Funding you earn now, next payment 03:00 UTC+0.0816%/8h= +89.4% APRnext payment +$1.02 per $10,000 · paid last 24h +0.132%
Price spread now: Deribit against Backpack+0.028%7-day average +0.060% · you sell dearer than you buy
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$33as in the Price arb table
costs, in and out, $10k−$290.293% of the position
Funding, last 7 days+0.141%+$14 on $10k
+Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.028%, 7d avg +0.060%
=Funding pays, the price is against you. Deribit is 0.032% cheaper against Backpack than usual: you would sell low and buy high (spread +0.028% now, against its 7-day average of +0.060%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$24 a day). At the pace of the last 7 days (+0.141% in total) that is about 38 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.141% in total (about 7.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.02 per $10,000. 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 | Backpack XLM_USDC_PERP | 0.2145 | 0.0100 | pay 0.0013% / 1h | 11m 02s | $96K | $274K | 20x |
| Short | Deribit XLM_USDC-PERPETUAL | 0.2146 | 0.0916 | get 0.0115% / 1h | 11m 02s | $533K | $153K | 25x |
Backpack XLM_USDC_PERP
Deribit XLM_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $171.36
- Price spread: +0.028% → +0.060%
- −$3.2
- Slippage, 4 orders
- −$12.31
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $138.84
- Costs to cover
- 0.293%
- Break-even
- 1.3 days
Slippage from Backpack: live order book, 52 min ago; Deribit: live order book, 53 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, 52 min ago | 0.24 bp | 10.5 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Deribit live order book, 53 min ago | 1.65 bp | 5.1 bp −$5 | 14.1 bp −$141 | doesn't fit | doesn't fit |
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 | 0.2142 | −0.142% | $4K | — | 150x | as long as short |
| Lighter XLM | +0.0096% | 1h | 0.2147 | +0.070% | $375K | $923K | 5x | as long as short |
| Aster XLMUSDT | +0.0100% | 8h | 0.2144 | −0.093% | $571K | $623K | 75x | as long as short |
| Binance XLMUSDT | +0.0100% | 8h | 0.2145 | −0.014% | $55.0M | $154.6M | 75x | as long as short |
| Bybit XLMUSDT | +0.0100% | 8h | 0.2145 | −0.037% | $43.3M | $45.7M | 75x | as long as short |
| OKX XLM-USDT-SWAP | +0.0100% | 8h | 0.2145 | −0.042% | $12.6M | $42.4M | 50x | as long as short |
| Gate XLM_USDT | +0.0100% | 8h | 0.2144 | −0.075% | $4.1M | $6.8M | 75x | as long as short |
| MEXC XLM_USDT | +0.0100% | 8h | 0.2145 | −0.014% | $24.3M | $27.1M | 300x | as long as short |
| KuCoin XLMUSDTM | +0.0100% | 8h | 0.2144 | −0.051% | $14.1M | $9.9M | 75x | as long as short |
| Bitget XLMUSDT | +0.0100% | 8h | 0.2145 | −0.047% | $25.7M | $21.1M | 75x | as long as short |
gTrade (Gains Network) XLM/USD
Lighter XLM
Aster XLMUSDT
Binance XLMUSDT
Bybit XLMUSDT
OKX XLM-USDT-SWAP
Gate XLM_USDT
MEXC XLM_USDT
KuCoin XLMUSDTM
Bitget XLMUSDTShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX XLM-USDT | +0.0100% | 8h | 0.2145 | −0.047% | — | $7.0M | — | as long as short |
| Backpack XLM_USDC_PERPlong | +0.0100% | 1h | 0.2145 | long leg | $96K | $274K | 20x | |
| Variational Omni XLM | +0.0100% | 8h | 0.2140 | −0.252% | $256K | $1.3M | — | as long as short |
| edgeX XLMUSDC | +0.0100% | 4h | 0.2144 | −0.075% | $12K | $303K | 10x | as long as short |
| GRVT XLM_USDT_Perp | +0.0100% | 8h | 0.2141 | −0.221% | $597K | $595K | 10x | as long as short |
| ApeX Omni XLMUSDT | +0.0100% | 1h | 0.2142 | −0.172% | $172K | $257K | 50x | as long as short |
| Orderly PERP_XLM_USDC_mythos | +0.0100% | 4h | 0.2144 | −0.070% | $3K | $2K | 10x | as long as short |
| SunX XLM-USDT | +0.0100% | 8h | 0.2141 | −0.219% | $2K | $1.6M | 20x | as long as short |
| SoDEX XLM-USD | +0.0100% | 1h | 0.2145 | −0.047% | $2K | $6K | 5x | as long as short |
| HTX XLM-USDT | +0.0100% | 8h | 0.2137 | −0.419% | $197K | $252K | 20x | as long as short |
| Phemex XLMUSDT | +0.0100% | 8h | 0.2145 | −0.033% | $9.0M | $8.9M | 50x | as long as short |
| Extended XLM-USD | +0.0104% | 1h | 0.2144 | −0.067% | $191K | $1.8M | 10x | as long as short |
| BloFin XLM-USDT | +0.0220% | 8h | 0.2142 | −0.144% | $2.3M | $5.0M | 75x | as long as short |
| dYdX XLM-USD | +0.0220% | 1h | 0.2139 | −0.314% | $23K | $2K | 10x | as long as short |
| Phoenix XLM | +0.0264% | 1h | 0.2141 | −0.191% | $5K | $46K | 5x | as long as short |
| Hyperliquid XLM | +0.0354% | 1h | 0.2146 | +0.033% | $12.4M | $6.2M | 5x | as long as short |
| Kraken Futures PF_XLMUSD | +0.0458% | 1h | 0.2145 | −0.020% | $2.6M | $2.7M | 50x | as long as short |
| Coinbase International XLM-PERP-INTX | +0.0464% | 1h | 0.2141 | −0.210% | $234K | $1.5M | 50x | as long as short |
| GMX XLM/USD [WBTC.b-USDC] | L +0.0519% / S −0.0193% | 1h | 0.2142 | −0.167% | $44K | — | 100x | as long as short |
| Deribit XLM_USDC-PERPETUALshort | +0.0916% | 1h | 0.2146 | +0.028% | $533K | $153K | 25x | |
| Injective XLM/USDC PERP | +0.1081% | 1h | 0.2125 | −0.955% | $683 | $241K | 12x | as long as short |
BingX XLM-USDT
Variational Omni XLM
edgeX XLMUSDC
GRVT XLM_USDT_Perp
ApeX Omni XLMUSDT
Orderly PERP_XLM_USDC_mythos
SunX XLM-USDT
SoDEX XLM-USD
HTX XLM-USDT
Phemex XLMUSDT
Extended XLM-USD
BloFin XLM-USDT
dYdX XLM-USD
Phoenix XLM
Hyperliquid XLM
Kraken Futures PF_XLMUSD
Coinbase International XLM-PERP-INTX
GMX XLM/USD [WBTC.b-USDC]
Injective XLM/USDC PERP