Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.024%

Price spread now: Paradex against Backpack−0.066%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now −0.066%, 7d avg −0.028%

Together, before fees−0.114%+ Points / potential airdropParadex: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.038% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5226	0.0192	pay 0.0024% / 1h	14m 05s	$1.9M	$1.3M	25x
Short	Paradex XRP-USD-PERP	1.5216	0.0100	get 0.0100% / 8h	5h 14m	$474K	$55K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$19.31
Price spread: −0.066% → −0.028%: −$3.83
Slippage, 4 orders: −$9.89
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$47.02
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Paradex: live order book, 50 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, 5 min ago	0.33 bp	5.3 bp −$5	7.1 bp −$71	doesn't fit	doesn't fit
Sell Paradex live order book, 50 min ago	4.61 bp	6.6 bp −$7	157.9 bp −$1,579	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	1.5256	+0.197%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5220	−0.039%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5210	−0.103%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5218	−0.053%	$7.7M	$25.5M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0033% / S +0.0039%	1h	1.5209	−0.110%	$797K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.194%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5217	−0.059%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0076%	8h	1.5215	−0.072%	$62K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5218	−0.052%	$2.8M	$14.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5219	−0.046%	$515K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5210	−0.105%	$10K	$310K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5221	−0.030%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5231	+0.033%	$283.2M	$222.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5215	−0.072%	$38.5M	$83.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5217	−0.058%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5217	−0.056%	$537.4M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5215	−0.072%	$347.2M	$929.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5215	−0.072%	$126.3M	$873.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5241	+0.099%	$567K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5218	−0.053%	$115K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5223	−0.020%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5218	−0.053%	$368.8M	$153.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5217	−0.059%	$296.4M	$902.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5220	−0.039%	$109.3M	$171.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5218	−0.053%	$270.0M	$380.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5219	−0.046%	—	$126.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5260	+0.220%	$6.0M	$36.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5237	+0.071%	$662K	$108.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5251	+0.164%	$1.1M	$35.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5246	+0.131%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5218	−0.054%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5211	−0.099%	$42K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5211	−0.099%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5217	−0.062%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5220	−0.039%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5214	−0.079%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5213	−0.084%	$49.8M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5213	−0.085%	$54.1M	$30.0M	50x	as long as short
Paradex XRP-USD-PERPshort	+0.0100%	8h	1.5216	−0.066%	$474K	$55K	50x
Extended XRP-USD	+0.0104%	1h	1.5211	−0.096%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5215	−0.075%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERPlong	+0.0192%	1h	1.5226	long leg	$1.9M	$1.3M	25x
Hibachi XRP/USDT-P	+0.0208%	1h	1.5224	−0.013%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5209	−0.111%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5218	−0.053%	$5.6M	$46.7M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5230	+0.026%	$24.3M	$75.4M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0272%	1h	1.5214	−0.077%	$14.4M	$73.2M	50x	as long as short
Kalshi KXXRPPERP	+0.0348%	8h	1.5220	−0.039%	$2.1M	$34.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5220	−0.041%	$518K	$778K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5260	+0.223%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0660%	1h	1.5227	+0.007%	$2K	$14K	10x	as long as short