Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1057%/8h= +115.7% APRpaid last 24h +0.137%

Price spread now: Backpack against KuCoin−0.010%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs+$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+1.050%+$105 on $10k

Price spread, last 4 days (all we have)+0.219%+$22 · spread now −0.010%, 7d avg +0.015%

Together, before fees+1.270%+$127 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.025% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.010% now, against its 7-day average of +0.015%). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$32 a day). At the pace of the last 7 days (+1.050% in total) that is about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XMRUSDTM	573.11	0.0323	pay 0.0323% / 8h	2h 28m	$45.0M	$26.2M	50x
Short	Backpack XMR_USDC_PERP	573.05	0.1380	get 0.0172% / 1h	28m 36s	$168K	$532K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.010%Rate

Funding earned: $221.89
Price spread: −0.010% → +0.015%: −$2.54
Slippage, 4 orders: −$23.76
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $173.59
Costs to cover: 0.458%
Break-even: 1.5 days

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 20 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 KuCoin live order book, 5 min ago	4.20 bp	14.8 bp −$15	37.8 bp −$378	doesn't fit	doesn't fit
Sell Backpack live order book, 20 min ago	1.66 bp	6.8 bp −$7	28.7 bp −$287	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 −0.0003%	1h	571.96	−0.201%	$37K	—	150x	as long as short
Injective XMR/USDC PERP	+0.0033%	1h	582.55	+1.647%	$3K	$3K	12x	as long as short
edgeX XMRUSDC	+0.0100%	4h	572.10	−0.176%	$1.0M	$644K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	572.69	−0.073%	$2K	$1.8M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	572.95	−0.028%	$1.1M	$1.5M	20x	as long as short
Aevo XMR-PERP	+0.0232%	1h	573.58	+0.082%	$12K	—	3x	as long as short
KuCoin XMRUSDTMlong	+0.0323%	8h	573.11	long leg	$45.0M	$26.2M	50x
dYdX XMR-USD	+0.0421%	1h	572.70	−0.072%	$104K	$44K	5x	as long as short
Bitget XMRUSDT	+0.0577%	8h	573.93	+0.143%	$9.5M	$13.3M	50x	as long as short
MEXC XMR_USDT	+0.0616%	8h	573.56	+0.079%	$19.8M	$14.6M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance XMRUSDT	+0.0618%	8h	573.50	+0.068%	$52.5M	$161.0M	75x	as long as short
Gate XMR_USDT	+0.0640%	8h	573.08	−0.005%	$1.5M	$4.3M	50x	as long as short
BingX XMR-USDT	+0.0681%	8h	573.41	+0.052%	—	$5.6M	—	as long as short
Polymarket Perps XMR-USD	+0.0692%	1h	573.11	0.000%	$27K	$2.2M	5x	as long as short
Bybit XMRUSDT	+0.0710%	8h	573.31	+0.035%	$46.4M	$64.2M	75x	as long as short
Extended XMR-USD	+0.0720%	1h	573.21	+0.018%	$3.0M	$8.2M	25x	as long as short
Kraken Futures PF_XMRUSD	+0.0748%	1h	572.07	−0.181%	$5.4M	$19.1M	50x	as long as short
Aster XMRUSDT	+0.0769%	8h	573.98	+0.152%	$643K	$2.2M	75x	as long as short
Lighter XMR	+0.0896%	1h	573.66	+0.096%	$3.1M	$7.6M	10x	as long as short
Paradex XMR-USD-PERP	+0.0911%	8h	573.37	+0.046%	$8K	$4K	20x	as long as short
Pacifica XMR	+0.0912%	1h	573.84	+0.127%	$265K	$1.0M	10x	as long as short
GRVT XMR_USDT_Perp	+0.1006%	8h	573.02	−0.016%	$345K	$727K	10x	as long as short
BloFin XMR-USDT	+0.1012%	8h	573.19	+0.014%	$2.7M	$11.2M	75x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.1070% / S −0.1423%	1h	572.06	−0.183%	$592K	—	100x	as long as short
Hyperliquid XMR	+0.1130%	1h	574.21	+0.192%	$86.6M	$71.0M	5x	as long as short
Orderly PERP_XMR_USDC	+0.1187%	8h	573.12	+0.002%	$40K	$700K	10x	as long as short
Variational Omni XMR	+0.1189%	8h	572.35	−0.132%	$6.3M	$2.3M	—	as long as short
SoDEX XMR-USD	+0.1299%	1h	573.12	+0.002%	$436K	$3K	5x	as long as short
Nado XMR-PERP	+0.1305%	1h	573.06	−0.009%	$1.3M	$455K	10x	as long as short
Backpack XMR_USDC_PERPshort	+0.1380%	1h	573.05	−0.010%	$168K	$532K	20x
Aftermath Perps XMRUSD	+0.2083%	1h	572.27	−0.147%	$1K	$43K	10x	as long as short