Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0247%/8h= +27.1% APRpaid last 24h −0.242%

Price spread now: Bybit against Backpack+0.196%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.173%−$117 on $10k

Price spread, last 4 days (all we have)−0.219%−$22 · spread now +0.196%, 7d avg +0.056%

Together, before fees−1.392%−$139 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bybit is 0.140% dearer against Backpack than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.056%. Mind the row above: over the last 7 days funding on this pair cost −1.173%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XMR_USDC_PERP	588.04	0.0982	pay 0.0123% / 1h	8m 33s	$184K	$535K	20x
Short	Bybit XMRUSDT	589.19	0.1230	get 0.1230% / 8h	7h 08m	$47.4M	$64.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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 BackpackbpFee BybitbpOrdersPrice spread, now +0.196%Rate

Funding earned: $51.95
Price spread: +0.196% → +0.056%: $13.97
Slippage, 4 orders: −$16.19
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $28.74
Costs to cover: 0.372%
Break-even: 3.1 days

Slippage from Backpack: live order book, 65 min ago; Bybit: live order book, 5 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 Backpack live order book, 65 min ago	0.34 bp	8.1 bp −$8	27.6 bp −$276	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.47 bp	13.4 bp −$13	27.1 bp −$271	doesn't fit	doesn't fit

XMR 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) XMR/USD	L +0.0010% / S −0.0009%	1h	586.67	−0.232%	$45K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	596.76	+1.483%	$3K	$4K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	587.39	−0.110%	$1.0M	$661K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	587.67	−0.063%	$2K	$2.0M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	587.33	−0.121%	$1.1M	$1.6M	20x	as long as short
dYdX XMR-USD	+0.0130%	1h	587.59	−0.077%	$106K	$50K	5x	as long as short
Aevo XMR-PERP	+0.0192%	1h	588.36	+0.054%	$12K	—	3x	as long as short
MEXC XMR_USDT	+0.0433%	8h	588.75	+0.121%	$21.3M	$15.3M	100x	as long as short
Binance XMRUSDT	+0.0433%	8h	589.28	+0.211%	$53.8M	$166.9M	75x	as long as short
Bitget XMRUSDT	+0.0564%	8h	589.11	+0.182%	$9.7M	$14.4M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin XMR-USDT	+0.0628%	8h	588.71	+0.114%	$2.7M	$11.5M	75x	as long as short
Aster XMRUSDT	+0.0629%	8h	588.00	−0.007%	$652K	$2.5M	75x	as long as short
Kraken Futures PF_XMRUSD	+0.0648%	1h	587.19	−0.144%	$5.6M	$20.5M	50x	as long as short
Pacifica XMR	+0.0659%	1h	588.94	+0.153%	$271K	$1.1M	10x	as long as short
Gate XMR_USDT	+0.0715%	8h	588.68	+0.109%	$1.6M	$4.6M	50x	as long as short
KuCoin XMRUSDTM	+0.0722%	8h	588.73	+0.117%	$48.3M	$26.0M	50x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0870% / S −0.2461%	1h	586.66	−0.235%	$547K	—	100x	as long as short
Variational Omni XMR	+0.0908%	8h	587.73	−0.053%	$6.7M	$2.6M	—	as long as short
GRVT XMR_USDT_Perp	+0.0913%	8h	587.33	−0.120%	$347K	$792K	10x	as long as short
Backpack XMR_USDC_PERPlong	+0.0982%	1h	588.04	long leg	$184K	$535K	20x
Orderly PERP_XMR_USDC	+0.1043%	8h	587.89	−0.026%	$43K	$739K	10x	as long as short
Polymarket Perps XMR-USD	+0.1130%	1h	589.18	+0.194%	$46K	$1.9M	5x	as long as short
BingX XMR-USDT	+0.1136%	8h	589.09	+0.179%	—	$5.8M	—	as long as short
Lighter XMR	+0.1216%	1h	588.72	+0.116%	$3.3M	$7.2M	10x	as long as short
Bybit XMRUSDTshort	+0.1230%	8h	589.19	+0.196%	$47.4M	$64.6M	75x
Paradex XMR-USD-PERP	+0.1272%	8h	588.52	+0.082%	$8K	$4K	20x	as long as short
SoDEX XMR-USD	+0.1278%	1h	588.19	+0.026%	$447K	$3K	5x	as long as short
Nado XMR-PERP	+0.1394%	1h	589.13	+0.185%	$1.3M	$464K	10x	as long as short
Hyperliquid XMR	+0.1916%	1h	589.42	+0.235%	$89.4M	$72.7M	5x	as long as short
Extended XMR-USD	+0.2432%	1h	588.79	+0.127%	$3.1M	$8.0M	25x	as long as short
Aftermath Perps XMRUSD	+0.2650%	1h	587.83	−0.036%	$1K	$46K	10x	as long as short