Funding arb · Price arb /

XMR

all XMR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1900%/8h= −208.1% APRpaid last 24h −0.294%

Price spread now: Bybit against dYdX+0.322%7-day average +0.186% · you sell dearer than you buy

Net, funding: paid 7d − costs−$539as in the Funding arb table

Net, price: spread back to 7d avg − costs−$430as in the Price arb table

costs, in and out, $10k−$4434.433% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.962%−$96 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now +0.322%, 7d avg +0.186%

Together, before fees−0.900%−$90 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.136% dearer against dYdX than usual: you sell high and buy low (spread +0.322% now, against its 7-day average of +0.186%): +$14 on $10k if it goes back. Holding the pair costs −$57 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.962% in total) that is about 24 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.962% in total (about -50.2% 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	dYdX XMR-USD	595.99	0.2000	pay 0.0250% / 1h	8m 05s	$108K	$50K	5x
Short	Bybit XMRUSDT	597.91	0.0100	get 0.0100% / 8h	1h 08m	$48.6M	$62.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now +0.322%Rate

Funding earned: −$399.03
Price spread: +0.322% → +0.186%: $13.58
Slippage, 4 orders: −$422.27
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$828.72
Costs to cover: 4.433%
Break-even: never at this rate

Slippage from dYdX: live order book, 11 min ago; Bybit: live order book, 6 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 dYdX live order book, 11 min ago	56.23 bp	127.5 bp −$127	165.3 bp −$1,653	397.2 bp −$39.7K	1441.2 bp −$720.6K
Sell Bybit live order book, 6 min ago	0.84 bp	11.7 bp −$12	25.0 bp −$250	89.3 bp −$8,932	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	597.20	+0.202%	$45K	—	150x	as long as short
Bybit XMRUSDTshort	+0.0100%	8h	597.91	+0.322%	$48.6M	$62.1M	75x
edgeX XMRUSDC	+0.0100%	4h	597.97	+0.331%	$1.1M	$664K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	597.17	+0.198%	$2K	$1.9M	20x	as long as short
Aevo XMR-PERP	+0.0168%	1h	597.51	+0.254%	$12K	—	3x	as long as short
Variational Omni XMR	+0.0330%	8h	598.31	+0.390%	$6.9M	$2.6M	—	as long as short
MEXC XMR_USDT	+0.0333%	8h	597.77	+0.299%	$22.3M	$15.0M	100x	as long as short
Binance XMRUSDT	+0.0334%	8h	597.92	+0.324%	$54.8M	$163.3M	75x	as long as short
Kraken Futures PF_XMRUSD	+0.0382%	1h	596.72	+0.123%	$5.7M	$20.4M	50x	as long as short
Pacifica XMR	+0.0387%	1h	598.16	+0.365%	$282K	$1.0M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XMR-USDT	+0.0397%	8h	598.14	+0.361%	—	$5.7M	—	as long as short
Bitget XMRUSDT	+0.0417%	8h	597.67	+0.282%	$10.0M	$14.2M	50x	as long as short
BloFin XMR-USDT	+0.0471%	8h	598.12	+0.357%	$2.8M	$11.6M	75x	as long as short
Lighter XMR	+0.0520%	1h	597.56	+0.263%	$3.4M	$6.9M	10x	as long as short
Gate XMR_USDT	+0.0550%	8h	597.49	+0.252%	$1.7M	$4.6M	50x	as long as short
KuCoin XMRUSDTM	+0.0555%	8h	597.42	+0.240%	$48.7M	$25.8M	50x	as long as short
Aster XMRUSDT	+0.0570%	8h	597.83	+0.309%	$685K	$2.4M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0617%	8h	598.18	+0.368%	$349K	$797K	10x	as long as short
Injective XMR/USDC PERP	+0.0695%	1h	596.76	+0.129%	$3K	$6K	12x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0810% / S −0.1291%	1h	597.02	+0.173%	$332K	—	100x	as long as short
Polymarket Perps XMR-USD	+0.0836%	1h	598.15	+0.362%	$23K	$1.8M	5x	as long as short
SoDEX XMR-USD	+0.0843%	1h	597.90	+0.320%	$454K	$3K	5x	as long as short
Paradex XMR-USD-PERP	+0.0857%	8h	598.13	+0.359%	$8K	$4K	20x	as long as short
Orderly PERP_XMR_USDC	+0.0953%	8h	597.65	+0.279%	$44K	$729K	10x	as long as short
Backpack XMR_USDC_PERP	+0.1028%	1h	597.32	+0.223%	$204K	$575K	20x	as long as short
Nado XMR-PERP	+0.1231%	1h	598.02	+0.341%	$1.3M	$475K	10x	as long as short
Extended XMR-USD	+0.1864%	1h	597.77	+0.299%	$3.1M	$6.8M	25x	as long as short
Hyperliquid XMR	+0.1949%	1h	598.47	+0.416%	$89.7M	$69.6M	5x	as long as short
HTX XMR-USDT	+0.1964%	8h	596.00	+0.002%	$1.1M	$1.5M	20x	as long as short
dYdX XMR-USDlong	+0.2000%	1h	595.99	long leg	$108K	$50K	5x
Aftermath Perps XMRUSD	+0.2428%	1h	597.74	+0.294%	$2K	$47K	10x	as long as short