Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.019%

Price spread now: Injective against Binance+1.326%117s7-day average −0.282% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1081.077% of the position

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.177%+$18 on $10k

Price spread, last 3 days (all we have)−1.906%−$191 · spread now +1.326%, 7d avg −0.282%

Together, before fees−1.729%−$173 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.607% dearer against Binance than usual: you sell high and buy low (spread +1.326% now, against its 7-day average of −0.282%): +$161 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. Mind the row above: over the last 7 days funding on this pair paid +0.177%, so the current rate has only just turned against you. The two prices were read 117 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XRPUSDT	1.5356	0.0100	pay 0.0100% / 8h	7h 11m	$542.5M	$2.05B	100x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	11m 21s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +1.326%Rate

Funding earned: −$14
Price spread: +1.326% → −0.282%: $160.75
Slippage, 4 orders: −$97.65
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $39.08
Costs to cover: 1.077%
Break-even: from the start

Slippage from Binance: live order book, 3 min ago; Injective: live order book, 62 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 Binance live order book, 3 min ago	0.32 bp	5.3 bp −$5	6.8 bp −$68	14.5 bp −$1,449	30.1 bp −$15.0K
Sell Injective live order book, 62 min ago	39.09 bp	57.7 bp −$58	67.1 bp −$671	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	1.5368	+0.076%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5360	+0.024%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5348	−0.057%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0074%	1h	1.5350	−0.043%	$842K	—	200x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+1.326%	$2K	$107K	30x
Orderly PERP_XRP_USDC	+0.0064%	8h	1.5351	−0.035%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5372	+0.102%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0076%	1h	1.5365	+0.056%	$9.3M	$25.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5366	+0.061%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5368	+0.076%	$515K	$3.2M	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	1.5360	+0.023%	$9K	$281K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5370	+0.086%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5362	+0.040%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5366	+0.061%	$38.8M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5365	+0.056%	$635K	$1.1M	20x	as long as short
Binance XRPUSDTlong	+0.0100%	8h	1.5356	long leg	$542.5M	$2.05B	100x
Bybit XRPUSDT	+0.0100%	8h	1.5350	−0.042%	$341.9M	$918.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5350	−0.042%	$124.9M	$867.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5366	+0.063%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5368	+0.076%	$117K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5274	−0.533%	$1.6M	$378K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5355	−0.009%	$375.5M	$151.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5357	+0.004%	$306.2M	$913.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5364	+0.048%	$111.1M	$166.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5350	−0.042%	$269.3M	$374.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5353	−0.022%	—	$124.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	−0.016%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5358	+0.010%	$668K	$107.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5362	+0.036%	$1.1M	$37.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5374	+0.115%	$1.2M	$997K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5370	+0.089%	$47K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5357	+0.004%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5352	−0.032%	$826K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5365	+0.057%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5360	+0.023%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5367	+0.068%	$50.4M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5363	+0.043%	$54.6M	$29.5M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5363	+0.043%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5359	+0.017%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5351	−0.038%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5361	+0.032%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5366	+0.063%	$24.1M	$74.1M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5367	+0.069%	$5.7M	$46.7M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5363	+0.042%	$14.5M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0308%	1h	1.5367	+0.069%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5361	+0.031%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0316%	8h	1.5366	+0.063%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0383%	1h	1.5378	+0.141%	$290.4M	$215.7M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5380	+0.154%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5372	+0.103%	$544K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0837%	1h	1.5366	+0.063%	$2K	$13K	10x	as long as short