Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h −0.014%

Price spread now: Phemex against Backpack−0.070%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now −0.070%, 7d avg −0.039%

Together, before fees−0.173%−$17 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 Phemex is 0.031% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.094% in total (about -4.9% 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	1.5625	0.0315	pay 0.0039% / 1h	37m 56s	$1.8M	$972K	25x
Short	Phemex XRPUSDT	1.5614	0.0100	get 0.0100% / 8h	1h 37m	$55.6M	$29.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$45.07
Price spread: −0.070% → −0.039%: −$3.11
Slippage, 4 orders: −$15.35
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$85.53
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Phemex: 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, 1 min ago	0.32 bp	5.3 bp −$5	6.5 bp −$65	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	3.82 bp	15.3 bp −$15	16.0 bp −$160	26.8 bp −$2,676	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	1.5649	+0.154%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5650	+0.158%	$1.1M	$104K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5617	−0.051%	$9.7M	$25.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5653	+0.180%	$262K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−2.144%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5606	−0.121%	$15.6M	$68.0M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0053%	8h	1.5643	+0.115%	$81K	$938K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0082% / S +0.0134%	1h	1.5653	+0.178%	$922K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5613	−0.076%	$3.0M	$11.9M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5614	−0.070%	$461K	$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	1.5674	+0.317%	$1.1M	$5.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5607	−0.118%	$39.7M	$76.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5655	+0.191%	$675K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5601	−0.154%	$563.2M	$1.94B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5594	−0.198%	$351.2M	$880.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5594	−0.198%	$127.6M	$871.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5693	+0.435%	$584K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5671	+0.294%	$120K	$729K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5683	+0.371%	$1.7M	$616K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5608	−0.109%	$374.7M	$137.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5611	−0.090%	$293.3M	$835.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5612	−0.084%	$115.1M	$156.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5596	−0.186%	$271.3M	$357.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5611	−0.090%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5690	+0.414%	$12.0M	$29.9M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5681	+0.357%	$681K	$99.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5652	+0.174%	$1.1M	$41.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5674	+0.314%	$1.0M	$879K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5660	+0.223%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5676	+0.326%	$47K	$444K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5653	+0.179%	$42K	$64K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5645	+0.125%	$842K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5668	+0.272%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5613	−0.077%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5604	−0.133%	$51.3M	$15.2M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5614	−0.070%	$55.6M	$29.0M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5673	+0.305%	$489K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5675	+0.320%	$13K	$249K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5609	−0.103%	$2.2M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5615	−0.064%	$73K	$40K	3x	as long as short
Hibachi XRP/USDT-P	+0.0120%	1h	1.5683	+0.371%	$18K	$81K	7x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5675	+0.320%	$9K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5661	+0.229%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5619	−0.038%	$5.8M	$46.7M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5633	+0.051%	$24.5M	$72.9M	125x	as long as short
Backpack XRP_USDC_PERPlong	+0.0315%	1h	1.5625	long leg	$1.8M	$972K	25x
Kalshi KXXRPPERP	+0.0325%	8h	1.5650	+0.160%	$1.9M	$32.3M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5730	+0.672%	$70K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5676	+0.326%	$512K	$615K	10x	as long as short
Hyperliquid XRP	+0.0616%	1h	1.5617	−0.051%	$291.2M	$199.4M	20x	as long as short
Aftermath Perps XRPUSD	+0.0647%	1h	1.5674	+0.312%	$1K	$11K	10x	as long as short