Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Binance−0.238%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$150.146% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 7 days+0.230%+$23 · spread now −0.238%, 7d avg −0.001%

Together, before fees+0.228%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.237% cheaper against Binance than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XRPUSDT	1.5217	0.0100	pay 0.0100% / 8h	7h 54m	$530.8M	$2.21B	100x
Short	Lighter XRP	1.5181	0.0096	get 0.0012% / 1h	54m 52s	$2.8M	$14.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.238%Rate

Funding earned: −$0.84
Price spread: −0.238% → −0.001%: −$23.69
Slippage, 4 orders: −$4.58
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$39.12
Costs to cover: 0.146%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Lighter: live order book, 4 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, 4 min ago	0.33 bp	5.3 bp −$5	6.5 bp −$65	13.2 bp −$1,321	27.5 bp −$13.8K
Sell Lighter live order book, 4 min ago	1.13 bp	2.1 bp −$2	5.8 bp −$58	18.7 bp −$1,870	41.6 bp −$20.8K

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
Kraken Futures PF_XRPUSD	−0.0172%	1h	1.5184	−0.214%	$14.3M	$74.4M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5188	−0.190%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5157	−0.391%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5169	−0.315%	$246K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5173	−0.288%	$7.7M	$23.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.255%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5205	−0.081%	$17K	$78K	7x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5181	−0.238%	$2.8M	$14.5M	20x
Lighter RH XRP	+0.0096%	1h	1.5188	−0.190%	$606K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5158	−0.387%	$20K	$382K	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	1.5164	−0.344%	$995K	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5216	−0.006%	$38.6M	$86.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5163	−0.352%	$610K	$1.1M	20x	as long as short
Binance XRPUSDTlong	+0.0100%	8h	1.5217	long leg	$530.8M	$2.21B	100x
Bybit XRPUSDT	+0.0100%	8h	1.5210	−0.045%	$352.9M	$949.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5210	−0.045%	$127.0M	$865.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5203	−0.091%	$565K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5172	−0.295%	$143K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	−0.180%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5214	−0.019%	$379.5M	$151.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5217	+0.001%	$312.4M	$911.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5215	−0.012%	$106.6M	$183.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5216	−0.006%	$269.8M	$388.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5211	−0.038%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5181	−0.236%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5193	−0.160%	$660K	$112.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5189	−0.185%	$1.1M	$33.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5173	−0.288%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5177	−0.262%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5167	−0.328%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5173	−0.288%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5168	−0.321%	$77K	$689K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5206	−0.068%	$818K	$77K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5169	−0.318%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5179	−0.249%	$28K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5188	−0.188%	$49.6M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5190	−0.176%	$54.1M	$32.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5168	−0.322%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5209	−0.050%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5168	−0.324%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0112% / S −0.0075%	1h	1.5172	−0.298%	$786K	—	200x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5165	−0.341%	$8K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5186	−0.203%	$5.6M	$48.0M	50x	as long as short
Kalshi KXXRPPERP	+0.0163%	8h	1.5175	−0.275%	$1.7M	$33.6M	2.9x	as long as short
Hyperliquid XRP	+0.0202%	1h	1.5203	−0.091%	$290.3M	$268.4M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5190	−0.176%	$23.9M	$77.8M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5165	−0.343%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0247%	1h	1.5200	−0.111%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5167	−0.325%	$520K	$796K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5180	−0.242%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0553%	1h	1.5181	−0.235%	$2K	$16K	10x	as long as short