Funding you earn now, next payment 11:00 UTC−0.0451%/8h= −49.4% APRnext payment −$0.56 per $10,000 · paid last 24h −0.157%
Price spread now: Backpack against Deribit+0.005%50s7-day average −0.059% · you sell dearer than you buy
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$410.411% of the position
Funding, last 7 days−0.206%−$21 on $10k
+Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.005%, 7d avg −0.059%
=The price spread pays, funding is against you. Backpack is 0.063% dearer against Deribit than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.059%): +$6 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.206% in total) that is about 2.2 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.206% in total (about -10.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit XLM_USDC-PERPETUAL | 0.2123 | 0.0551 | pay 0.0069% / 1h | 54m 23s | $526K | $103K | 25x |
| Short | Backpack XLM_USDC_PERP | 0.2123 | 0.0100 | get 0.0013% / 1h | 54m 23s | $120K | $303K | 20x |
Deribit XLM_USDC-PERPETUAL
Backpack XLM_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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
- −$94.71
- Price spread: +0.005% → −0.059%
- $6.34
- Slippage, 4 orders
- −$24.12
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$129.49
- Costs to cover
- 0.411%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 57 min ago; Backpack: live order book, 57 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 Deribit live order book, 57 min ago | 4.49 bp | 11.3 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 57 min ago | 1.18 bp | 12.0 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
XLM on 31 exchanges
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 | 0.2121 | −0.105% | $4K | — | 150x | as long as short |
| Injective XLM/USDC PERP | +0.0033% | 1h | 0.2125 | +0.104% | $683 | $241K | 12x | as long as short |
| Lighter XLM | +0.0096% | 1h | 0.2123 | 0.000% | $372K | $803K | 5x | as long as short |
| Aster XLMUSDT | +0.0100% | 8h | 0.2123 | −0.003% | $563K | $456K | 75x | as long as short |
| Binance XLMUSDT | +0.0100% | 8h | 0.2122 | −0.061% | $54.9M | $145.9M | 75x | as long as short |
| Bybit XLMUSDT | +0.0100% | 8h | 0.2120 | −0.127% | $44.1M | $41.6M | 75x | as long as short |
| OKX XLM-USDT-SWAP | +0.0100% | 8h | 0.2121 | −0.094% | $12.3M | $42.7M | 50x | as long as short |
| Gate XLM_USDT | +0.0100% | 8h | 0.2121 | −0.090% | $4.0M | $6.5M | 75x | as long as short |
| MEXC XLM_USDT | +0.0100% | 8h | 0.2122 | −0.052% | $24.5M | $27.2M | 300x | as long as short |
| KuCoin XLMUSDTM | +0.0100% | 8h | 0.2122 | −0.061% | $13.8M | $8.7M | 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 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget XLMUSDT | +0.0100% | 8h | 0.2121 | −0.094% | $26.1M | $21.4M | 75x | as long as short |
| BingX XLM-USDT | +0.0100% | 8h | 0.2121 | −0.080% | — | $6.8M | — | as long as short |
| Backpack XLM_USDC_PERPshort | +0.0100% | 1h | 0.2123 | +0.005% | $120K | $303K | 20x | |
| Variational Omni XLM | +0.0100% | 8h | 0.2124 | +0.055% | $255K | $1.2M | — | as long as short |
| edgeX XLMUSDC | +0.0100% | 4h | 0.2126 | +0.168% | $12K | $308K | 10x | as long as short |
| GRVT XLM_USDT_Perp | +0.0100% | 8h | 0.2126 | +0.173% | $594K | $539K | 10x | as long as short |
| ApeX Omni XLMUSDT | +0.0100% | 1h | 0.2129 | +0.311% | $171K | $252K | 50x | as long as short |
| Orderly PERP_XLM_USDC_mythos | +0.0100% | 4h | 0.2122 | −0.038% | $3K | $247 | 10x | as long as short |
| SunX XLM-USDT | +0.0100% | 8h | 0.2122 | −0.028% | $2K | $1.4M | 20x | as long as short |
| SoDEX XLM-USD | +0.0100% | 1h | 0.2121 | −0.085% | $578 | $6K | 5x | as long as short |
| HTX XLM-USDT | +0.0100% | 8h | 0.2122 | −0.038% | $191K | $244K | 20x | as long as short |
| Phemex XLMUSDT | +0.0100% | 8h | 0.2121 | −0.066% | $8.6M | $8.6M | 50x | as long as short |
| Extended XLM-USD | +0.0104% | 1h | 0.2120 | −0.122% | $190K | $609K | 10x | as long as short |
| Phoenix XLM | +0.0150% | 1h | 0.2130 | +0.349% | $4K | $46K | 5x | as long as short |
| BloFin XLM-USDT | +0.0220% | 8h | 0.2123 | +0.014% | $2.3M | $5.2M | 75x | as long as short |
| Kraken Futures PF_XLMUSD | +0.0256% | 1h | 0.2121 | −0.106% | $2.6M | $2.5M | 50x | as long as short |
| Coinbase International XLM-PERP-INTX | +0.0328% | 1h | 0.2130 | +0.320% | $212K | $1.4M | 50x | as long as short |
| Hyperliquid XLM | +0.0442% | 1h | 0.2124 | +0.038% | $12.5M | $5.6M | 5x | as long as short |
| dYdX XLM-USD | +0.0470% | 1h | 0.2122 | −0.060% | $27K | $5K | 10x | as long as short |
| GMX XLM/USD [WBTC.b-USDC] | L +0.0512% / S −0.0245% | 1h | 0.2122 | −0.042% | $39K | — | 100x | as long as short |
| Deribit XLM_USDC-PERPETUALlong | +0.0551% | 1h | 0.2123 | long leg | $526K | $103K | 25x |
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
Phemex XLMUSDT
Extended XLM-USD
Phoenix XLM
BloFin XLM-USDT
Kraken Futures PF_XLMUSD
Coinbase International XLM-PERP-INTX
Hyperliquid XLM
dYdX XLM-USD
GMX XLM/USD [WBTC.b-USDC]