Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0463%/8h= +50.7% APRpaid last 24h +0.201%

Price spread now: Backpack against KuCoin−0.023%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs+$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+1.057%+$106 on $10k

Price spread, last 4 days (all we have)+0.259%+$26 · spread now −0.023%, 7d avg +0.020%

Together, before fees+1.316%+$132 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.043% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.020%). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XMRUSDTM	596.37	0.0541	pay 0.0541% / 8h	1h 37m	$48.7M	$25.8M	50x
Short	Backpack XMR_USDC_PERP	596.23	0.1004	get 0.0125% / 1h	37m 23s	$203K	$575K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.023%Rate

Funding earned: $97.15
Price spread: −0.023% → +0.020%: −$4.35
Slippage, 4 orders: −$28.64
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $42.16
Costs to cover: 0.506%
Break-even: 4.0 days

Slippage from KuCoin: live order book, 2 min ago; Backpack: live order book, 46 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 KuCoin live order book, 2 min ago	4.28 bp	19.3 bp −$19	43.9 bp −$439	doesn't fit	doesn't fit
Sell Backpack live order book, 46 min ago	1.68 bp	7.0 bp −$7	26.9 bp −$269	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	595.85	−0.087%	$44K	—	150x	as long as short
Bybit XMRUSDT	+0.0100%	8h	596.94	+0.096%	$48.4M	$61.5M	75x	as long as short
edgeX XMRUSDC	+0.0100%	4h	596.45	+0.013%	$1.1M	$664K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	596.06	−0.052%	$2K	$1.9M	20x	as long as short
Aevo XMR-PERP	+0.0160%	1h	594.82	−0.260%	$12K	—	3x	as long as short
Variational Omni XMR	+0.0248%	8h	598.02	+0.276%	$6.9M	$2.7M	—	as long as short
MEXC XMR_USDT	+0.0325%	8h	596.76	+0.065%	$22.4M	$15.0M	100x	as long as short
Binance XMRUSDT	+0.0325%	8h	596.63	+0.043%	$54.8M	$162.7M	75x	as long as short
BingX XMR-USDT	+0.0377%	8h	596.86	+0.082%	—	$5.7M	—	as long as short
Kraken Futures PF_XMRUSD	+0.0382%	1h	595.76	−0.102%	$5.7M	$20.4M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica XMR	+0.0387%	1h	597.05	+0.114%	$271K	$1.0M	10x	as long as short
Bitget XMRUSDT	+0.0401%	8h	596.93	+0.094%	$9.9M	$14.2M	50x	as long as short
BloFin XMR-USDT	+0.0469%	8h	596.23	−0.023%	$2.8M	$11.5M	75x	as long as short
Gate XMR_USDT	+0.0509%	8h	596.30	−0.012%	$1.6M	$4.5M	50x	as long as short
Aster XMRUSDT	+0.0531%	8h	596.72	+0.059%	$674K	$2.3M	75x	as long as short
KuCoin XMRUSDTMlong	+0.0541%	8h	596.37	long leg	$48.7M	$25.8M	50x
GRVT XMR_USDT_Perp	+0.0595%	8h	597.14	+0.129%	$354K	$785K	10x	as long as short
Injective XMR/USDC PERP	+0.0695%	1h	591.89	−0.751%	$3K	$6K	12x	as long as short
Lighter XMR	+0.0728%	1h	596.79	+0.070%	$3.5M	$6.7M	10x	as long as short
Polymarket Perps XMR-USD	+0.0822%	1h	596.93	+0.094%	$23K	$1.8M	5x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0823% / S −0.1341%	1h	595.66	−0.119%	$341K	—	100x	as long as short
Paradex XMR-USD-PERP	+0.0850%	8h	597.08	+0.119%	$8K	$4K	20x	as long as short
SoDEX XMR-USD	+0.0886%	1h	596.82	+0.075%	$454K	$3K	5x	as long as short
Orderly PERP_XMR_USDC	+0.0924%	8h	596.56	+0.032%	$49K	$720K	10x	as long as short
Backpack XMR_USDC_PERPshort	+0.1004%	1h	596.23	−0.023%	$203K	$575K	20x
dYdX XMR-USD	+0.1463%	1h	595.27	−0.184%	$108K	$50K	5x	as long as short
Nado XMR-PERP	+0.1528%	1h	597.23	+0.145%	$1.3M	$480K	10x	as long as short
Extended XMR-USD	+0.1816%	1h	596.71	+0.058%	$3.1M	$6.8M	25x	as long as short
Hyperliquid XMR	+0.1956%	1h	597.62	+0.210%	$88.7M	$67.5M	5x	as long as short
HTX XMR-USDT	+0.2091%	8h	594.95	−0.238%	$1.1M	$1.5M	20x	as long as short
Aftermath Perps XMRUSD	+0.2464%	1h	597.15	+0.130%	$2K	$47K	10x	as long as short