Funding arb · Price arb /

XPD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0311%/8h= +34.1% APRpaid last 24h +0.006%

Price spread now: Binance against Injective−1.595%57s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 1.595% cheaper against Injective than usual: you would sell low and buy high (spread −1.595% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$160 on $10k: about 17 days of funding at the current rate (+$9 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XPD/USDC PERP	1,332.8	0.0033	pay 0.0004% / 1h	22m 25s	$16K	$20K	52x
Short	Binance XPDUSDT	1,311.5	0.0345	get 0.0172% / 4h	2h 22m	$3.8M	$4.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −1.595%Rate

Funding earned: $65.36
Price spread: −1.595% → 0.000%: −$159.54
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$104.2
Costs to cover: 0.100%
Break-even: 18.2 days

Slippage unknown: Injective: no order-book sample; Binance: live order book, 15 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 15 min ago	0.34 bp	10.7 bp −$11	23.9 bp −$239	148.0 bp −$14.8K	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XPD on 16 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
Gate XPD_USDT	0.0000%	4h	1,311.6	−1.591%	$1.9M	$429K	100x	as long as short
SunX XPD-USDT	0.0000%	4h	1,308.8	−1.800%	—	$2.0M	10x	as long as short
Lighter XPD	+0.0032%	1h	1,312.3	−1.538%	$399K	$147K	20x	as long as short
Injective XPD/USDC PERPlong	+0.0033%	1h	1,332.8	long leg	$16K	$20K	52x
KuCoin XPDUSDTM	+0.0100%	4h	1,310.1	−1.701%	$171K	$4K	75x	as long as short
OKX XPD-USDT-SWAP	+0.0192%	8h	1,310.3	−1.688%	$321K	$515K	50x	as long as short
HTX XPD-USDT	+0.0233%	4h	1,311.4	−1.606%	$10K	$33K	20x	as long as short
Variational Omni XPD	+0.0247%	4h	1,311	−1.633%	$539K	$28K	—	as long as short
tradeXYZ xyz:PALLADIUM	+0.0265%	1h	1,310.3	−1.688%	$2.7M	$554K	20x	as long as short
Binance XPDUSDTshort	+0.0345%	4h	1,311.5	−1.595%	$3.8M	$4.4M	100x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPD_USDT	+0.0348%	4h	1,311.3	−1.616%	$13.1M	$338K	100x	as long as short
BloFin XPD-USDT	+0.0357%	4h	1,311.7	−1.585%	$30K	$19K	100x	as long as short
edgeX XPDUSDC	+0.0377%	4h	1,310.8	−1.654%	$38K	$205K	10x	as long as short
Bitget XPDUSDT	+0.0430%	4h	1,310.8	−1.654%	$5.0M	$284K	100x	as long as short
Aster XPDUSDT	+0.0506%	4h	1,310.6	−1.662%	$27K	$12K	20x	as long as short
GRVT XPD_USDT_Perp	+0.1092%	4h	1,310.5	−1.675%	$336K	$1.1M	25x	as long as short