Funding arb · Price arb /

XPT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0406%/8h= −44.5% APRpaid last 24h −0.042%

Price spread now: Lighter against GRVT+0.024%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now +0.024%, 7d avg +0.062%

Together, before fees+0.038%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Lighter is 0.038% cheaper against GRVT than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.062%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.019% in total (about 1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT XPT_USDT_Perp	1,783.6	0.0998	pay 0.0499% / 4h	1h 02m	$205K	$777K	25x
Short	Lighter XPT	1,784	0.0592	get 0.0074% / 1h	2m 55s	$355K	$23K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$85.26
Price spread: +0.024% → +0.062%: −$3.82
Slippage, 4 orders: −$28.69
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$126.77
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from GRVT: live order book, 34 min ago; Lighter: live order book, 31 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 GRVT live order book, 34 min ago	0.03 bp	9.0 bp −$9	8971.7 bp −$89.7K	doesn't fit	doesn't fit
Sell Lighter live order book, 31 min ago	2.24 bp	6.7 bp −$7	33.2 bp −$332	doesn't fit	doesn't fit

XPT on 21 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
HTX XPT-USDT	0.0000%	4h	1,783.6	0.000%	$11K	$38K	30x	as long as short
gTrade (Gains Network) XPT/USD	L +0.0006% / S −0.0006%	1h	1,779.6	−0.223%	$228	—	150x	as long as short
Vest PL-PERP	+0.0046%	1h	1,778.9	−0.262%	—	$50	25x	as long as short
Pacifica PLATINUM	+0.0100%	1h	1,780.2	−0.189%	$13K	$29K	10x	as long as short
tradeXYZ xyz:PLATINUM	+0.0109%	1h	1,781.2	−0.133%	$3.6M	$1.1M	20x	as long as short
Injective XPT/USDC PERP	+0.0220%	1h	1,802.2	+1.045%	$6K	$34K	52x	as long as short
KuCoin XPTUSDTM	+0.0236%	4h	1,782.7	−0.048%	$238K	$42K	75x	as long as short
Paradex XPT-USD-PERP	+0.0413%	8h	1,781.7	−0.102%	$3K	—	5x	as long as short
Aevo PLATINUM-PERP	+0.0488%	1h	1,782.5	−0.060%	$303	—	10x	as long as short
Lighter XPTshort	+0.0592%	1h	1,784	+0.024%	$355K	$23K	20x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XPT_USDT	+0.0670%	4h	1,784	+0.026%	$714K	$541K	100x	as long as short
Extended XPT-USD	+0.0712%	1h	1,781	−0.147%	$204K	$632K	10x	as long as short
Aster XPTUSDT	+0.0812%	4h	1,783.8	+0.015%	$15K	$10K	20x	as long as short
Variational Omni XPT	+0.0839%	4h	1,784.6	+0.059%	$262K	$184K	—	as long as short
edgeX XPTUSDC	+0.0872%	4h	1,784.5	+0.055%	$39K	$282K	10x	as long as short
Binance XPTUSDT	+0.0877%	4h	1,783.5	−0.006%	$4.6M	$5.0M	100x	as long as short
MEXC XPT_USDT	+0.0880%	4h	1,781.8	−0.102%	$23.2M	$653K	100x	as long as short
BloFin XPT-USDT	+0.0880%	4h	1,783	−0.035%	$96K	$69K	100x	as long as short
Bitget XPTUSDT	+0.0922%	4h	1,781.9	−0.093%	$1.4M	$504K	100x	as long as short
GRVT XPT_USDT_Perplong	+0.0998%	4h	1,783.6	long leg	$205K	$777K	25x
OKX XPT-USDT-SWAP	+0.1192%	8h	1,782.5	−0.060%	$1.0M	$740K	50x	as long as short