Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0168%/8h= −18.4% APRpaid last 24h −0.017%

Price spread now: KuCoin against Backpack−0.076%7-day average +0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$260.261% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days+0.950%+$95 · spread now −0.076%, 7d avg +0.077%

Together, before fees+0.832%+$83 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.153% cheaper against Backpack than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.077%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5374	0.0268	pay 0.0034% / 1h	59m 43s	$1.7M	$1.1M	25x
Short	KuCoin XRPUSDTM	1.5362	0.0100	get 0.0100% / 8h	7h 59m	$109.5M	$167.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$35.31
Price spread: −0.076% → +0.077%: −$15.28
Slippage, 4 orders: −$4.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$76.64
Costs to cover: 0.261%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; KuCoin: live order book, 9 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	5.4 bp −$5	7.4 bp −$74	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	0.03 bp	7.7 bp −$8	10.7 bp −$107	doesn't fit	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	1.5372	−0.013%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5363	−0.074%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5350	−0.156%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5367	−0.044%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0007% / S +0.0090%	1h	1.5365	−0.056%	$842K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5370	−0.026%	$14.9M	$70.2M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0061%	8h	1.5368	−0.039%	$75K	$910K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0075%	1h	1.5371	−0.020%	$9.3M	$25.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.210%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5355	−0.125%	$2.9M	$13.6M	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	1.5352	−0.143%	$513K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5368	−0.039%	$1.1M	$5.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5363	−0.071%	$38.9M	$82.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5353	−0.136%	$634K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5345	−0.187%	$541.6M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5348	−0.169%	$340.1M	$933.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5348	−0.169%	$125.7M	$885.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5320	−0.351%	$571K	$47K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5355	−0.124%	$117K	$706K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5333	−0.266%	$1.7M	$570K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5363	−0.072%	$372.8M	$151.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5352	−0.143%	$303.2M	$887.6M	300x	as long as short
KuCoin XRPUSDTMshort	+0.0100%	8h	1.5362	−0.076%	$109.5M	$167.2M	75x
Bitget XRPUSDT	+0.0100%	8h	1.5356	−0.117%	$268.6M	$377.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5352	−0.143%	—	$123.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5346	−0.179%	$6.4M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5324	−0.328%	$665K	$106.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5319	−0.356%	$1.1M	$40.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5328	−0.299%	$1.0M	$902K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5364	−0.065%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5372	−0.013%	$48K	$458K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5368	−0.039%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5370	−0.027%	$827K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5372	−0.014%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5368	−0.039%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5364	−0.067%	$50.4M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5366	−0.052%	$54.7M	$29.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5361	−0.087%	$479K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5366	−0.052%	$12K	$271K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5362	−0.081%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5365	−0.056%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5368	−0.039%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5367	−0.049%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5374	0.000%	$24.1M	$75.1M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5374	0.000%	$5.8M	$47.0M	50x	as long as short
Backpack XRP_USDC_PERPlong	+0.0268%	1h	1.5374	long leg	$1.7M	$1.1M	25x
Hibachi XRP/USDT-P	+0.0312%	1h	1.5354	−0.130%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0316%	8h	1.5378	+0.026%	$2.3M	$35.2M	2.9x	as long as short
Hyperliquid XRP	+0.0476%	1h	1.5379	+0.033%	$291.3M	$216.5M	20x	as long as short
Aftermath Perps XRPUSD	+0.0775%	1h	1.5343	−0.203%	$1K	$11K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5360	−0.089%	$512K	$753K	10x	as long as short