Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h +0.129%

Price spread now: Backpack against BingX−0.130%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs+$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$400.395% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.926%+$93 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.130%, 7d avg −0.084%

Together, before fees+1.086%+$109 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Backpack is 0.046% cheaper against BingX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.084%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.926%, 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	BingX XMR-USDT	594.57	0.0375	pay 0.0375% / 8h	2h 28m	—	$5.8M	—
Short	Backpack XMR_USDC_PERP	593.80	0.0203	get 0.0025% / 1h	28m 17s	$202K	$575K	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 −0.130%Rate

Funding earned: −$36.08
Price spread: −0.130% → −0.084%: −$4.55
Slippage, 4 orders: −$19.52
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$80.15
Costs to cover: 0.395%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Backpack: live order book, 60 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, 2 min ago	1.09 bp	12.5 bp −$13	22.9 bp −$229	95.5 bp −$9,551	721.8 bp −$360.9K
Sell Backpack live order book, 60 min ago	1.87 bp	6.9 bp −$7	23.6 bp −$236	doesn't fit	doesn't fit

XMR 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) XMR/USD	L +0.0010% / S −0.0009%	1h	594.02	−0.092%	$45K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	591.89	−0.451%	$3K	$6K	12x	as long as short
Bybit XMRUSDT	+0.0100%	8h	594.30	−0.045%	$47.7M	$60.9M	75x	as long as short
edgeX XMRUSDC	+0.0100%	4h	596.08	+0.253%	$1.1M	$674K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	593.80	−0.130%	$2K	$1.9M	20x	as long as short
Aevo XMR-PERP	+0.0168%	1h	594.86	+0.050%	$12K	—	3x	as long as short
Backpack XMR_USDC_PERPshort	+0.0203%	1h	593.80	−0.130%	$202K	$575K	20x
Polymarket Perps XMR-USD	+0.0270%	1h	594.54	−0.005%	$32K	$1.8M	5x	as long as short
Lighter XMR	+0.0288%	1h	594.34	−0.040%	$3.5M	$6.7M	10x	as long as short
Variational Omni XMR	+0.0290%	8h	595.99	+0.239%	$6.9M	$2.8M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance XMRUSDT	+0.0361%	8h	594.42	−0.026%	$54.5M	$162.1M	75x	as long as short
MEXC XMR_USDT	+0.0362%	8h	594.59	+0.003%	$22.6M	$15.3M	100x	as long as short
SoDEX XMR-USD	+0.0372%	1h	594.77	+0.034%	$452K	$3K	5x	as long as short
BingX XMR-USDTlong	+0.0375%	8h	594.57	long leg	—	$5.8M	—
Bitget XMRUSDT	+0.0391%	8h	594.52	−0.008%	$9.9M	$14.1M	50x	as long as short
Gate XMR_USDT	+0.0392%	8h	593.95	−0.104%	$1.6M	$4.5M	50x	as long as short
dYdX XMR-USD	+0.0500%	1h	593.51	−0.178%	$108K	$50K	5x	as long as short
BloFin XMR-USDT	+0.0510%	8h	593.89	−0.114%	$2.8M	$11.3M	75x	as long as short
Aster XMRUSDT	+0.0547%	8h	594.55	−0.004%	$675K	$2.3M	75x	as long as short
Kraken Futures PF_XMRUSD	+0.0613%	1h	593.71	−0.144%	$5.7M	$20.4M	50x	as long as short
KuCoin XMRUSDTM	+0.0617%	8h	594.43	−0.024%	$49.4M	$25.4M	50x	as long as short
Pacifica XMR	+0.0619%	1h	594.36	−0.035%	$269K	$1.0M	10x	as long as short
GRVT XMR_USDT_Perp	+0.0622%	8h	594.60	+0.006%	$349K	$782K	10x	as long as short
Paradex XMR-USD-PERP	+0.0765%	8h	594.35	−0.037%	$8K	$4K	20x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0863% / S −0.1487%	1h	593.75	−0.138%	$368K	—	100x	as long as short
Orderly PERP_XMR_USDC	+0.0889%	8h	594.72	+0.025%	$48K	$725K	10x	as long as short
Nado XMR-PERP	+0.0899%	1h	593.89	−0.114%	$1.3M	$479K	10x	as long as short
Extended XMR-USD	+0.1184%	1h	594.48	−0.015%	$3.1M	$6.8M	25x	as long as short
Hyperliquid XMR	+0.1611%	1h	594.94	+0.062%	$86.9M	$65.9M	5x	as long as short
HTX XMR-USDT	+0.2310%	8h	592.95	−0.272%	$1.1M	$1.4M	20x	as long as short
Aftermath Perps XMRUSD	+0.2333%	1h	594.63	+0.011%	$2K	$47K	10x	as long as short