Funding arb · Price arb /

XLM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.041%

Price spread now: Bybit against Kraken Futures−0.043%55s7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.500% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.043%, 7d avg −0.051%

Together, before fees+0.153%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.051%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.124%, so the current rate has only just turned against you. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.124% in total (about 6.5% a year). A funding rate is set anew for every payment. 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	Kraken Futures PF_XLMUSD	0.2127	0.0380	pay 0.0048% / 1h	18m 23s	$2.6M	$2.7M	50x
Short	Bybit XLMUSDT	0.2126	0.0100	get 0.0100% / 8h	6h 18m	$42.9M	$46.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$58.9
Price spread: −0.043% → −0.051%: $0.84
Slippage, 4 orders: −$28.96
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$108.01
Costs to cover: 0.500%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Bybit: live order book, 5 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 Kraken Futures live order book, 5 min ago	6.10 bp	12.3 bp −$12	19.8 bp −$198	95.4 bp −$9,537	doesn't fit
Sell Bybit live order book, 5 min ago	2.35 bp	7.8 bp −$8	13.7 bp −$137	53.1 bp −$5,311	doesn't fit

XLM 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) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2126	−0.047%	$4K	—	150x	as long as short
Injective XLM/USDC PERP	+0.0033%	1h	0.2125	−0.090%	$683	$241K	12x	as long as short
Lighter XLM	+0.0096%	1h	0.2130	+0.159%	$360K	$906K	5x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2128	+0.050%	$54.0M	$155.2M	75x	as long as short
Bybit XLMUSDTshort	+0.0100%	8h	0.2126	−0.043%	$42.9M	$46.3M	75x
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2127	−0.020%	$12.7M	$41.9M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2125	−0.099%	$4.1M	$6.7M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2127	−0.020%	$23.8M	$27.0M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2124	−0.128%	$14.1M	$10.0M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2126	−0.024%	$25.4M	$20.7M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XLM-USDT	+0.0100%	8h	0.2127	−0.015%	—	$7.1M	—	as long as short
Backpack XLM_USDC_PERP	+0.0100%	1h	0.2127	+0.018%	$89K	$262K	20x	as long as short
Variational Omni XLM	+0.0100%	8h	0.2128	+0.056%	$255K	$1.3M	—	as long as short
edgeX XLMUSDC	+0.0100%	4h	0.2130	+0.161%	$12K	$303K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2134	+0.347%	$597K	$611K	10x	as long as short
ApeX Omni XLMUSDT	+0.0100%	1h	0.2129	+0.098%	$171K	$257K	50x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2126	−0.043%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2122	−0.217%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2127	+0.018%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2125	−0.067%	$196K	$262K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2127	−0.005%	$8.9M	$8.9M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2124	−0.120%	$192K	$1.8M	10x	as long as short
dYdX XLM-USD	+0.0121%	1h	0.2128	+0.041%	$23K	$2K	10x	as long as short
Aster XLMUSDT	+0.0125%	8h	0.2125	−0.099%	$568K	$622K	75x	as long as short
Phoenix XLM	+0.0187%	1h	0.2135	+0.366%	$5K	$46K	5x	as long as short
Hyperliquid XLM	+0.0282%	1h	0.2128	+0.032%	$12.3M	$6.3M	5x	as long as short
Kraken Futures PF_XLMUSDlong	+0.0380%	1h	0.2127	long leg	$2.6M	$2.7M	50x
Coinbase International XLM-PERP-INTX	+0.0440%	1h	0.2126	−0.043%	$232K	$1.5M	50x	as long as short
Deribit XLM_USDC-PERPETUAL	+0.0503%	1h	0.2128	+0.032%	$528K	$149K	25x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0517% / S −0.0193%	1h	0.2126	−0.050%	$44K	—	100x	as long as short