Funding arb · Price arb /

XPD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.014%

Price spread now: Lighter against Variational Omni−0.209%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)+0.247%+$25 · spread now −0.209%, 7d avg +0.012%

Together, before fees+0.278%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.220% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.209% now, against its 7-day average of +0.012%). If the spread goes back, that is −$22 on $10k: about 23 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	1,300.2	0	get 0.0000% / 4h	2h 57m	$529K	$32K	—
Short	Lighter XPD	1,297.5	0.0032	get 0.0004% / 1h	57m 38s	$399K	$159K	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 −0.209%Rate

Funding earned: $6.72
Price spread: −0.209% → +0.012%: −$22.05
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$15.33
Costs to cover: 0.000%
Break-even: 23.0 days

Slippage unknown: Variational Omni: RFQ quote, 36 min ago; Lighter: live order book, 27 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, 36 min ago	2.95 bp	doesn't fit	48.3 bp −$483	doesn't fit	doesn't fit
Sell Lighter live order book, 27 min ago	3.88 bp	10.7 bp −$11	38.4 bp −$384	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	−0.0250%	1h	1,296	−0.324%	$2.6M	$574K	20x	as long as short
BloFin XPD-USDT	−0.0019%	4h	1,300.4	+0.014%	$32K	$22K	100x	as long as short
Aster XPDUSDT	0.0000%	4h	1,298	−0.168%	$27K	$7K	20x	as long as short
Binance XPDUSDT	0.0000%	4h	1,298.2	−0.153%	$3.6M	$5.2M	100x	as long as short
Gate XPD_USDT	0.0000%	4h	1,298.6	−0.122%	$2.0M	$478K	100x	as long as short
MEXC XPD_USDT	0.0000%	4h	1,298.2	−0.155%	$12.9M	$370K	100x	as long as short
Bitget XPDUSDT	0.0000%	4h	1,297.8	−0.184%	$5.0M	$303K	100x	as long as short
Variational Omni XPDlong	0.0000%	4h	1,300.2	long leg	$529K	$32K	—
GRVT XPD_USDT_Perp	0.0000%	4h	1,299.5	−0.057%	$338K	$631K	25x	as long as short
SunX XPD-USDT	0.0000%	4h	1,299.8	−0.030%	—	$1.6M	10x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX XPD-USDT	0.0000%	4h	1,301.6	+0.106%	$10K	$35K	20x	as long as short
gTrade (Gains Network) XPD/USD	L +0.0008% / S −0.0007%	1h	1,298.8	−0.106%	—	—	—	as long as short
edgeX XPDUSDC	+0.0015%	4h	1,301.4	+0.093%	$37K	$207K	10x	as long as short
OKX XPD-USDT-SWAP	+0.0020%	8h	1,298.3	−0.147%	$336K	$548K	50x	as long as short
Lighter XPDshort	+0.0032%	1h	1,297.5	−0.209%	$399K	$159K	20x
Injective XPD/USDC PERP	+0.0033%	1h	1,332.8	+2.506%	$16K	$20K	52x	as long as short
KuCoin XPDUSDTM	+0.0100%	4h	1,297.2	−0.230%	$169K	$7K	75x	as long as short