Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h +0.089%

Price spread now: Backpack against Variational Omni−0.523%7-day average −0.106% · you buy dearer than you sell

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.549%+$55 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now −0.523%, 7d avg −0.106%

Together, before fees+0.475%+ Points / potential airdropVariational Omni: Active · farm board+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.417% cheaper against Variational Omni than usual: you would sell low and buy high (−$42 if the spread goes back to its 7-day average of −0.106%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.549%, 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	Variational Omni XMR	590.91	0.1021	pay 0.1021% / 8h	6h 22m	$6.7M	$2.9M	—
Short	Backpack XMR_USDC_PERP	587.82	0.1004	get 0.0126% / 1h	22m 36s	$184K	$534K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now −0.523%Rate

Funding earned: −$3.57
Price spread: −0.523% → −0.106%: −$41.67
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$55.24
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Backpack: live order book, 46 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 Variational Omni RFQ quote, 2 min ago	3.13 bp	doesn't fit	12.6 bp −$126	doesn't fit	doesn't fit
Sell Backpack live order book, 46 min ago	0.94 bp	6.0 bp −$6	26.1 bp −$261	doesn't fit	doesn't fit

XMR on 30 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 −0.0010%	1h	586.99	−0.663%	$35K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	596.76	+0.990%	$3K	$4K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	590.16	−0.126%	$1.1M	$667K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	587.46	−0.583%	$2K	$1.9M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	587.96	−0.499%	$1.1M	$1.6M	20x	as long as short
Aevo XMR-PERP	+0.0208%	1h	588.57	−0.396%	$12K	—	3x	as long as short
dYdX XMR-USD	+0.0456%	1h	587.40	−0.594%	$106K	$50K	5x	as long as short
MEXC XMR_USDT	+0.0521%	8h	588.84	−0.350%	$21.0M	$15.3M	100x	as long as short
Binance XMRUSDT	+0.0521%	8h	589.05	−0.315%	$53.8M	$168.2M	75x	as long as short
Bitget XMRUSDT	+0.0616%	8h	588.60	−0.391%	$9.6M	$14.2M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XMRUSDT	+0.0697%	8h	588.00	−0.492%	$654K	$2.5M	75x	as long as short
Gate XMR_USDT	+0.0753%	8h	587.56	−0.567%	$1.6M	$4.6M	50x	as long as short
KuCoin XMRUSDTM	+0.0782%	8h	588.33	−0.436%	$48.2M	$26.2M	50x	as long as short
Pacifica XMR	+0.0821%	1h	588.58	−0.394%	$273K	$1.1M	10x	as long as short
BingX XMR-USDT	+0.0857%	8h	589.12	−0.303%	—	$5.8M	—	as long as short
Bybit XMRUSDT	+0.0873%	8h	588.99	−0.325%	$47.6M	$65.0M	75x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0934% / S −0.1158%	1h	586.68	−0.715%	$654K	—	100x	as long as short
Backpack XMR_USDC_PERPshort	+0.1004%	1h	587.82	−0.523%	$184K	$534K	20x
Variational Omni XMRlong	+0.1021%	8h	590.91	long leg	$6.7M	$2.9M	—
Orderly PERP_XMR_USDC	+0.1064%	8h	588.51	−0.406%	$42K	$736K	10x	as long as short
Lighter XMR	+0.1072%	1h	588.46	−0.414%	$3.3M	$7.2M	10x	as long as short
Polymarket Perps XMR-USD	+0.1075%	1h	587.82	−0.523%	$35K	$2.1M	5x	as long as short
GRVT XMR_USDT_Perp	+0.1110%	8h	590.89	−0.004%	$346K	$786K	10x	as long as short
Paradex XMR-USD-PERP	+0.1286%	8h	588.11	−0.474%	$8K	$4K	20x	as long as short
Kraken Futures PF_XMRUSD	+0.1301%	1h	587.29	−0.613%	$5.6M	$20.5M	50x	as long as short
Nado XMR-PERP	+0.1502%	1h	587.82	−0.523%	$1.3M	$467K	10x	as long as short
Hyperliquid XMR	+0.1822%	1h	588.63	−0.385%	$89.0M	$73.7M	5x	as long as short
SoDEX XMR-USD	+0.1838%	1h	588.19	−0.460%	$447K	$3K	5x	as long as short
Extended XMR-USD	+0.2104%	1h	588.67	−0.378%	$3.2M	$8.2M	25x	as long as short
Aftermath Perps XMRUSD	+0.2772%	1h	588.33	−0.436%	$1K	$46K	10x	as long as short