Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0185%/8h= −20.2% APRpaid last 24h −0.017%

Price spread now: Bybit against Backpack−0.045%7-day average +0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 7 days+0.916%+$92 · spread now −0.045%, 7d avg +0.066%

Together, before fees+0.821%+$82 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.112% cheaper against Backpack than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.066%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.096% in total (about -5.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5450	0.0285	pay 0.0036% / 1h	33m 03s	$1.7M	$1.0M	25x
Short	Bybit XRPUSDT	1.5443	0.0100	get 0.0100% / 8h	33m 03s	$345.7M	$920.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$38.78
Price spread: −0.045% → +0.066%: −$11.17
Slippage, 4 orders: −$1.31
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$72.26
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	0.32 bp	5.3 bp −$5	7.5 bp −$75	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.32 bp	5.8 bp −$6	6.8 bp −$68	13.0 bp −$1,302	23.7 bp −$11.8K

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
Hotstuff XRP-PERP	−0.0080%	1h	1.5454	+0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5446	−0.025%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5490	+0.259%	$69K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5458	+0.055%	$268K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0008% / S +0.0101%	1h	1.5457	+0.046%	$850K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0009%	1h	1.5457	+0.045%	$9.5M	$25.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5453	+0.017%	$15.2M	$69.3M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0057%	8h	1.5457	+0.045%	$76K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+0.712%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5446	−0.029%	$3.0M	$12.6M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5453	+0.019%	$440K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5462	+0.081%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5441	−0.057%	$39.2M	$80.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5456	+0.040%	$636K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5428	−0.140%	$551.8M	$2.03B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5443	−0.045%	$345.7M	$920.1M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5443	−0.045%	$126.4M	$882.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5441	−0.058%	$576K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5470	+0.129%	$116K	$756K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5506	+0.362%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5440	−0.065%	$372.5M	$144.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5443	−0.045%	$299.8M	$877.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5452	+0.013%	$112.5M	$164.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5439	−0.071%	$269.3M	$372.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5441	−0.058%	—	$121.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5470	+0.128%	$11.5M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5479	+0.185%	$672K	$104.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5470	+0.130%	$1.1M	$40.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5459	+0.058%	$1.0M	$900K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5453	+0.018%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5460	+0.065%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5457	+0.042%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5459	+0.059%	$832K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5463	+0.082%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5451	+0.006%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5444	−0.037%	$50.7M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5445	−0.032%	$54.9M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5460	+0.066%	$482K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5464	+0.091%	$12K	$267K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5456	+0.040%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5455	+0.031%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5464	+0.091%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5458	+0.050%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5454	+0.026%	$24.5M	$74.3M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5462	+0.078%	$5.9M	$47.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5461	+0.069%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0285%	1h	1.5450	long leg	$1.7M	$1.0M	25x
Kalshi KXXRPPERP	+0.0308%	8h	1.5456	+0.039%	$2.0M	$34.2M	2.9x	as long as short
Hyperliquid XRP	+0.0585%	1h	1.5460	+0.065%	$293.7M	$211.5M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5476	+0.168%	$503K	$633K	10x	as long as short
Aftermath Perps XRPUSD	+0.0793%	1h	1.5488	+0.247%	$1K	$11K	10x	as long as short