Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0053%/8hpaid last 24h 0.000%

Price spread now: Phoenix against Orderly−0.104%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Phoenix is 0.104% cheaper against Orderly than usual: you would sell low and buy high (spread −0.104% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 6.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XLM_USDC_mythos	0.2106	0.0100	pay 0.0050% / 4h	19m 26s	$3K	$2K	10x
Short	Phoenix XLM	0.2104	0.0153	get 0.0019% / 1h	19m 26s	$5K	$40K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.104%Rate

Funding earned: $11.04
Price spread: −0.104% → 0.000%: −$10.45
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$12.4
Costs to cover: 0.130%
Break-even: 14.9 days

Slippage unknown: Orderly: no order-book sample; Phoenix: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Orderly and Phoenix: 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	0.2105	−0.047%	$10K	—	150x	as long as short
dYdX XLM-USD	+0.0036%	1h	0.2104	−0.092%	$23K	$3K	10x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2106	+0.021%	$585K	$763K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2106	−0.009%	$53.5M	$138.0M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2105	−0.043%	$42.8M	$38.1M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2105	−0.024%	$11.7M	$37.2M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2105	−0.033%	$3.9M	$5.7M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2105	−0.033%	$23.9M	$24.5M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2106	−0.014%	$14.1M	$9.5M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2106	−0.019%	$24.9M	$16.7M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XLM-USDC	+0.0100%	8h	0.2105	−0.033%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2104	−0.090%	$99K	$204K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2104	−0.115%	$203K	$928K	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2103	−0.147%	$11K	$297K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2106	−0.015%	$582K	$569K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2101	−0.218%	$168K	$255K	50x	as long as short
Orderly PERP_XLM_USDC_mythoslong	+0.0100%	4h	0.2106	long leg	$3K	$2K	10x
SunX XLM-USDT	+0.0100%	8h	0.2105	−0.043%	$2K	$1.6M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2104	−0.104%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2103	−0.123%	$196K	$270K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2104	−0.104%	$8.7M	$8.7M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2105	−0.036%	$205K	$1.5M	10x	as long as short
Phoenix XLMshort	+0.0153%	1h	0.2104	−0.104%	$5K	$40K	5x
GMX XLM/USD [WBTC.b-USDC]	L +0.0157% / S +0.0050%	1h	0.2103	−0.162%	$46K	—	100x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2101	−0.223%	$2.2M	$6.1M	75x	as long as short
Injective XLM/USDC PERP	+0.0252%	1h	0.2104	−0.095%	$471	$99K	12x	as long as short
Kraken Futures PF_XLMUSD	+0.0350%	1h	0.2104	−0.089%	$2.6M	$2.3M	50x	as long as short
Coinbase International XLM-PERP-INTX	+0.0424%	1h	0.2107	+0.033%	$251K	$1.4M	50x	as long as short
Hyperliquid XLM	+0.0428%	1h	0.2107	+0.047%	$11.3M	$5.5M	5x	as long as short
Lighter XLM	+0.0520%	1h	0.2109	+0.119%	$430K	$671K	5x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0701%	1h	0.2105	−0.052%	$522K	$156K	25x	as long as short