Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.027%

Price spread now: Phoenix against Bybit−0.043%66s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.043% cheaper against Bybit than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 2.8 days of funding at the current rate (+$2 a day). The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XLMUSDT	0.2099	0.0100	pay 0.0100% / 8h	5h 06m	$43.2M	$40.6M	75x
Short	Phoenix XLM	0.2098	0.0150	get 0.0019% / 1h	6m 23s	$4K	$46K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.043%Rate

Funding earned: $10.54
Price spread: −0.043% → 0.000%: −$4.29
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11.75
Costs to cover: 0.180%
Break-even: 14.8 days

Slippage unknown: Bybit: live order book, 6 min ago; Phoenix: no order-book sample. 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 Bybit live order book, 6 min ago	2.38 bp	7.9 bp −$8	11.9 bp −$119	50.3 bp −$5,034	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2098	−0.022%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	+1.248%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2102	+0.152%	$369K	$807K	5x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2100	+0.079%	$557K	$394K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2100	+0.038%	$54.2M	$141.9M	75x	as long as short
Bybit XLMUSDTlong	+0.0100%	8h	0.2099	long leg	$43.2M	$40.6M	75x
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2099	+0.014%	$12.2M	$41.7M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2099	+0.014%	$3.9M	$6.8M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2099	+0.019%	$24.0M	$27.9M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2100	+0.048%	$13.9M	$8.5M	75x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XLMUSDT	+0.0100%	8h	0.2099	0.000%	$25.7M	$21.1M	75x	as long as short
BingX XLM-USDC	+0.0100%	8h	0.2099	+0.019%	—	$6.7M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2099	+0.010%	$119K	$297K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2095	−0.183%	$250K	$1.2M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2098	−0.031%	$11K	$310K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2101	+0.098%	$581K	$501K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2099	0.000%	$168K	$253K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2098	−0.038%	$3K	$247	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2100	+0.062%	$2K	$1.3M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2099	−0.014%	$572	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2100	+0.048%	$189K	$238K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2099	+0.029%	$8.5M	$8.3M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2098	−0.016%	$190K	$609K	10x	as long as short
Phoenix XLMshort	+0.0150%	1h	0.2098	−0.043%	$4K	$46K	5x
BloFin XLM-USDT	+0.0220%	8h	0.2100	+0.048%	$2.3M	$5.2M	75x	as long as short
Kraken Futures PF_XLMUSD	+0.0258%	1h	0.2099	+0.017%	$2.6M	$2.6M	50x	as long as short
Coinbase International XLM-PERP-INTX	+0.0328%	1h	0.2106	+0.338%	$210K	$1.3M	50x	as long as short
Hyperliquid XLM	+0.0357%	1h	0.2101	+0.100%	$12.2M	$5.6M	5x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0509% / S −0.0245%	1h	0.2098	−0.029%	$39K	—	100x	as long as short
dYdX XLM-USD	+0.0511%	1h	0.2098	−0.018%	$26K	$5K	10x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0656%	1h	0.2100	+0.057%	$520K	$103K	25x	as long as short