Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.025%

Price spread now: GRVT against Backpack+0.105%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.225% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.105%, 7d avg +0.092%

Together, before fees−0.096%+ Points / potential airdropGRVT: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.092%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5191	0.0173	pay 0.0022% / 1h	28m 35s	$1.9M	$1.3M	25x
Short	GRVT XRP_USDT_Perp	1.5207	0.0100	get 0.0100% / 8h	4h 28m	$1.1M	$36.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$15.38
Price spread: +0.105% → +0.092%: $1.33
Slippage, 4 orders: −$3.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$36.55
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Backpack: live order book, just now; GRVT: live order book, 6 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, just now	0.33 bp	5.3 bp −$5	7.6 bp −$76	doesn't fit	doesn't fit
Sell GRVT live order book, 6 min ago	0.33 bp	4.8 bp −$5	12.0 bp −$120	51.3 bp −$5,134	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5203	+0.079%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5197	+0.040%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5177	−0.092%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−0.138%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5200	+0.059%	$7.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5198	+0.047%	$254K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.429%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0041% / S +0.0027%	1h	1.5197	+0.041%	$791K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0083%	8h	1.5200	+0.059%	$62K	$934K	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5178	−0.086%	$8K	$8K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5179	−0.079%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5183	−0.053%	$499K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5172	−0.125%	$10K	$325K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5179	−0.079%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5185	−0.039%	$281.8M	$225.8M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5177	−0.095%	$38.4M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5181	−0.068%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5175	−0.104%	$535.0M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5176	−0.099%	$345.3M	$932.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5179	−0.079%	$126.2M	$875.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5202	+0.072%	$565K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5179	−0.079%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5115	−0.498%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5177	−0.092%	$370.0M	$153.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5183	−0.053%	$290.7M	$900.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5182	−0.059%	$107.8M	$174.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5180	−0.072%	$268.7M	$384.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5179	−0.079%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5201	+0.065%	$5.2M	$37.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5199	+0.055%	$661K	$108.5M	30x	as long as short
GRVT XRP_USDT_Perpshort	+0.0100%	8h	1.5207	+0.105%	$1.1M	$36.0M	20x
ApeX Omni XRPUSDT	+0.0100%	1h	1.5166	−0.165%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5183	−0.056%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5179	−0.079%	$44K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5203	+0.079%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5199	+0.051%	$818K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5208	+0.114%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5199	+0.053%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5195	+0.026%	$49.7M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5195	+0.026%	$54.2M	$30.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5180	−0.071%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5173	−0.119%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5198	+0.045%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERPlong	+0.0173%	1h	1.5191	long leg	$1.9M	$1.3M	25x
Hibachi XRP/USDT-P	+0.0176%	1h	1.5201	+0.069%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5206	+0.099%	$5.6M	$47.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5180	−0.071%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5194	+0.020%	$24.2M	$76.3M	125x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5208	+0.112%	$2.1M	$34.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5180	−0.072%	$517K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0632%	1h	1.5181	−0.065%	$2K	$15K	10x	as long as short