Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0286%/8h= −31.4% APRpaid last 24h +0.006%

Price spread now: Backpack against BingX−0.224%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$290.295% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.231%+$23 · spread now −0.224%, 7d avg +0.011%

Together, before fees+0.248%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Backpack is 0.235% cheaper against BingX than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.016% in total (about 0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XLM-USDT	0.2097	0.0100	pay 0.0100% / 8h	4h 50m	—	$6.8M	—
Short	Backpack XLM_USDC_PERP	0.2092	−0.0186	pay 0.0023% / 1h	50m 32s	$118K	$297K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.224%Rate

Funding earned: −$60.13
Price spread: −0.224% → +0.011%: −$23.47
Slippage, 4 orders: −$9.46
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$113.06
Costs to cover: 0.295%
Break-even: never at this rate

Slippage from BingX: live order book, just now; Backpack: live order book, 56 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 BingX live order book, just now	0.24 bp	6.1 bp −$6	9.5 bp −$95	18.3 bp −$1,833	93.4 bp −$46.7K
Sell Backpack live order book, 56 min ago	0.94 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit

XLM on 31 exchanges

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
Backpack XLM_USDC_PERPshort	−0.0186%	1h	0.2092	−0.224%	$118K	$297K	20x
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2091	−0.275%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	+1.330%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2096	−0.038%	$359K	$727K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2099	+0.070%	$556K	$357K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2099	+0.108%	$54.3M	$140.5M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2099	+0.091%	$43.1M	$40.5M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2100	+0.138%	$12.2M	$41.5M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2093	−0.196%	$3.9M	$6.3M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2095	−0.114%	$23.8M	$26.9M	300x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XLMUSDTM	+0.0100%	8h	0.2094	−0.124%	$13.9M	$8.4M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2096	−0.052%	$25.7M	$21.0M	75x	as long as short
BingX XLM-USDTlong	+0.0100%	8h	0.2097	long leg	—	$6.8M	—
Variational Omni XLM	+0.0100%	8h	0.2092	−0.246%	$250K	$1.2M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2099	+0.094%	$11K	$310K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2099	+0.105%	$580K	$501K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2099	+0.114%	$168K	$252K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2091	−0.291%	$3K	$247	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2092	−0.253%	$2K	$1.3M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2092	−0.253%	$570	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2094	−0.129%	$188K	$238K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2093	−0.205%	$8.5M	$8.3M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2096	−0.059%	$189K	$606K	10x	as long as short
Phoenix XLM	+0.0152%	1h	0.2096	−0.052%	$4K	$45K	5x	as long as short
Kraken Futures PF_XLMUSD	+0.0214%	1h	0.2092	−0.245%	$2.6M	$2.5M	50x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2093	−0.191%	$2.3M	$5.1M	75x	as long as short
Hyperliquid XLM	+0.0262%	1h	0.2096	−0.072%	$12.1M	$5.5M	5x	as long as short
Coinbase International XLM-PERP-INTX	+0.0368%	1h	0.2092	−0.219%	$208K	$1.3M	50x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0508% / S −0.0245%	1h	0.2091	−0.294%	$39K	—	100x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0611%	1h	0.2093	−0.181%	$519K	$103K	25x	as long as short
dYdX XLM-USD	+0.0682%	1h	0.2092	−0.221%	$26K	$5K	10x	as long as short