In this paper we present the results of a 20 ks high resolution Chandra X-ray observation of the peculiar galaxy pair NGC 3395/3396, a system at a very early stage of merging, and less evolved than the famous Antennae and Mice merging systems. Previously unpublished ROSAT HRI data are also presented. The point source population and the hot diffuse gas in this system are investigated, and compared with other merging galaxy pairs. 16 X-ray point sources are detected in Arp 270, 7 of which are classified as ULXs (Lx > 10^39 erg/s). From spectral fits and the age of the system it seems likely that these are predominantly high mass X-ray binaries. The diffuse gas emits at a global temperature of ~0.5 keV, consistent with temperatures observed in other interacting systems, and we see no evidence of the starburst-driven hot gaseous outflows seen in more evolved systems such as The Mice and The Antennae. It is likely that these features are absent from Arp 270 as the gas has had insufficient time to break out of the galaxy disks. 32% of the luminosity of Arp 270 arises from the diffuse gas in the system, this is low when compared to later stage merging systems and gives further credence that this is an early stage merger. Comparing the ULX population of Arp 270 to other merging systems, we derive a relationship between the star formation rate of the system, indicated by Lfir, and the number (N(ULX)) and luminosity (Lulx) of its ULX population. We find Nulx proportional to Lfir^0.18 and Lulx proportional to Lfir^0.54. These relationships, coupled with the relation of the point source X-ray luminosity (Lxp) to Lk and Lfir+uv (Colbert et al. 2003), indicate that the ULX sources in an interacting system have contributions from both the old and young stellar populations.
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