Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.130%

Price spread now: Backpack against MEXC−0.142%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs+$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.954%+$95 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now −0.142%, 7d avg −0.080%

Together, before fees+1.066%+$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.062% cheaper against MEXC than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of −0.080%). If the spread goes back, that is −$6 on $10k: about 36 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.954% in total) that is about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XMR_USDT	589.99	0.0334	pay 0.0334% / 8h	7m 59s	$21.7M	$15.1M	100x
Short	Backpack XMR_USDC_PERP	589.15	0.0473	get 0.0059% / 1h	7m 59s	$200K	$579K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.142%Rate

Funding earned: $29.2
Price spread: −0.142% → −0.080%: −$6.2
Slippage, 4 orders: −$18.15
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.15
Costs to cover: 0.321%
Break-even: 9.2 days

Slippage from MEXC: live order book, 1 min ago; Backpack: live order book, 6 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 MEXC live order book, 1 min ago	2.12 bp	6.1 bp −$6	36.2 bp −$362	67.7 bp −$6,766	210.7 bp −$105.4K
Sell Backpack live order book, 6 min ago	0.34 bp	5.4 bp −$5	29.2 bp −$292	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	588.66	−0.225%	$45K	—	150x	as long as short
edgeX XMRUSDC	+0.0100%	4h	591.40	+0.239%	$1.0M	$663K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	589.18	−0.137%	$2K	$2.0M	20x	as long as short
Bybit XMRUSDT	+0.0140%	8h	590.38	+0.066%	$47.9M	$64.2M	75x	as long as short
Aevo XMR-PERP	+0.0160%	1h	590.06	+0.012%	$12K	—	3x	as long as short
MEXC XMR_USDTlong	+0.0334%	8h	589.99	long leg	$21.7M	$15.1M	100x
Binance XMRUSDT	+0.0339%	8h	589.63	−0.060%	$53.9M	$165.9M	75x	as long as short
Lighter XMR	+0.0376%	1h	589.89	−0.018%	$3.3M	$7.2M	10x	as long as short
BingX XMR-USDT	+0.0428%	8h	590.13	+0.024%	—	$5.8M	—	as long as short
Bitget XMRUSDT	+0.0464%	8h	590.05	+0.010%	$9.7M	$14.6M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XMRUSD	+0.0467%	1h	588.79	−0.204%	$5.6M	$20.5M	50x	as long as short
Backpack XMR_USDC_PERPshort	+0.0473%	1h	589.15	−0.142%	$200K	$579K	20x
BloFin XMR-USDT	+0.0482%	8h	590.76	+0.131%	$2.7M	$11.6M	75x	as long as short
Gate XMR_USDT	+0.0483%	8h	589.28	−0.120%	$1.7M	$4.6M	50x	as long as short
Pacifica XMR	+0.0565%	1h	590.17	+0.030%	$274K	$1.1M	10x	as long as short
KuCoin XMRUSDTM	+0.0570%	8h	589.51	−0.081%	$48.2M	$26.1M	50x	as long as short
Variational Omni XMR	+0.0578%	8h	591.90	+0.324%	$6.8M	$2.6M	—	as long as short
Aster XMRUSDT	+0.0599%	8h	589.68	−0.053%	$635K	$2.4M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0613%	8h	591.76	+0.300%	$347K	$785K	10x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0868% / S −0.2452%	1h	588.31	−0.284%	$547K	—	100x	as long as short
Polymarket Perps XMR-USD	+0.0898%	1h	589.78	−0.036%	$84K	$1.9M	5x	as long as short
Paradex XMR-USD-PERP	+0.0916%	8h	590.00	+0.002%	$8K	$4K	20x	as long as short
Orderly PERP_XMR_USDC	+0.0962%	8h	589.83	−0.027%	$42K	$733K	10x	as long as short
SoDEX XMR-USD	+0.1065%	1h	589.91	−0.014%	$448K	$3K	5x	as long as short
Nado XMR-PERP	+0.1206%	1h	589.54	−0.075%	$1.3M	$470K	10x	as long as short
Injective XMR/USDC PERP	+0.1312%	1h	596.76	+1.147%	$3K	$6K	12x	as long as short
dYdX XMR-USD	+0.1671%	1h	590.17	+0.031%	$107K	$50K	5x	as long as short
HTX XMR-USDT	+0.1748%	8h	590.77	+0.132%	$1.1M	$1.5M	20x	as long as short
Hyperliquid XMR	+0.1753%	1h	590.10	+0.019%	$89.0M	$72.0M	5x	as long as short
Extended XMR-USD	+0.2016%	1h	589.91	−0.014%	$3.2M	$7.0M	25x	as long as short
Aftermath Perps XMRUSD	+0.2419%	1h	590.38	+0.066%	$2K	$46K	10x	as long as short