Slippage, 4 orders: −$48.92
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$2.93
Costs to cover: 0.689%
Break-even: 7.2 days

Slippage from Binance: live order book, 7 min ago; Kraken Futures: live order book, 3 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, 7 min ago	0.26 bp	12.0 bp −$12	23.1 bp −$231	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	5.95 bp	30.1 bp −$30	48.9 bp −$489	177.1 bp −$17.7K	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 −0.0010%	1h	581.37	−0.265%	$45K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	582.55	−0.063%	$3K	$6K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	582.20	−0.123%	$1.0M	$657K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	581.01	−0.327%	$2K	$1.9M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	581.99	−0.159%	$1.1M	$1.6M	20x	as long as short
Aevo XMR-PERP	+0.0208%	1h	581.76	−0.199%	$12K	—	3x	as long as short
dYdX XMR-USD	+0.0383%	1h	580.94	−0.338%	$105K	$50K	5x	as long as short
Polymarket Perps XMR-USD	+0.0467%	1h	582.08	−0.143%	$31K	$2.1M	5x	as long as short
Binance XMRUSDTlong	+0.0517%	8h	582.92	long leg	$53.1M	$166.9M	75x
MEXC XMR_USDT	+0.0517%	8h	582.58	−0.058%	$20.6M	$15.2M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XMR	+0.0544%	1h	581.98	−0.160%	$3.3M	$7.1M	10x	as long as short
Backpack XMR_USDC_PERP	+0.0566%	1h	581.48	−0.246%	$170K	$539K	20x	as long as short
Gate XMR_USDT	+0.0608%	8h	582.34	−0.099%	$1.6M	$4.5M	50x	as long as short
Bitget XMRUSDT	+0.0610%	8h	582.92	+0.001%	$9.6M	$14.2M	50x	as long as short
BingX XMR-USDT	+0.0620%	8h	582.90	−0.003%	—	$5.7M	—	as long as short
Bybit XMRUSDT	+0.0641%	8h	582.93	+0.003%	$47.3M	$64.8M	75x	as long as short
Aster XMRUSDT	+0.0707%	8h	581.41	−0.258%	$648K	$2.4M	75x	as long as short
KuCoin XMRUSDTM	+0.0771%	8h	582.13	−0.135%	$47.9M	$26.1M	50x	as long as short
BloFin XMR-USDT	+0.0790%	8h	582.13	−0.135%	$2.7M	$11.4M	75x	as long as short
Kraken Futures PF_XMRUSDshort	+0.0961%	1h	580.36	−0.439%	$5.5M	$20.0M	50x
Nado XMR-PERP	+0.0976%	1h	583.01	+0.016%	$1.3M	$464K	10x	as long as short
Paradex XMR-USD-PERP	+0.0979%	8h	581.91	−0.172%	$8K	$4K	20x	as long as short
GRVT XMR_USDT_Perp	+0.0986%	8h	581.62	−0.223%	$344K	$766K	10x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0995% / S −0.1304%	1h	581.58	−0.229%	$648K	—	100x	as long as short
Pacifica XMR	+0.0996%	1h	582.39	−0.090%	$264K	$1.1M	10x	as long as short
Variational Omni XMR	+0.1074%	8h	582.21	−0.121%	$6.6M	$2.4M	—	as long as short
Orderly PERP_XMR_USDC	+0.1097%	8h	582.71	−0.035%	$42K	$736K	10x	as long as short
Hyperliquid XMR	+0.1131%	1h	582.61	−0.052%	$87.6M	$71.5M	5x	as long as short
SoDEX XMR-USD	+0.1274%	1h	581.99	−0.159%	$442K	$3K	5x	as long as short
Extended XMR-USD	+0.1328%	1h	582.24	−0.116%	$3.1M	$8.0M	25x	as long as short
Aftermath Perps XMRUSD	+0.2577%	1h	582.47	−0.076%	$2K	$46K	10x	as long as short