Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.025%

Price spread now: Bybit against Deribit−0.040%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.225% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 4 days (all we have)+0.185%+$19 · spread now −0.040%, 7d avg −0.030%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.118%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XRP_USDC-PERPETUAL	1.5143	0	get 0.0000% / 1h	58m 52s	$7.7M	$25.5M	50x
Short	Bybit XRPUSDT	1.5137	0.0100	get 0.0100% / 8h	3h 58m	$346.2M	$938.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.040%Rate

Funding earned: $21
Price spread: −0.040% → −0.030%: −$0.92
Slippage, 4 orders: −$4.5
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2.42
Costs to cover: 0.225%
Break-even: 7.8 days

Slippage from Deribit: live order book, 5 min ago; Bybit: 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 Deribit live order book, 5 min ago	0.99 bp	4.5 bp −$4	6.6 bp −$66	42.1 bp −$4,206	doesn't fit
Sell Bybit live order book, 5 min ago	0.33 bp	6.5 bp −$6	7.2 bp −$72	12.5 bp −$1,255	26.1 bp −$13.1K

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	1.5159	+0.106%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5142	−0.006%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5150	+0.046%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUALlong	0.0000%	1h	1.5143	long leg	$7.7M	$25.5M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5137	−0.040%	$253K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5136	−0.044%	$14.3M	$73.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.754%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0047% / S +0.0018%	1h	1.5137	−0.041%	$789K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0095%	8h	1.5139	−0.026%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5139	−0.028%	$2.8M	$14.6M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5140	−0.020%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5145	+0.013%	$10K	$331K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5142	−0.009%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5149	+0.040%	$280.4M	$228.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5139	−0.029%	$38.3M	$83.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5161	+0.119%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5137	−0.040%	$532.4M	$2.12B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5137	−0.040%	$346.2M	$938.3M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5140	−0.020%	$127.3M	$876.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5138	−0.033%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5155	+0.079%	$117K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	−0.192%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5138	−0.033%	$369.9M	$152.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5136	−0.046%	$292.4M	$895.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5142	−0.005%	$107.9M	$175.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5138	−0.033%	$268.1M	$386.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5139	−0.026%	—	$127.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5154	+0.072%	$4.8M	$38.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5150	+0.047%	$658K	$108.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5140	−0.019%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5143	0.000%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5147	+0.024%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5150	+0.046%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5140	−0.021%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5142	−0.009%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5163	+0.133%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5138	−0.033%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5156	+0.088%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5140	−0.020%	$53.9M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5162	+0.123%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5134	−0.057%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5138	−0.033%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5151	+0.053%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5145	+0.013%	$5.6M	$47.1M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0189%	1h	1.5147	+0.026%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0216%	1h	1.5157	+0.096%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5137	−0.038%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5144	+0.007%	$24.2M	$76.1M	125x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5154	+0.073%	$2.0M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5156	+0.086%	$516K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0677%	1h	1.5147	+0.026%	$2K	$15K	10x	as long as short