Funding arb · Price arb /

XPD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.014%

Price spread now: Lighter against Variational Omni−0.089%7-day average +0.012% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.089%, 7d avg +0.012%

Together, before fees+0.158%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.100% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of +0.012%). If the spread goes back, that is −$10 on $10k: about 10 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPD	1,291.8	0	get 0.0000% / 4h	3h 47m	$527K	$29K	—
Short	Lighter XPD	1,290.7	0.0032	get 0.0004% / 1h	47m 04s	$397K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.089%Rate

Funding earned: $6.72
Price spread: −0.089% → +0.012%: −$10.05
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$3.33
Costs to cover: 0.000%
Break-even: 10.5 days

Slippage unknown: Variational Omni: RFQ quote, 52 min ago; Lighter: live order book, 42 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 Variational Omni RFQ quote, 52 min ago	4.89 bp	doesn't fit	41.9 bp −$419	doesn't fit	doesn't fit
Sell Lighter live order book, 42 min ago	9.65 bp	9.7 bp −$10	37.6 bp −$376	doesn't fit	doesn't fit

XPD on 17 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
tradeXYZ xyz:PALLADIUM	−0.0433%	1h	1,289.2	−0.205%	$2.6M	$567K	20x	as long as short
Binance XPDUSDT	0.0000%	4h	1,291.6	−0.021%	$3.7M	$5.1M	100x	as long as short
Gate XPD_USDT	0.0000%	4h	1,291.9	+0.003%	$2.0M	$477K	100x	as long as short
MEXC XPD_USDT	0.0000%	4h	1,292	+0.011%	$13.0M	$306K	100x	as long as short
Variational Omni XPDlong	0.0000%	4h	1,291.8	long leg	$527K	$29K	—
GRVT XPD_USDT_Perp	0.0000%	4h	1,292.3	+0.033%	$336K	$642K	25x	as long as short
SunX XPD-USDT	0.0000%	4h	1,290.1	−0.133%	—	$1.6M	10x	as long as short
HTX XPD-USDT	0.0000%	4h	1,292.6	+0.056%	$10K	$35K	20x	as long as short
gTrade (Gains Network) XPD/USD	L +0.0008% / S −0.0007%	1h	1,290.4	−0.113%	—	—	—	as long as short
BloFin XPD-USDT	+0.0010%	4h	1,292.2	+0.026%	$31K	$21K	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX XPDUSDC	+0.0013%	4h	1,292.9	+0.085%	$37K	$206K	10x	as long as short
Aster XPDUSDT	+0.0025%	4h	1,291.3	−0.045%	$27K	$6K	20x	as long as short
Lighter XPDshort	+0.0032%	1h	1,290.7	−0.089%	$397K	$161K	20x
Injective XPD/USDC PERP	+0.0033%	1h	1,332.8	+3.170%	$16K	$20K	52x	as long as short
KuCoin XPDUSDTM	+0.0100%	4h	1,291.3	−0.041%	$168K	$7K	75x	as long as short
OKX XPD-USDT-SWAP	+0.0137%	8h	1,290.8	−0.081%	$336K	$505K	50x	as long as short
Bitget XPDUSDT	+0.0276%	4h	1,291.6	−0.023%	$5.0M	$260K	100x	as long as short