Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: BingX against Backpack−0.144%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 7 days+0.805%+$80 · spread now −0.144%, 7d avg +0.056%

Together, before fees+0.738%+$74 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.200% cheaper against Backpack than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5294	0.0100	pay 0.0013% / 1h	52m 30s	$1.7M	$914K	25x
Short	BingX XRP-USDC	1.5272	0.0100	get 0.0100% / 8h	2h 52m	—	$3.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.144%Rate

Funding earned: $0
Price spread: −0.144% → +0.056%: −$19.99
Slippage, 4 orders: −$7.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$47.84
Costs to cover: 0.278%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; BingX: live order book, 13 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 Backpack live order book, 2 min ago	0.33 bp	5.3 bp −$5	7.0 bp −$70	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	0.65 bp	8.1 bp −$8	10.9 bp −$109	22.5 bp −$2,246	64.4 bp −$32.2K

XRP on 51 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
GMX XRP/USD [ETH-USDC]	L −0.0211% / S +0.0297%	1h	1.5295	+0.004%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5288	−0.039%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5280	−0.094%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5300	+0.039%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5292	−0.013%	$9.3M	$23.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5295	+0.005%	$256K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.026%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0047%	8h	1.5283	−0.072%	$180K	$785K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5275	−0.126%	$3.0M	$11.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5284	−0.065%	$444K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5271	−0.147%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5278	−0.103%	$38.9M	$71.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5277	−0.111%	$673K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5265	−0.190%	$546.5M	$1.83B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5267	−0.177%	$344.1M	$829.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5262	−0.209%	$123.5M	$824.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5277	−0.111%	$569K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5274	−0.131%	$115K	$643K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5314	+0.132%	$1.6M	$344K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5268	−0.170%	$354.8M	$128.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5272	−0.144%	$297.5M	$785.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5270	−0.160%	$112.1M	$145.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5269	−0.163%	$265.9M	$335.9M	125x	as long as short
BingX XRP-USDCshort	+0.0100%	8h	1.5272	−0.144%	—	$3.7M	—
Backpack XRP_USDC_PERPlong	+0.0100%	1h	1.5294	long leg	$1.7M	$914K	25x
Variational Omni XRP	+0.0100%	8h	1.5304	+0.068%	$6.4M	$24.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5314	+0.132%	$666K	$94.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5308	+0.091%	$1.1M	$42.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5293	−0.007%	$1.0M	$823K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5302	+0.051%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5305	+0.072%	$52K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5297	+0.020%	$42K	$60K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5289	−0.031%	$823K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5296	+0.014%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5287	−0.046%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5282	−0.077%	$50.3M	$14.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5287	−0.046%	$54.6M	$27.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5272	−0.141%	$476K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5274	−0.131%	$10K	$236K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5267	−0.175%	$2.1M	$7.4M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5291	−0.020%	$71K	$40K	3x	as long as short
Kraken Futures PF_XRPUSD	+0.0170%	1h	1.5288	−0.039%	$15.3M	$62.5M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5299	+0.033%	$5.3M	$42.6M	50x	as long as short
Kalshi KXXRPPERP	+0.0202%	8h	1.5300	+0.039%	$1.7M	$32.0M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5301	+0.046%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5286	−0.052%	$24.0M	$65.6M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5290	−0.025%	$19K	$55K	7x	as long as short
01 Exchange XRPUSD	+0.0264%	1h	1.5274	−0.131%	$8K	$8K	10x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5278	−0.104%	$404K	$503K	10x	as long as short
Hyperliquid XRP	+0.0441%	1h	1.5296	+0.013%	$285.3M	$173.3M	20x	as long as short
Aftermath Perps XRPUSD	+0.0549%	1h	1.5310	+0.105%	$1K	$10K	10x	as long as short