Funding arb · Price arb /

XPD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.015%

Price spread now: MEXC against Lighter+0.063%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$170.165% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now +0.063%, 7d avg −0.007%

Together, before fees−0.159%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.070% dearer against Lighter than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of −0.007%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPD	1,295.7	0.0032	pay 0.0004% / 1h	56m 27s	$398K	$159K	20x
Short	MEXC XPD_USDT	1,296.5	0	get 0.0000% / 4h	56m 27s	$13.6M	$420K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$6.72
Price spread: +0.063% → −0.007%: $7
Slippage, 4 orders: −$16.55
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$16.27
Costs to cover: 0.165%
Break-even: never at this rate

Slippage from Lighter: live order book, 41 min ago; MEXC: live order book, 5 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, 41 min ago	5.79 bp	6.6 bp −$7	14.4 bp −$144	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.96 bp	1.0 bp −$1	2.0 bp −$20	12.7 bp −$1,269	272.5 bp −$136.2K

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
tradeXYZ xyz:PALLADIUM	−0.0028%	1h	1,294.9	−0.062%	$2.7M	$562K	20x	as long as short
Aster XPDUSDT	0.0000%	4h	1,295.7	−0.003%	$27K	$7K	20x	as long as short
Binance XPDUSDT	0.0000%	4h	1,296.4	+0.057%	$3.7M	$5.4M	100x	as long as short
OKX XPD-USDT-SWAP	0.0000%	8h	1,296.3	+0.046%	$342K	$585K	50x	as long as short
Gate XPD_USDT	0.0000%	4h	1,297.3	+0.123%	$2.0M	$483K	100x	as long as short
MEXC XPD_USDTshort	0.0000%	4h	1,296.5	+0.063%	$13.6M	$420K	100x
Bitget XPDUSDT	0.0000%	4h	1,296.2	+0.040%	$5.0M	$323K	100x	as long as short
Variational Omni XPD	0.0000%	4h	1,299.1	+0.264%	$528K	$29K	—	as long as short
SunX XPD-USDT	0.0000%	4h	1,297.2	+0.113%	—	$1.5M	10x	as long as short
HTX XPD-USDT	0.0000%	4h	1,298.3	+0.197%	$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	1,294.4	−0.097%	—	—	—	as long as short
edgeX XPDUSDC	+0.0019%	4h	1,298.1	+0.185%	$37K	$207K	10x	as long as short
Lighter XPDlong	+0.0032%	1h	1,295.7	long leg	$398K	$159K	20x
Injective XPD/USDC PERP	+0.0033%	1h	1,332.8	+2.863%	$16K	$20K	52x	as long as short
BloFin XPD-USDT	+0.0047%	4h	1,298.9	+0.245%	$33K	$23K	100x	as long as short
KuCoin XPDUSDTM	+0.0100%	4h	1,295.9	+0.012%	$168K	$7K	75x	as long as short
GRVT XPD_USDT_Perp	+0.0176%	4h	1,299.2	+0.266%	$338K	$625K	25x	as long as short