Funding you earn now, next payment 09:00 UTC+0.1008%/8h= +110.3% APRnext payment +$1.26 per $10,000 · paid last 24h +0.056%
Price spread now: Backpack against Polymarket Perps+0.119%7-day average −0.109% · you sell dearer than you buy
Net, funding: paid 7d − costs+$34as in the Funding arb table
Net, price: spread back to 7d avg − costs−$4as in the Price arb table
costs, in and out, $10k−$270.269% of the position
Funding, last 7 days+0.607%+$61 on $10k
+Price spread, last 4 days (all we have)−0.712%−$71 · spread now +0.119%, 7d avg −0.109%
=Both sides work for this trade now. Funding pays +$30 a day on $10k at the current rate, and Backpack is 0.228% dearer against Polymarket Perps than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.109%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.607% in total (about 31.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.26 per $10,000. 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 | Polymarket Perps XMR-USD | 572.44 | 0.0100 | pay 0.0013% / 1h | 52m 19s | $30K | $1.7M | 5x |
| Short | Backpack XMR_USDC_PERP | 573.12 | 0.1108 | get 0.0138% / 1h | 52m 19s | $136K | $431K | 20x |
Polymarket Perps XMR-USD
Backpack XMR_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Polymarket Perps. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $211.59
- Price spread: +0.119% → −0.109%
- $22.76
- Slippage, 4 orders
- −$8.89
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $207.47
- Costs to cover
- 0.269%
- Break-even
- 0.1 days
Slippage from Polymarket Perps: live order book, 11 min ago; Backpack: live order book, 46 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 Polymarket Perps live order book, 11 min ago | 1.84 bp | 7.8 bp −$8 | 8.0 bp −$80 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 46 min ago | 0.43 bp | 6.9 bp −$7 | 25.6 bp −$256 | 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 −0.0005% | 1h | 572.57 | +0.023% | $34K | — | 150x | as long as short |
| Injective XMR/USDC PERP | +0.0033% | 1h | 582.55 | +1.766% | $3K | $3K | 12x | as long as short |
| Bybit XMRUSDT | +0.0100% | 8h | 574.01 | +0.274% | $46.5M | $49.6M | 75x | as long as short |
| Gate XMR_USDT | +0.0100% | 8h | 573.06 | +0.108% | $1.6M | $2.6M | 50x | as long as short |
| edgeX XMRUSDC | +0.0100% | 4h | 573.27 | +0.144% | $1.0M | $542K | 10x | as long as short |
| Polymarket Perps XMR-USDlong | +0.0100% | 1h | 572.44 | long leg | $30K | $1.7M | 5x | |
| SunX XMR-USDT | +0.0100% | 8h | 572.96 | +0.091% | $2K | $1.2M | 20x | as long as short |
| HTX XMR-USDT | +0.0100% | 8h | 571.21 | −0.215% | $1.1M | $1.1M | 20x | as long as short |
| Aevo XMR-PERP | +0.0200% | 1h | 573.28 | +0.147% | $12K | — | 3x | as long as short |
| Extended XMR-USD | +0.0240% | 1h | 574.15 | +0.299% | $3.0M | $7.6M | 25x | as long as short |
gTrade (Gains Network) XMR/USD
Injective XMR/USDC PERP
Bybit XMRUSDT
Gate XMR_USDT
edgeX XMRUSDC
SunX XMR-USDT
HTX XMR-USDT
Aevo XMR-PERP
Extended XMR-USDShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin XMRUSDTM | +0.0342% | 8h | 572.90 | +0.080% | $45.3M | $17.8M | 50x | as long as short |
| Kraken Futures PF_XMRUSD | +0.0371% | 1h | 573.58 | +0.200% | $5.5M | $9.1M | 50x | as long as short |
| Binance XMRUSDT | +0.0492% | 8h | 574.09 | +0.289% | $52.4M | $105.8M | 75x | as long as short |
| MEXC XMR_USDT | +0.0494% | 8h | 573.41 | +0.169% | $20.1M | $9.6M | 100x | as long as short |
| Bitget XMRUSDT | +0.0531% | 8h | 573.04 | +0.105% | $9.4M | $10.1M | 50x | as long as short |
| Pacifica XMR | +0.0550% | 1h | 573.32 | +0.153% | $267K | $757K | 10x | as long as short |
| BingX XMR-USDT | +0.0560% | 8h | 573.38 | +0.164% | — | $5.2M | — | as long as short |
| Hyperliquid XMR | +0.0610% | 1h | 573.43 | +0.173% | $87.0M | $58.7M | 5x | as long as short |
| Aster XMRUSDT | +0.0623% | 8h | 573.40 | +0.168% | $641K | $1.6M | 75x | as long as short |
| Lighter XMR | +0.0656% | 1h | 573.31 | +0.153% | $3.1M | $5.5M | 10x | as long as short |
| Paradex XMR-USD-PERP | +0.0679% | 8h | 573.37 | +0.163% | $8K | $2K | 20x | as long as short |
| GRVT XMR_USDT_Perp | +0.0686% | 8h | 574.22 | +0.311% | $343K | $623K | 10x | as long as short |
| BloFin XMR-USDT | +0.0800% | 8h | 573.34 | +0.157% | $2.7M | $9.9M | 75x | as long as short |
| Variational Omni XMR | +0.0826% | 8h | 574.08 | +0.287% | $6.2M | $2.3M | — | as long as short |
| SoDEX XMR-USD | +0.0892% | 1h | 573.10 | +0.115% | $436K | $4K | 5x | as long as short |
| Nado XMR-PERP | +0.0901% | 1h | 573.49 | +0.183% | $1.2M | $318K | 10x | as long as short |
| GMX XMR/USD [WBTC.b-USDC] | L +0.1077% / S −0.1372% | 1h | 572.67 | +0.041% | $596K | — | 100x | as long as short |
| Backpack XMR_USDC_PERPshort | +0.1108% | 1h | 573.12 | +0.119% | $136K | $431K | 20x | |
| Orderly PERP_XMR_USDC | +0.1111% | 8h | 573.08 | +0.112% | $40K | $434K | 10x | as long as short |
| dYdX XMR-USD | +0.1312% | 1h | 572.70 | +0.046% | $104K | $29K | 5x | as long as short |
| Aftermath Perps XMRUSD | +0.2108% | 1h | 572.89 | +0.078% | $1K | $39K | 10x | as long as short |
KuCoin XMRUSDTM
Kraken Futures PF_XMRUSD
Binance XMRUSDT
MEXC XMR_USDT
Bitget XMRUSDT
Pacifica XMR
BingX XMR-USDT
Hyperliquid XMR
Aster XMRUSDT
Lighter XMR
Paradex XMR-USD-PERP
GRVT XMR_USDT_Perp
BloFin XMR-USDT
Variational Omni XMR
SoDEX XMR-USD
Nado XMR-PERP
GMX XMR/USD [WBTC.b-USDC]
Orderly PERP_XMR_USDC
dYdX XMR-USD
Aftermath Perps XMRUSD