Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0451%/8h= −49.4% APRpaid last 24h +0.085%

Price spread now: Backpack against GRVT−0.151%7-day average −0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.737%+$74 on $10k

Price spread, last 4 days (all we have)−0.231%−$23 · spread now −0.151%, 7d avg −0.103%

Together, before fees+0.506%+ Points / potential airdropGRVT: Active · farm board+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Backpack is 0.048% cheaper against GRVT than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.103%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.737%, 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	GRVT XMR_USDT_Perp	574.38	0.0936	pay 0.0936% / 8h	3h 32m	$338K	$726K	10x
Short	Backpack XMR_USDC_PERP	573.52	0.0485	get 0.0061% / 1h	32m 32s	$169K	$533K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$94.75
Price spread: −0.151% → −0.103%: −$4.76
Slippage, 4 orders: −$26.32
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$144.83
Costs to cover: 0.453%
Break-even: never at this rate

Slippage from GRVT: live order book, 20 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 GRVT live order book, 20 min ago	1.13 bp	12.3 bp −$12	20474.4 bp −$204.7K	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	−0.359%	$50K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	582.55	+1.422%	$3K	$3K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	573.92	−0.080%	$1.0M	$645K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	572.95	−0.250%	$2K	$1.9M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	572.00	−0.415%	$1.1M	$1.6M	20x	as long as short
Aevo XMR-PERP	+0.0216%	1h	573.92	−0.081%	$12K	—	3x	as long as short
Kraken Futures PF_XMRUSD	+0.0226%	1h	572.42	−0.342%	$5.4M	$19.4M	50x	as long as short
KuCoin XMRUSDTM	+0.0343%	8h	573.16	−0.213%	$44.9M	$26.3M	50x	as long as short
Gate XMR_USDT	+0.0477%	8h	573.60	−0.137%	$1.6M	$4.5M	50x	as long as short
Backpack XMR_USDC_PERPshort	+0.0485%	1h	573.52	−0.151%	$169K	$533K	20x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XMR	+0.0520%	1h	573.88	−0.088%	$3.1M	$7.5M	10x	as long as short
Bitget XMRUSDT	+0.0522%	8h	573.74	−0.112%	$9.4M	$13.5M	50x	as long as short
BingX XMR-USDT	+0.0535%	8h	573.95	−0.076%	—	$5.6M	—	as long as short
MEXC XMR_USDT	+0.0546%	8h	573.80	−0.102%	$19.8M	$14.7M	100x	as long as short
Binance XMRUSDT	+0.0546%	8h	573.89	−0.086%	$52.4M	$163.6M	75x	as long as short
Bybit XMRUSDT	+0.0596%	8h	574.00	−0.067%	$46.8M	$64.4M	75x	as long as short
Extended XMR-USD	+0.0656%	1h	573.76	−0.109%	$3.1M	$8.3M	25x	as long as short
Pacifica XMR	+0.0682%	1h	573.80	−0.102%	$265K	$1.0M	10x	as long as short
Aster XMRUSDT	+0.0695%	8h	573.65	−0.128%	$636K	$2.3M	75x	as long as short
Polymarket Perps XMR-USD	+0.0760%	1h	573.26	−0.196%	$27K	$2.2M	5x	as long as short
BloFin XMR-USDT	+0.0894%	8h	573.65	−0.128%	$2.7M	$11.2M	75x	as long as short
GRVT XMR_USDT_Perplong	+0.0936%	8h	574.38	long leg	$338K	$726K	10x
Paradex XMR-USD-PERP	+0.0985%	8h	573.79	−0.104%	$8K	$4K	20x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0988% / S −0.1254%	1h	572.15	−0.390%	$589K	—	100x	as long as short
dYdX XMR-USD	+0.1023%	1h	573.07	−0.228%	$104K	$44K	5x	as long as short
Nado XMR-PERP	+0.1082%	1h	573.90	−0.084%	$1.3M	$458K	10x	as long as short
Variational Omni XMR	+0.1103%	8h	573.42	−0.167%	$6.3M	$2.4M	—	as long as short
Orderly PERP_XMR_USDC	+0.1126%	8h	573.56	−0.144%	$40K	$735K	10x	as long as short
Hyperliquid XMR	+0.1250%	1h	573.70	−0.120%	$86.4M	$71.3M	5x	as long as short
SoDEX XMR-USD	+0.1406%	1h	573.76	−0.109%	$436K	$3K	5x	as long as short
Aftermath Perps XMRUSD	+0.1931%	1h	573.44	−0.164%	$1K	$44K	10x	as long as short