Funding arb · Price arb /

XPD

RWAall XPD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.094%

Price spread now: GRVT against Lighter−0.002%78s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.349% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.311%+$31 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.002%, 7d avg −0.034%

Together, before fees+0.248%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GRVT is 0.032% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.034%. The two prices were read 78 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	Lighter XPD	1,295.9	0.0088	pay 0.0011% / 1h	47m 55s	$398K	$159K	20x
Short	GRVT XPD_USDT_Perp	1,295.9	0.0172	get 0.0086% / 4h	47m 55s	$336K	$629K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Lighter. 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 LighterbpFee GRVTbpOrdersPrice spread, now −0.002%Rate

Funding earned: $17.64
Price spread: −0.002% → −0.034%: $3.17
Slippage, 4 orders: −$25.86
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$14.05
Costs to cover: 0.349%
Break-even: 12.6 days

Slippage from Lighter: live order book, 50 min ago; GRVT: live order book, 58 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 Lighter live order book, 50 min ago	5.79 bp	6.6 bp −$7	14.4 bp −$144	doesn't fit	doesn't fit
Sell GRVT live order book, 58 min ago	1.28 bp	10.0 bp −$10	doesn't fit	doesn't fit	doesn't fit

XPD on 17 exchanges

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
edgeX XPDUSDC	−0.0016%	4h	1,296.2	+0.027%	$37K	$206K	10x	as long as short
Aster XPDUSDT	0.0000%	4h	1,295.4	−0.038%	$27K	$7K	20x	as long as short
Binance XPDUSDT	0.0000%	4h	1,296.4	+0.035%	$3.7M	$5.4M	100x	as long as short
OKX XPD-USDT-SWAP	0.0000%	8h	1,295.6	−0.023%	$342K	$588K	50x	as long as short
Gate XPD_USDT	0.0000%	4h	1,296	+0.007%	$2.0M	$484K	100x	as long as short
MEXC XPD_USDT	0.0000%	4h	1,295.8	−0.008%	$13.6M	$421K	100x	as long as short
Bitget XPDUSDT	0.0000%	4h	1,296.4	+0.041%	$5.0M	$324K	100x	as long as short
Variational Omni XPD	0.0000%	4h	1,296.1	+0.017%	$527K	$28K	—	as long as short
SunX XPD-USDT	0.0000%	4h	1,295.2	−0.051%	—	$1.5M	10x	as long as short
HTX XPD-USDT	0.0000%	4h	1,295.9	+0.002%	$10K	$36K	20x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPD/USD	L +0.0008% / S −0.0007%	1h	1,293.5	−0.188%	—	—	—	as long as short
BloFin XPD-USDT	+0.0022%	4h	1,296.5	+0.046%	$33K	$23K	100x	as long as short
Injective XPD/USDC PERP	+0.0033%	1h	1,332.8	+2.847%	$16K	$20K	52x	as long as short
tradeXYZ xyz:PALLADIUM	+0.0047%	1h	1,294	−0.147%	$2.6M	$555K	20x	as long as short
Lighter XPDlong	+0.0088%	1h	1,295.9	long leg	$398K	$159K	20x
KuCoin XPDUSDTM	+0.0100%	4h	1,295.6	−0.026%	$169K	$7K	75x	as long as short
GRVT XPD_USDT_Perpshort	+0.0172%	4h	1,295.9	−0.002%	$336K	$629K	25x