Funding you earn now, next payment 05:00 UTC−0.0361%/8h= −39.5% APRpaid last 24h −0.001%
Price spread now: Phemex against Backpack−0.019%7-day average +0.004% · you buy dearer than you sell
Net, funding: paid 7d − costs−$53as in the Funding arb table
Net, price: spread back to 7d avg − costs−$45as in the Price arb table
costs, in and out, $10k−$430.431% of the position
Funding, last 7 days−0.095%−$10 on $10k
+Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.019%, 7d avg +0.004%
=Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.023% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.004%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.095% in total (about -5.0% 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 | Backpack XLM_USDC_PERP | 0.2128 | 0.0461 | pay 0.0058% / 1h | 21m 32s | $127K | $294K | 20x |
| Short | Phemex XLMUSDT | 0.2128 | 0.0100 | get 0.0100% / 8h | 3h 21m | $8.9M | $9.0M | 50x |
Backpack XLM_USDC_PERP
Phemex XLMUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$75.78
- Price spread: −0.019% → +0.004%
- −$2.29
- Slippage, 4 orders
- −$21.13
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$121.2
- Costs to cover
- 0.431%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 32 min ago; Phemex: live order book, 2 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 Backpack live order book, 32 min ago | 0.23 bp | 9.0 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 5.62 bp | 12.2 bp −$12 | 22.5 bp −$225 | doesn't fit | doesn't fit |
XLM 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) XLM/USD | L 0.0000% / S +0.0002% | 1h | 0.2128 | +0.002% | $4K | — | 150x | as long as short |
| Injective XLM/USDC PERP | +0.0033% | 1h | 0.2125 | −0.160% | $683 | $241K | 12x | as long as short |
| Lighter XLM | +0.0096% | 1h | 0.2136 | +0.352% | $375K | $969K | 5x | as long as short |
| Aster XLMUSDT | +0.0100% | 8h | 0.2134 | +0.282% | $568K | $621K | 75x | as long as short |
| Binance XLMUSDT | +0.0100% | 8h | 0.2135 | +0.334% | $54.9M | $157.7M | 75x | as long as short |
| Bybit XLMUSDT | +0.0100% | 8h | 0.2134 | +0.263% | $43.2M | $46.1M | 75x | as long as short |
| OKX XLM-USDT-SWAP | +0.0100% | 8h | 0.2134 | +0.282% | $12.5M | $43.3M | 50x | as long as short |
| Gate XLM_USDT | +0.0100% | 8h | 0.2134 | +0.244% | $4.1M | $6.9M | 75x | as long as short |
| MEXC XLM_USDT | +0.0100% | 8h | 0.2135 | +0.305% | $25.2M | $27.4M | 300x | as long as short |
| KuCoin XLMUSDTM | +0.0100% | 8h | 0.2133 | +0.211% | $14.0M | $9.5M | 75x | as long as short |
gTrade (Gains Network) XLM/USD
Injective XLM/USDC PERP
Lighter XLM
Aster XLMUSDT
Binance XLMUSDT
Bybit XLMUSDT
OKX XLM-USDT-SWAP
Gate XLM_USDT
MEXC XLM_USDT
KuCoin XLMUSDTMShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget XLMUSDT | +0.0100% | 8h | 0.2135 | +0.287% | $25.8M | $22.0M | 75x | as long as short |
| BingX XLM-USDT | +0.0100% | 8h | 0.2134 | +0.263% | — | $7.3M | — | as long as short |
| Variational Omni XLM | +0.0100% | 8h | 0.2138 | +0.456% | $256K | $1.3M | — | as long as short |
| edgeX XLMUSDC | +0.0100% | 4h | 0.2134 | +0.240% | $12K | $306K | 10x | as long as short |
| GRVT XLM_USDT_Perp | +0.0100% | 8h | 0.2137 | +0.401% | $599K | $618K | 10x | as long as short |
| ApeX Omni XLMUSDT | +0.0100% | 1h | 0.2133 | +0.202% | $171K | $264K | 50x | as long as short |
| Orderly PERP_XLM_USDC_mythos | +0.0100% | 4h | 0.2129 | +0.028% | $3K | $2K | 10x | as long as short |
| SunX XLM-USDT | +0.0100% | 8h | 0.2127 | −0.061% | $2K | $1.6M | 20x | as long as short |
| SoDEX XLM-USD | +0.0100% | 1h | 0.2128 | −0.033% | $580 | $6K | 5x | as long as short |
| HTX XLM-USDT | +0.0100% | 8h | 0.2131 | +0.103% | $196K | $250K | 20x | as long as short |
| Phemex XLMUSDTshort | +0.0100% | 8h | 0.2128 | −0.019% | $8.9M | $9.0M | 50x | |
| Extended XLM-USD | +0.0104% | 1h | 0.2135 | +0.290% | $192K | $1.8M | 10x | as long as short |
| Hyperliquid XLM | +0.0177% | 1h | 0.2137 | +0.385% | $12.3M | $6.3M | 5x | as long as short |
| Kraken Futures PF_XLMUSD | +0.0186% | 1h | 0.2128 | −0.013% | $2.6M | $2.7M | 50x | as long as short |
| BloFin XLM-USDT | +0.0220% | 8h | 0.2135 | +0.329% | $2.3M | $5.5M | 75x | as long as short |
| Phoenix XLM | +0.0225% | 1h | 0.2129 | +0.033% | $5K | $46K | 5x | as long as short |
| dYdX XLM-USD | +0.0315% | 1h | 0.2134 | +0.240% | $23K | $2K | 10x | as long as short |
| Backpack XLM_USDC_PERPlong | +0.0461% | 1h | 0.2128 | long leg | $127K | $294K | 20x | |
| Coinbase International XLM-PERP-INTX | +0.0464% | 1h | 0.2129 | +0.033% | $243K | $1.6M | 50x | as long as short |
| GMX XLM/USD [WBTC.b-USDC] | L +0.0518% / S −0.0247% | 1h | 0.2128 | −0.001% | $39K | — | 100x | as long as short |
| Deribit XLM_USDC-PERPETUAL | +0.0878% | 1h | 0.2130 | +0.075% | $528K | $157K | 25x | as long as short |
Bitget XLMUSDT
BingX XLM-USDT
Variational Omni XLM
edgeX XLMUSDC
GRVT XLM_USDT_Perp
ApeX Omni XLMUSDT
Orderly PERP_XLM_USDC_mythos
SunX XLM-USDT
SoDEX XLM-USD
HTX XLM-USDT
Extended XLM-USD
Hyperliquid XLM
Kraken Futures PF_XLMUSD
BloFin XLM-USDT
Phoenix XLM
dYdX XLM-USD
Coinbase International XLM-PERP-INTX
GMX XLM/USD [WBTC.b-USDC]
Deribit XLM_USDC-PERPETUAL