Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.036%

Price spread now: Bulk against BloFin−0.117%7-day average +0.008% · 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−$37as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on BloFin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.102%−$10 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now −0.117%, 7d avg +0.008%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bulk is 0.125% cheaper against BloFin than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XRP-USDT	1.5351	0.0220	pay 0.0220% / 8h	7h 58m	$24.0M	$75.0M	125x
Short	Bulk XRP-USD	1.5333	0.0100	get 0.0013% / 1h	58m 59s	$1.7M	$570K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against BloFin. 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 BloFinbpFee BulkbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$25.2
Price spread: −0.117% → +0.008%: −$12.49
Slippage, 4 orders: −$5.49
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$62.18
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from BloFin: live order book, 10 min ago; Bulk: live order book, 5 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 BloFin live order book, 10 min ago	2.28 bp	8.3 bp −$8	9.1 bp −$91	13.1 bp −$1,314	23.1 bp −$11.5K
Sell Bulk live order book, 5 min ago	0.33 bp	3.8 bp −$4	4.6 bp −$46	11.0 bp −$1,103	23.3 bp −$11.7K

XRP on 50 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	+0.111%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5363	+0.076%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5350	−0.007%	$68K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5354	+0.021%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0008% / S +0.0089%	1h	1.5354	+0.018%	$842K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0010%	1h	1.5363	+0.078%	$9.3M	$25.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.361%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0061%	8h	1.5362	+0.072%	$75K	$910K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5362	+0.069%	$2.9M	$13.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5364	+0.085%	$513K	$3.2M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XRPUSDT	+0.0100%	8h	1.5347	−0.028%	$38.9M	$82.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5353	+0.014%	$634K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5337	−0.090%	$541.3M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5342	−0.059%	$339.8M	$933.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5347	−0.026%	$125.5M	$885.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5320	−0.202%	$571K	$47K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5355	+0.026%	$117K	$706K	20x	as long as short
Bulk XRP-USDshort	+0.0100%	1h	1.5333	−0.117%	$1.7M	$570K	20x
Gate XRP_USDT	+0.0100%	8h	1.5340	−0.072%	$372.3M	$146.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5349	−0.013%	$300.1M	$888.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5360	+0.057%	$109.7M	$167.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5354	+0.020%	$268.9M	$378.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5340	−0.072%	—	$123.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5346	−0.030%	$6.4M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5347	−0.029%	$666K	$106.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5369	+0.117%	$1.1M	$40.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5352	+0.007%	$1.0M	$902K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5360	+0.057%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5364	+0.085%	$48K	$458K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5357	+0.042%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5364	+0.082%	$827K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5365	+0.090%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5359	+0.052%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5356	+0.035%	$50.4M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5350	−0.007%	$54.7M	$29.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5361	+0.062%	$479K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5344	−0.049%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5362	+0.068%	$72K	$2K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5360	+0.055%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDTlong	+0.0220%	8h	1.5351	long leg	$24.0M	$75.0M	125x
01 Exchange XRPUSD	+0.0224%	1h	1.5360	+0.059%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5366	+0.098%	$5.8M	$47.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0230%	1h	1.5350	−0.007%	$1.7M	$1.2M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5362	+0.072%	$14.9M	$70.3M	50x	as long as short
Nado XRP-PERP	+0.0287%	1h	1.5360	+0.062%	$1.0M	$5.6M	20x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5367	+0.103%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0316%	8h	1.5367	+0.104%	$2.2M	$35.2M	2.9x	as long as short
Hyperliquid XRP	+0.0382%	1h	1.5359	+0.052%	$290.9M	$216.5M	20x	as long as short
Aftermath Perps XRPUSD	+0.0773%	1h	1.5350	−0.004%	$1K	$11K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5360	+0.061%	$512K	$753K	10x	as long as short