Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0218%/8h= −23.9% APRpaid last 24h +0.242%

Price spread now: Backpack against Bybit−0.182%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs+$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+1.173%+$117 on $10k

Price spread, last 4 days (all we have)+0.206%+$21 · spread now −0.182%, 7d avg −0.056%

Together, before fees+1.379%+$138 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.127% cheaper against Bybit than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.056%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.173%, 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	Bybit XMRUSDT	586.50	0.1145	pay 0.1145% / 8h	6h 55m	$47.1M	$65.0M	75x
Short	Backpack XMR_USDC_PERP	585.43	0.0927	get 0.0116% / 1h	55m 07s	$183K	$535K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.182%Rate

Funding earned: −$45.75
Price spread: −0.182% → −0.056%: −$12.66
Slippage, 4 orders: −$14.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$93.53
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 14 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 Bybit live order book, 4 min ago	0.09 bp	10.7 bp −$11	25.3 bp −$253	doesn't fit	doesn't fit
Sell Backpack live order book, 14 min ago	0.94 bp	6.0 bp −$6	26.1 bp −$261	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	583.94	−0.437%	$34K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	596.76	+1.749%	$3K	$4K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	585.54	−0.164%	$1.0M	$662K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	583.57	−0.500%	$2K	$2.0M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	584.09	−0.411%	$1.1M	$1.6M	20x	as long as short
Aevo XMR-PERP	+0.0192%	1h	585.09	−0.240%	$12K	—	3x	as long as short
MEXC XMR_USDT	+0.0436%	8h	586.00	−0.085%	$21.2M	$15.2M	100x	as long as short
Binance XMRUSDT	+0.0440%	8h	586.35	−0.026%	$53.7M	$167.6M	75x	as long as short
Gate XMR_USDT	+0.0529%	8h	585.51	−0.169%	$1.6M	$4.6M	50x	as long as short
Bitget XMRUSDT	+0.0570%	8h	586.42	−0.014%	$9.6M	$14.4M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XMRUSDT	+0.0624%	8h	584.52	−0.338%	$650K	$2.5M	75x	as long as short
BloFin XMR-USDT	+0.0644%	8h	585.46	−0.177%	$2.8M	$11.5M	75x	as long as short
KuCoin XMRUSDTM	+0.0711%	8h	584.87	−0.278%	$48.0M	$26.0M	50x	as long as short
Pacifica XMR	+0.0821%	1h	583.86	−0.450%	$268K	$1.1M	10x	as long as short
GRVT XMR_USDT_Perp	+0.0894%	8h	583.84	−0.453%	$346K	$802K	10x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0913% / S −0.2700%	1h	583.66	−0.484%	$544K	—	100x	as long as short
Backpack XMR_USDC_PERPshort	+0.0927%	1h	585.43	−0.182%	$183K	$535K	20x
Variational Omni XMR	+0.0958%	8h	583.01	−0.595%	$6.6M	$2.7M	—	as long as short
Orderly PERP_XMR_USDC	+0.1047%	8h	585.33	−0.199%	$42K	$733K	10x	as long as short
BingX XMR-USDT	+0.1087%	8h	586.18	−0.055%	—	$5.8M	—	as long as short
Lighter XMR	+0.1144%	1h	585.18	−0.226%	$3.3M	$7.2M	10x	as long as short
Bybit XMRUSDTlong	+0.1145%	8h	586.50	long leg	$47.1M	$65.0M	75x
Paradex XMR-USD-PERP	+0.1241%	8h	583.49	−0.513%	$8K	$4K	20x	as long as short
Kraken Futures PF_XMRUSD	+0.1308%	1h	584.50	−0.341%	$5.6M	$20.5M	50x	as long as short
Polymarket Perps XMR-USD	+0.1382%	1h	584.66	−0.314%	$50K	$1.9M	5x	as long as short
Nado XMR-PERP	+0.1496%	1h	584.72	−0.303%	$1.3M	$464K	10x	as long as short
SoDEX XMR-USD	+0.1867%	1h	585.38	−0.191%	$445K	$3K	5x	as long as short
dYdX XMR-USD	+0.1961%	1h	582.43	−0.694%	$105K	$50K	5x	as long as short
Hyperliquid XMR	+0.1977%	1h	585.93	−0.097%	$88.7M	$73.2M	5x	as long as short
Extended XMR-USD	+0.2280%	1h	585.37	−0.193%	$3.1M	$8.1M	25x	as long as short
Aftermath Perps XMRUSD	+0.2679%	1h	584.72	−0.303%	$1K	$46K	10x	as long as short