Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h +0.130%

Price spread now: Backpack against MEXC−0.155%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs+$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.954%+$95 on $10k

Price spread, last 4 days (all we have)+0.125%+$13 · spread now −0.155%, 7d avg −0.080%

Together, before fees+1.079%+$108 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.075% cheaper against MEXC than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.080%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.954%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XMR_USDT	592.88	0.0310	pay 0.0310% / 8h	20m 33s	$22.0M	$15.0M	100x
Short	Backpack XMR_USDC_PERP	591.96	0.0230	get 0.0029% / 1h	20m 33s	$201K	$577K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$16.78
Price spread: −0.155% → −0.080%: −$7.48
Slippage, 4 orders: −$9.89
Fee MEXC: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$48.16
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Backpack: live order book, 58 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 MEXC live order book, 3 min ago	0.59 bp	4.9 bp −$5	28.3 bp −$283	75.6 bp −$7,561	208.6 bp −$104.3K
Sell Backpack live order book, 58 min ago	1.68 bp	6.7 bp −$7	29.6 bp −$296	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	591.13	−0.294%	$44K	—	150x	as long as short
Bybit XMRUSDT	+0.0100%	8h	592.72	−0.027%	$48.4M	$63.7M	75x	as long as short
edgeX XMRUSDC	+0.0100%	4h	592.21	−0.112%	$1.1M	$664K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	591.83	−0.177%	$2K	$2.0M	20x	as long as short
Lighter XMR	+0.0152%	1h	592.48	−0.067%	$3.4M	$7.0M	10x	as long as short
Aevo XMR-PERP	+0.0160%	1h	591.54	−0.227%	$12K	—	3x	as long as short
Backpack XMR_USDC_PERPshort	+0.0230%	1h	591.96	−0.155%	$201K	$577K	20x
MEXC XMR_USDTlong	+0.0310%	8h	592.88	long leg	$22.0M	$15.0M	100x
Binance XMRUSDT	+0.0310%	8h	592.43	−0.076%	$54.2M	$165.2M	75x	as long as short
BingX XMR-USDT	+0.0413%	8h	592.81	−0.012%	—	$5.8M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XMRUSDT	+0.0442%	8h	592.93	+0.008%	$9.7M	$14.5M	50x	as long as short
BloFin XMR-USDT	+0.0447%	8h	592.42	−0.078%	$2.8M	$11.6M	75x	as long as short
Kraken Futures PF_XMRUSD	+0.0465%	1h	591.15	−0.292%	$5.6M	$20.5M	50x	as long as short
Gate XMR_USDT	+0.0475%	8h	591.81	−0.180%	$1.6M	$4.6M	50x	as long as short
Variational Omni XMR	+0.0497%	8h	592.75	−0.022%	$6.8M	$2.6M	—	as long as short
KuCoin XMRUSDTM	+0.0551%	8h	592.02	−0.145%	$48.4M	$26.1M	50x	as long as short
Pacifica XMR	+0.0565%	1h	592.80	−0.013%	$278K	$1.1M	10x	as long as short
Aster XMRUSDT	+0.0580%	8h	592.02	−0.145%	$661K	$2.4M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0585%	8h	592.52	−0.061%	$348K	$794K	10x	as long as short
Polymarket Perps XMR-USD	+0.0750%	1h	592.44	−0.074%	$21K	$1.7M	5x	as long as short
Paradex XMR-USD-PERP	+0.0840%	8h	592.62	−0.045%	$8K	$4K	20x	as long as short
SoDEX XMR-USD	+0.0853%	1h	592.51	−0.062%	$450K	$3K	5x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0870% / S −0.2449%	1h	591.25	−0.275%	$549K	—	100x	as long as short
Orderly PERP_XMR_USDC	+0.0950%	8h	592.41	−0.079%	$42K	$733K	10x	as long as short
Nado XMR-PERP	+0.1140%	1h	592.84	−0.007%	$1.3M	$477K	10x	as long as short
Injective XMR/USDC PERP	+0.1312%	1h	596.76	+0.654%	$3K	$6K	12x	as long as short
Hyperliquid XMR	+0.1667%	1h	593.04	+0.027%	$89.2M	$71.5M	5x	as long as short
Extended XMR-USD	+0.1800%	1h	592.54	−0.057%	$3.2M	$7.0M	25x	as long as short
HTX XMR-USDT	+0.1892%	8h	592.31	−0.096%	$1.1M	$1.5M	20x	as long as short
dYdX XMR-USD	+0.2181%	1h	591.11	−0.298%	$107K	$50K	5x	as long as short
Aftermath Perps XMRUSD	+0.2287%	1h	593.22	+0.058%	$2K	$47K	10x	as long as short