While video streaming understanding has made significant strides, real-world applications, such as live sports broadcasting, autonomous driving, and multi-screen collaboration, inherently demand continuous, multi-stream interactions. However, existing benchmarks are confined to single-stream paradigms, leaving a critical gap in evaluating online, cross-stream reasoning. To bridge this, we introduce X-Stream, the first benchmark dedicated to multi-stream streaming understanding. Comprising 4,220 rigorously curated QA pairs across 932 videos, X-Stream evaluates 11 subtasks across multi-window, multi-view, and multi-device scenarios. Crucially, our dataset is constructed using a novel dual-verification pipeline that prevents over-reliance on a single stream. Furthermore, we pioneer the conceptualization of multi-modal large language models (MLLMs) as naive multiplexers, systematically evaluating their performance through the lens of Signal Multiplexing Theory. Our extensive online inference experiments reveal a stark reality: state-of-the-art MLLMs struggle significantly with concurrent streams, achieving only about 50% score and exhibiting poor proactive ability. Ultimately, X-Stream exposes the trade-off of current multiplexing schemes, providing both a practical evaluation protocol and empirical guidance for next-generation multi-stream agents.