Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.013%

Price spread now: Backpack against Bybit+0.138%7-day average −0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 7 days−0.760%−$76 · spread now +0.138%, 7d avg −0.072%

Together, before fees−0.668%−$67 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 0.211% dearer against Bybit than usual: you sell high and buy low, +$21 on $10k if it goes back to its 7-day average of −0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XRPUSDT	1.5193	0.0100	pay 0.0100% / 8h	2h 46m	$339.3M	$830.1M	100x
Short	Backpack XRP_USDC_PERP	1.5214	0.0100	get 0.0013% / 1h	46m 37s	$1.7M	$920K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.138%Rate

Funding earned: $0
Price spread: +0.138% → −0.072%: $21.06
Slippage, 4 orders: −$1.76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$1.7
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.33 bp	6.3 bp −$6	8.4 bp −$84	16.4 bp −$1,643	29.8 bp −$14.9K
Sell Backpack live order book, 2 min ago	0.33 bp	5.3 bp −$5	7.3 bp −$73	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	1.5207	+0.090%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5202	+0.059%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5199	+0.039%	$1.1M	$100K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5290	+0.638%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5203	+0.066%	$9.3M	$23.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5207	+0.094%	$254K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.638%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0047%	8h	1.5198	+0.033%	$177K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5199	+0.036%	$2.9M	$11.3M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5201	+0.053%	$441K	$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	1.5209	+0.109%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5192	−0.007%	$38.6M	$71.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5199	+0.039%	$662K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5191	−0.013%	$543.1M	$1.83B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5193	long leg	$339.3M	$830.1M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5193	0.000%	$122.5M	$821.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5215	+0.145%	$566K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5202	+0.059%	$115K	$645K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5195	+0.013%	$353.8M	$128.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5198	+0.033%	$293.3M	$791.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5195	+0.016%	$111.1M	$145.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5196	+0.020%	$264.1M	$336.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5197	+0.026%	—	$112.7M	—	as long as short
Backpack XRP_USDC_PERPshort	+0.0100%	1h	1.5214	+0.138%	$1.7M	$920K	25x
Variational Omni XRP	+0.0100%	8h	1.5293	+0.655%	$6.3M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5215	+0.146%	$661K	$94.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5187	−0.042%	$1.1M	$41.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5294	+0.665%	$1.0M	$823K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5202	+0.058%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5210	+0.112%	$51K	$457K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5207	+0.089%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5200	+0.046%	$819K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5204	+0.072%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5193	0.000%	$28K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5203	+0.064%	$50.0M	$14.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5195	+0.013%	$54.2M	$28.0M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5279	+0.566%	$1.6M	$350K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5198	+0.034%	$474K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5193	0.000%	$11K	$244K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5194	+0.008%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5200	+0.045%	$71K	$40K	3x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5195	+0.013%	$15.1M	$62.7M	50x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5202	+0.059%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5207	+0.092%	$5.3M	$42.4M	50x	as long as short
Kalshi KXXRPPERP	+0.0205%	8h	1.5218	+0.165%	$1.7M	$31.8M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5207	+0.093%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5209	+0.105%	$24.0M	$65.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5216	+0.151%	$19K	$55K	7x	as long as short
Hyperliquid XRP	+0.0414%	1h	1.5213	+0.132%	$278.2M	$177.9M	20x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5207	+0.091%	$402K	$503K	10x	as long as short
Aftermath Perps XRPUSD	+0.0560%	1h	1.5256	+0.412%	$1K	$10K	10x	as long as short