Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0126%/8h= −13.8% APRpaid last 24h −0.024%

Price spread now: Phemex against Phoenix+0.085%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.085% dearer against Phoenix than usual: you sell high and buy low (spread +0.085% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XLM	0.2125	0.0226	pay 0.0028% / 1h	20m 56s	$4K	$56K	5x
Short	Phemex XLMUSDT	0.2127	0.0100	get 0.0100% / 8h	7h 20m	$8.7M	$8.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Phoenix. 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 PhoenixbpFee PhemexbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$26.52
Price spread: +0.085% → 0.000%: $8.47
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.06
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 3 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 Phoenix no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	13.23 bp	23.7 bp −$24	32.7 bp −$327	doesn't fit	doesn't fit

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	0.2124	−0.086%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	−0.019%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2130	+0.221%	$367K	$929K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2125	−0.012%	$563K	$583K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2126	+0.019%	$55.2M	$159.6M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2125	−0.024%	$43.9M	$46.2M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2125	−0.019%	$12.2M	$45.5M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2126	+0.028%	$4.0M	$7.4M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2127	+0.052%	$24.0M	$29.2M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2126	+0.028%	$14.0M	$9.0M	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	0.2125	−0.005%	$25.7M	$23.1M	75x	as long as short
BingX XLM-USDC	+0.0100%	8h	0.2125	−0.005%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2129	+0.146%	$130K	$342K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2126	+0.037%	$253K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2119	−0.321%	$12K	$309K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2122	−0.178%	$590K	$558K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2120	−0.273%	$170K	$264K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2128	+0.122%	$3K	$247	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2123	−0.122%	$2K	$1.6M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2128	+0.118%	$580	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2124	−0.042%	$196K	$202K	20x	as long as short
Phemex XLMUSDTshort	+0.0100%	8h	0.2127	+0.085%	$8.7M	$8.7M	50x
Extended XLM-USD	+0.0104%	1h	0.2125	−0.012%	$189K	$810K	10x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2129	+0.151%	$2.4M	$5.4M	75x	as long as short
Phoenix XLMlong	+0.0226%	1h	0.2125	long leg	$4K	$56K	5x
Coinbase International XLM-PERP-INTX	+0.0328%	1h	0.2126	+0.042%	$212K	$1.6M	50x	as long as short
Kraken Futures PF_XLMUSD	+0.0339%	1h	0.2128	+0.130%	$2.6M	$2.6M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0493% / S −0.0229%	1h	0.2127	+0.056%	$38K	—	100x	as long as short
Hyperliquid XLM	+0.0506%	1h	0.2128	+0.122%	$12.2M	$6.3M	5x	as long as short
dYdX XLM-USD	+0.0939%	1h	0.2124	−0.081%	$27K	$5K	10x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.1019%	1h	0.2130	+0.202%	$528K	$135K	25x	as long as short