Funding arb · Price arb /

XLM

all XLM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0282%/8h= +30.8% APRpaid last 24h +0.041%

Price spread now: Kraken Futures against Phemex+0.072%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$780.784% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now +0.072%, 7d avg +0.012%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.060% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.012%. Mind the row above: over the last 7 days funding on this pair cost −0.071%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.071% in total (about -3.7% 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	Phemex XLMUSDT	0.2119	0.0100	pay 0.0100% / 8h	6h 35m	$8.9M	$9.0M	50x
Short	Kraken Futures PF_XLMUSD	0.2121	0.0382	get 0.0048% / 1h	35m 02s	$2.6M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now +0.072%Rate

Funding earned: $59.13
Price spread: +0.072% → +0.012%: $6.02
Slippage, 4 orders: −$56.38
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$13.23
Costs to cover: 0.784%
Break-even: 8.6 days

Slippage from Phemex: live order book, 4 min ago; Kraken Futures: live order book, 4 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 Phemex live order book, 4 min ago	4.97 bp	16.3 bp −$16	21.6 bp −$216	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	8.28 bp	13.4 bp −$13	25.5 bp −$255	122.6 bp −$12.3K	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
dYdX XLM-USD	0.0000%	1h	0.2120	+0.017%	$23K	$2K	10x	as long as short
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2118	−0.038%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	+0.269%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2121	+0.066%	$358K	$898K	5x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2123	+0.175%	$53.9M	$155.1M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2122	+0.127%	$42.7M	$46.3M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2122	+0.132%	$12.7M	$41.8M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2121	+0.080%	$4.0M	$6.6M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2121	+0.085%	$23.7M	$26.7M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2122	+0.104%	$14.1M	$10.0M	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	0.2122	+0.127%	$25.2M	$20.6M	75x	as long as short
BingX XLM-USDC	+0.0100%	8h	0.2121	+0.090%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2122	+0.118%	$88K	$263K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2119	−0.006%	$254K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2115	−0.185%	$11K	$302K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2116	−0.172%	$592K	$613K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2115	−0.179%	$169K	$257K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2120	+0.033%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2117	−0.099%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2120	+0.033%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2117	−0.109%	$195K	$269K	20x	as long as short
Phemex XLMUSDTlong	+0.0100%	8h	0.2119	long leg	$8.9M	$9.0M	50x
Extended XLM-USD	+0.0104%	1h	0.2120	+0.017%	$188K	$1.8M	10x	as long as short
Aster XLMUSDT	+0.0123%	8h	0.2118	−0.042%	$566K	$631K	75x	as long as short
Hyperliquid XLM	+0.0164%	1h	0.2123	+0.170%	$12.2M	$6.4M	5x	as long as short
Phoenix XLM	+0.0187%	1h	0.2115	−0.198%	$5K	$46K	5x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2134	+0.703%	$2.3M	$5.2M	75x	as long as short
Kraken Futures PF_XLMUSDshort	+0.0382%	1h	0.2121	+0.072%	$2.6M	$2.6M	50x
Coinbase International XLM-PERP-INTX	+0.0440%	1h	0.2121	+0.094%	$233K	$1.5M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0516% / S −0.0193%	1h	0.2118	−0.052%	$44K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0930%	1h	0.2122	+0.104%	$527K	$150K	25x	as long as short