Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.030%

Price spread now: SunX against Backpack−0.017%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$590.586% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now −0.017%, 7d avg −0.021%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, 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	1.5237	0.0181	pay 0.0023% / 1h	42m 48s	$2.0M	$1.4M	25x
Short	SunX XRP-USDT	1.5234	0.0100	get 0.0100% / 8h	42m 48s	$128K	$1.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$17.1
Price spread: −0.017% → −0.021%: $0.37
Slippage, 4 orders: −$40.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$75.34
Costs to cover: 0.586%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; SunX: live order book, 13 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	0.33 bp	5.3 bp −$5	6.3 bp −$63	doesn't fit	doesn't fit
Sell SunX live order book, 13 min ago	11.64 bp	20.5 bp −$20	27.1 bp −$271	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	1.5241	+0.026%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5234	−0.020%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5228	−0.058%	$246K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5232	−0.033%	$7.8M	$24.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.120%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0078%	1h	1.5224	−0.084%	$14.5M	$73.7M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5230	−0.047%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5230	−0.046%	$602K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5229	−0.053%	$10K	$372K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0099% / S −0.0058%	1h	1.5233	−0.027%	$786K	—	200x	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	1.5237	+0.003%	$1.0M	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5223	−0.092%	$38.6M	$87.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5237	−0.003%	$614K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5221	−0.105%	$532.9M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5221	−0.105%	$350.3M	$956.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5223	−0.092%	$128.1M	$879.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5226	−0.072%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5246	+0.059%	$145K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5191	−0.305%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5222	−0.098%	$379.0M	$160.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5227	−0.066%	$316.1M	$919.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5226	−0.074%	$107.3M	$184.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5219	−0.118%	$269.1M	$392.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5221	−0.105%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5239	+0.010%	$4.9M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5231	−0.042%	$662K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5252	+0.096%	$1.1M	$35.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5249	+0.079%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5242	+0.032%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5240	+0.020%	$50K	$511K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5234	−0.019%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5231	−0.039%	$75K	$686K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5233	−0.029%	$819K	$74K	10x	as long as short
SunX XRP-USDTshort	+0.0100%	8h	1.5234	−0.017%	$128K	$1.8M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5227	−0.066%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5239	+0.013%	$49.8M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5229	−0.053%	$54.4M	$32.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5248	+0.074%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5222	−0.096%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5228	−0.060%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5244	+0.046%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0120%	1h	1.5243	+0.038%	$17K	$78K	7x	as long as short
Hyperliquid XRP	+0.0159%	1h	1.5238	+0.007%	$290.7M	$268.0M	20x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5233	−0.026%	$5.6M	$48.3M	50x	as long as short
Backpack XRP_USDC_PERPlong	+0.0181%	1h	1.5237	long leg	$2.0M	$1.4M	25x
Kalshi KXXRPPERP	+0.0204%	8h	1.5237	0.000%	$1.8M	$34.6M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0220%	1h	1.5234	−0.020%	$1.3M	$4K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5227	−0.066%	$23.7M	$78.0M	125x	as long as short
RISEx XRP/USDC	+0.0394%	1h	1.5241	+0.023%	$529K	$804K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5260	+0.151%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0643%	1h	1.5230	−0.043%	$2K	$16K	10x	as long as short