Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.012%

Price spread now: Phoenix against SunX−0.403%7-day average — · you buy dearer than you sell

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

Long on SunX 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 0.403% cheaper against SunX than usual: you would sell low and buy high (spread −0.403% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$40 on $10k: about 8.2 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XLM-USDT	0.2136	0.0100	pay 0.0100% / 8h	5h 28m	$2K	$1.6M	20x
Short	Phoenix XLM	0.2127	0.0264	get 0.0033% / 1h	28m 34s	$5K	$46K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now −0.403%Rate

Funding earned: $34.49
Price spread: −0.403% → 0.000%: −$40.27
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.78
Costs to cover: 0.150%
Break-even: 11.2 days

Slippage unknown: SunX: live order book, 17 min ago; 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 SunX live order book, 17 min ago	64.28 bp	82.3 bp −$82	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	0.2136	+0.028%	$4K	—	150x	as long as short
Lighter XLM	+0.0096%	1h	0.2137	+0.033%	$358K	$903K	5x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2134	−0.068%	$54.7M	$154.1M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2134	−0.089%	$43.2M	$45.7M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2134	−0.098%	$12.6M	$42.0M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2134	−0.066%	$4.1M	$6.8M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2134	−0.070%	$24.0M	$26.9M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2134	−0.070%	$14.1M	$9.9M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2133	−0.112%	$25.6M	$21.1M	75x	as long as short
BingX XLM-USDT	+0.0100%	8h	0.2134	−0.084%	—	$7.0M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2136	0.000%	$97K	$273K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2139	+0.153%	$256K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2131	−0.234%	$12K	$304K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2142	+0.300%	$593K	$585K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2139	+0.164%	$171K	$256K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2137	+0.056%	$3K	$2K	10x	as long as short
SunX XLM-USDTlong	+0.0100%	8h	0.2136	long leg	$2K	$1.6M	20x
SoDEX XLM-USD	+0.0100%	1h	0.2136	+0.009%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2138	+0.084%	$197K	$252K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2136	0.000%	$9.0M	$8.9M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2134	−0.091%	$190K	$1.8M	10x	as long as short
Aster XLMUSDT	+0.0109%	8h	0.2136	+0.031%	$568K	$624K	75x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2139	+0.136%	$2.3M	$5.0M	75x	as long as short
dYdX XLM-USD	+0.0226%	1h	0.2134	−0.104%	$23K	$2K	10x	as long as short
Phoenix XLMshort	+0.0264%	1h	0.2127	−0.403%	$5K	$46K	5x
Hyperliquid XLM	+0.0430%	1h	0.2136	−0.005%	$12.4M	$6.2M	5x	as long as short
Kraken Futures PF_XLMUSD	+0.0460%	1h	0.2136	−0.002%	$2.6M	$2.7M	50x	as long as short
Coinbase International XLM-PERP-INTX	+0.0464%	1h	0.2144	+0.384%	$231K	$1.5M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0519% / S −0.0193%	1h	0.2137	+0.033%	$44K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0733%	1h	0.2138	+0.112%	$531K	$153K	25x	as long as short
Injective XLM/USDC PERP	+0.1081%	1h	0.2125	−0.506%	$683	$241K	12x	as long as short