Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.011%

Price spread now: Backpack against Bulk+0.005%7-day average −0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$1 on $10k

Price spread, last 7 days−0.676%−$68 · spread now +0.005%, 7d avg −0.096%

Together, before fees−0.662%−$66 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: Backpack is 0.101% dearer against Bulk than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XRP-USD	1.5314	0.0100	pay 0.0013% / 1h	57m 00s	$1.6M	$344K	20x
Short	Backpack XRP_USDC_PERP	1.5315	0.0100	get 0.0013% / 1h	57m 00s	$1.7M	$925K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0
Price spread: +0.005% → −0.096%: $10.13
Slippage, 4 orders: −$2.39
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.26
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; Backpack: live order book, 2 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 Bulk live order book, 2 min ago	0.65 bp	4.6 bp −$5	6.4 bp −$64	14.1 bp −$1,407	32.7 bp −$16.3K
Sell Backpack live order book, 2 min ago	0.33 bp	5.3 bp −$5	6.4 bp −$64	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
GMX XRP/USD [ETH-USDC]	L −0.0211% / S +0.0297%	1h	1.5294	−0.135%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5302	−0.080%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5295	−0.126%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	+0.168%	$68K	$83K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5305	−0.060%	$9.3M	$23.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5295	−0.127%	$256K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.158%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5291	−0.152%	$182K	$783K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5307	−0.044%	$2.9M	$11.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5306	−0.054%	$445K	$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	1.5284	−0.201%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5301	−0.085%	$39.0M	$71.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5298	−0.107%	$674K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5307	−0.047%	$549.0M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5310	−0.028%	$346.7M	$829.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5313	−0.008%	$123.6M	$828.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5303	−0.073%	$570K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5293	−0.139%	$117K	$637K	20x	as long as short
Bulk XRP-USDlong	+0.0100%	1h	1.5314	long leg	$1.6M	$344K	20x
Gate XRP_USDT	+0.0100%	8h	1.5304	−0.067%	$356.2M	$127.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5306	−0.054%	$304.1M	$781.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5306	−0.056%	$113.0M	$145.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5313	−0.008%	$266.8M	$336.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5300	−0.093%	—	$3.7M	—	as long as short
Backpack XRP_USDC_PERPshort	+0.0100%	1h	1.5315	+0.005%	$1.7M	$925K	25x
Variational Omni XRP	+0.0100%	8h	1.5361	+0.304%	$6.4M	$24.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5329	+0.099%	$666K	$93.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5313	−0.009%	$1.1M	$42.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5334	+0.129%	$1.0M	$823K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5293	−0.136%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5298	−0.106%	$51K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5291	−0.152%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5297	−0.112%	$824K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5298	−0.105%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5299	−0.100%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5290	−0.156%	$50.3M	$14.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5307	−0.047%	$54.7M	$28.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5286	−0.181%	$477K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5294	−0.132%	$11K	$232K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5311	−0.022%	$2.1M	$7.4M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5295	−0.126%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5300	−0.093%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0170%	1h	1.5303	−0.073%	$15.3M	$62.6M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5307	−0.047%	$5.3M	$42.5M	50x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5289	−0.165%	$1.4M	$10K	15x	as long as short
Kalshi KXXRPPERP	+0.0210%	8h	1.5299	−0.100%	$1.7M	$32.0M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5299	−0.100%	$24.1M	$66.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5298	−0.106%	$19K	$54K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5300	−0.090%	$405K	$505K	10x	as long as short
Hyperliquid XRP	+0.0477%	1h	1.5320	+0.038%	$287.0M	$173.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0515%	1h	1.5319	+0.030%	$1K	$10K	10x	as long as short