Funding arb · Price arb /

XPD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.014%

Price spread now: Variational Omni against Lighter+0.010%7-day average −0.012% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 4 days (all we have)−0.035%−$3 · spread now +0.010%, 7d avg −0.012%

Together, before fees−0.063%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.022% dearer against Lighter than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.012%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPD	1,312.2	0.0032	pay 0.0004% / 1h	15m 56s	$405K	$155K	20x
Short	Variational Omni XPD	1,312.3	0	get 0.0000% / 4h	2h 15m	$542K	$16K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.010%Rate

Funding earned: −$6.72
Price spread: +0.010% → −0.012%: $2.18
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$4.54
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 44 min ago; Variational Omni: RFQ quote, 53 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 Lighter live order book, 44 min ago	4.94 bp	23.7 bp −$24	45.3 bp −$453	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 53 min ago	1.90 bp	doesn't fit	57.5 bp −$575	doesn't fit	doesn't fit

XPD on 16 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
Binance XPDUSDT	0.0000%	4h	1,312.8	+0.043%	$3.8M	$4.4M	100x	as long as short
Gate XPD_USDT	0.0000%	4h	1,312.5	+0.021%	$2.0M	$452K	100x	as long as short
MEXC XPD_USDT	0.0000%	4h	1,312.5	+0.024%	$13.1M	$334K	100x	as long as short
Variational Omni XPDshort	0.0000%	4h	1,312.3	+0.010%	$542K	$16K	—
SunX XPD-USDT	0.0000%	4h	1,310.6	−0.124%	—	$1.9M	10x	as long as short
HTX XPD-USDT	0.0000%	4h	1,312.5	+0.024%	$10K	$33K	20x	as long as short
gTrade (Gains Network) XPD/USD	L +0.0008% / S −0.0007%	1h	1,310.7	−0.114%	—	—	—	as long as short
edgeX XPDUSDC	+0.0010%	4h	1,312.1	−0.006%	$38K	$206K	10x	as long as short
Aster XPDUSDT	+0.0019%	4h	1,311	−0.089%	$27K	$12K	20x	as long as short
Lighter XPDlong	+0.0032%	1h	1,312.2	long leg	$405K	$155K	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XPD/USDC PERP	+0.0033%	1h	1,332.8	+1.570%	$16K	$20K	52x	as long as short
tradeXYZ xyz:PALLADIUM	+0.0050%	1h	1,310.5	−0.130%	$2.7M	$519K	20x	as long as short
OKX XPD-USDT-SWAP	+0.0060%	8h	1,312.5	+0.023%	$315K	$471K	50x	as long as short
KuCoin XPDUSDTM	+0.0100%	4h	1,311.2	−0.073%	$171K	$5K	75x	as long as short
Bitget XPDUSDT	+0.0110%	4h	1,312.5	+0.022%	$5.0M	$216K	100x	as long as short
GRVT XPD_USDT_Perp	+0.0494%	4h	1,312.1	−0.011%	$340K	$803K	25x	as long as short