Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.055%

Price spread now: edgeX against Backpack−0.364%7-day average +0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

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

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.197%−$20 on $10k

Price spread, last 7 days+0.980%+$98 · spread now −0.364%, 7d avg +0.061%

Together, before fees+0.783%+ Points / potential airdropedgeX: Active · farm board+$78 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and edgeX is 0.425% cheaper against Backpack than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of +0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5270	0.0124	pay 0.0015% / 1h	35m 12s	$1.7M	$923K	25x
Short	edgeX XRPUSDC	1.5214	0.0100	get 0.0050% / 4h	2h 35m	$662K	$95.2M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.364%Rate

Funding earned: −$4.94
Price spread: −0.364% → +0.061%: −$42.51
Slippage, 4 orders: −$3.29
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$69.73
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; edgeX: live order book, 4 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, 4 min ago	0.33 bp	5.3 bp −$5	6.2 bp −$62	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	1.32 bp	5.8 bp −$6	5.8 bp −$58	9.2 bp −$917	doesn't fit

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	1.5255	−0.097%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5255	−0.098%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5261	−0.059%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5250	−0.131%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5257	−0.085%	$9.2M	$24.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5255	−0.096%	$255K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.131%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5251	−0.124%	$178K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5255	−0.099%	$3.0M	$11.3M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5258	−0.079%	$443K	$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	1.5260	−0.065%	$1.0M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5258	−0.078%	$38.8M	$71.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5261	−0.061%	$664K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5254	−0.105%	$545.5M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5255	−0.098%	$341.9M	$834.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5255	−0.098%	$123.1M	$827.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5253	−0.111%	$568K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5266	−0.026%	$114K	$646K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5260	−0.063%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5260	−0.065%	$355.9M	$129.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5257	−0.085%	$289.7M	$800.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5252	−0.115%	$112.6M	$147.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5260	−0.065%	$265.6M	$338.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5257	−0.085%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5254	−0.105%	$6.2M	$24.4M	—	as long as short
edgeX XRPUSDCshort	+0.0100%	4h	1.5214	−0.364%	$662K	$95.2M	30x
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5240	−0.196%	$1.1M	$41.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5264	−0.039%	$1.0M	$848K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5256	−0.091%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5262	−0.052%	$50K	$474K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5255	−0.096%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5253	−0.109%	$821K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5264	−0.040%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5253	−0.111%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5240	−0.193%	$50.1M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5253	−0.111%	$54.5M	$28.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5263	−0.045%	$476K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5264	−0.039%	$12K	$244K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5251	−0.126%	$2.1M	$7.3M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5253	−0.113%	$71K	$40K	3x	as long as short
Backpack XRP_USDC_PERPlong	+0.0124%	1h	1.5270	long leg	$1.7M	$923K	25x
01 Exchange XRPUSD	+0.0144%	1h	1.5267	−0.020%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5251	−0.124%	$15.3M	$63.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5263	−0.046%	$5.4M	$43.3M	50x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5258	−0.078%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5251	−0.124%	$23.8M	$66.4M	125x	as long as short
Kalshi KXXRPPERP	+0.0222%	8h	1.5266	−0.026%	$1.7M	$31.7M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5250	−0.130%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5271	+0.009%	$404K	$496K	10x	as long as short
Hyperliquid XRP	+0.0450%	1h	1.5279	+0.059%	$280.5M	$179.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0521%	1h	1.5250	−0.130%	$1K	$10K	10x	as long as short