Funding arb · Price arb /

XPD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.008%

Price spread now: Variational Omni against tradeXYZ+0.180%7-day average +0.115% · you sell dearer than you buy

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now +0.180%, 7d avg +0.115%

Together, before fees−0.109%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 0.065% dearer against tradeXYZ than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:PALLADIUM	1,305.8	−0.0062	get 0.0008% / 1h	24m 06s	$2.7M	$493K	20x
Short	Variational Omni XPD	1,308.1	0	get 0.0000% / 4h	1h 24m	$540K	$16K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now +0.180%Rate

Funding earned: $13.04
Price spread: +0.180% → +0.115%: $6.5
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.55
Costs to cover: 0.180%
Break-even: 6.2 days

Slippage unknown: tradeXYZ: live order book, 3 min ago; Variational Omni: RFQ quote, 40 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 tradeXYZ live order book, 3 min ago	1.91 bp	12.7 bp −$13	22.6 bp −$226	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 40 min ago	3.25 bp	doesn't fit	58.9 bp −$589	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:PALLADIUMlong	−0.0062%	1h	1,305.8	long leg	$2.7M	$493K	20x
BloFin XPD-USDT	−0.0038%	4h	1,308.4	+0.200%	$30K	$20K	100x	as long as short
Aster XPDUSDT	0.0000%	4h	1,306.9	+0.086%	$27K	$5K	20x	as long as short
Binance XPDUSDT	0.0000%	4h	1,307.1	+0.103%	$3.7M	$4.5M	100x	as long as short
OKX XPD-USDT-SWAP	0.0000%	8h	1,307.7	+0.146%	$324K	$475K	50x	as long as short
Gate XPD_USDT	0.0000%	4h	1,307.2	+0.110%	$2.0M	$456K	100x	as long as short
MEXC XPD_USDT	0.0000%	4h	1,307.3	+0.112%	$13.2M	$269K	100x	as long as short
Bitget XPDUSDT	0.0000%	4h	1,306.9	+0.083%	$5.0M	$219K	100x	as long as short
Variational Omni XPDshort	0.0000%	4h	1,308.1	+0.180%	$540K	$16K	—
SunX XPD-USDT	0.0000%	4h	1,308.4	+0.201%	—	$1.8M	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	1,307.9	+0.164%	$9K	$33K	20x	as long as short
edgeX XPDUSDC	+0.0001%	4h	1,307.5	+0.132%	$38K	$205K	10x	as long as short
gTrade (Gains Network) XPD/USD	L +0.0008% / S −0.0007%	1h	1,306.8	+0.076%	—	—	—	as long as short
Lighter XPD	+0.0032%	1h	1,307	+0.092%	$403K	$155K	20x	as long as short
Injective XPD/USDC PERP	+0.0033%	1h	1,332.8	+2.068%	$16K	$20K	52x	as long as short
KuCoin XPDUSDTM	+0.0100%	4h	1,306.3	+0.041%	$170K	$5K	75x	as long as short
GRVT XPD_USDT_Perp	+0.0138%	4h	1,307.8	+0.155%	$339K	$751K	25x	as long as short