Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h +0.001%

Price spread now: Phemex against dYdX+0.087%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.087% dearer against dYdX than usual: you sell high and buy low (spread +0.087% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX XLM-USD	0.2100	0.0192	pay 0.0024% / 1h	24m 47s	$23K	$2K	10x
Short	Phemex XLMUSDT	0.2102	0.0100	get 0.0100% / 8h	2h 24m	$8.7M	$9.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$19.34
Price spread: +0.087% → 0.000%: $8.71
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$32.63
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Phemex: live order book, 4 min ago. Net counts fees only.

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 dYdX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	5.00 bp	14.2 bp −$14	24.1 bp −$241	doesn't fit	doesn't fit

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2103	+0.140%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	+1.201%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2104	+0.197%	$353K	$992K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2101	+0.066%	$556K	$630K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2102	+0.111%	$53.7M	$161.4M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2101	+0.058%	$42.3M	$47.2M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2103	+0.149%	$12.2M	$43.9M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2100	+0.016%	$3.9M	$7.6M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2102	+0.106%	$24.1M	$28.3M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2102	+0.097%	$13.7M	$9.4M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XLMUSDT	+0.0100%	8h	0.2102	+0.087%	$25.3M	$22.8M	75x	as long as short
BingX XLM-USDT	+0.0100%	8h	0.2102	+0.101%	—	$7.4M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2101	+0.073%	$130K	$314K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2097	−0.125%	$250K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2096	−0.180%	$12K	$306K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2101	+0.056%	$582K	$615K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2094	−0.265%	$168K	$264K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2104	+0.201%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2101	+0.078%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2103	+0.149%	$573	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2102	+0.097%	$194K	$251K	20x	as long as short
Phemex XLMUSDTshort	+0.0100%	8h	0.2102	+0.087%	$8.7M	$9.0M	50x
Extended XLM-USD	+0.0104%	1h	0.2100	+0.004%	$188K	$1.8M	10x	as long as short
Kraken Futures PF_XLMUSD	+0.0144%	1h	0.2102	+0.128%	$2.5M	$2.7M	50x	as long as short
Hyperliquid XLM	+0.0158%	1h	0.2102	+0.120%	$12.0M	$6.5M	5x	as long as short
dYdX XLM-USDlong	+0.0192%	1h	0.2100	long leg	$23K	$2K	10x
BloFin XLM-USDT	+0.0220%	8h	0.2102	+0.092%	$2.3M	$5.5M	75x	as long as short
Phoenix XLM	+0.0226%	1h	0.2097	−0.142%	$4K	$49K	5x	as long as short
Coinbase International XLM-PERP-INTX	+0.0456%	1h	0.2094	−0.265%	$223K	$1.6M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0515% / S −0.0228%	1h	0.2103	+0.138%	$40K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.1082%	1h	0.2105	+0.263%	$522K	$163K	25x	as long as short