Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0141%/8h= +15.5% APRpaid last 24h +0.019%

Price spread now: Backpack against Gate−0.170%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 7 days−0.612%−$61 · spread now −0.170%, 7d avg −0.084%

Together, before fees−0.521%−$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.086% cheaper against Gate than usual: you would sell low and buy high (spread −0.170% now, against its 7-day average of −0.084%). If the spread goes back, that is −$9 on $10k: about 2.0 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.090% in total) that is about 6.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XRP_USDT	1.5315	0.0100	pay 0.0100% / 8h	7h 43m	$372.8M	$148.9M	100x
Short	Backpack XRP_USDC_PERP	1.5289	0.0241	get 0.0030% / 1h	43m 35s	$1.9M	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.170%Rate

Funding earned: $29.66
Price spread: −0.170% → −0.084%: −$8.59
Slippage, 4 orders: −$3.82
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$7.76
Costs to cover: 0.288%
Break-even: 8.8 days

Slippage from Gate: live order book, 5 min ago; Backpack: live order book, just now.

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 Gate live order book, 5 min ago	0.33 bp	9.6 bp −$10	12.4 bp −$124	26.1 bp −$2,606	38.5 bp −$19.3K
Sell Backpack live order book, just now	0.33 bp	5.3 bp −$5	6.3 bp −$63	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5314	−0.007%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5314	−0.006%	$1.1M	$113K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5281	−0.221%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0010% / S +0.0084%	1h	1.5280	−0.230%	$838K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0012%	1h	1.5281	−0.222%	$9.2M	$25.3M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.600%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5283	−0.209%	$57K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5316	+0.004%	$2.8M	$13.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5320	+0.033%	$512K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5318	+0.020%	$11K	$277K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5315	+0.001%	$477K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5326	+0.075%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5315	−0.002%	$38.8M	$83.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5319	+0.026%	$620K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5327	+0.078%	$538.5M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5323	+0.052%	$341.0M	$927.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5325	+0.065%	$124.8M	$875.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5275	−0.261%	$569K	$47K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5329	+0.091%	$119K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5306	−0.062%	$1.6M	$562K	20x	as long as short
Gate XRP_USDTlong	+0.0100%	8h	1.5315	long leg	$372.8M	$148.9M	100x
MEXC XRP_USDT	+0.0100%	8h	1.5315	0.000%	$296.6M	$896.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5317	+0.010%	$108.6M	$166.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5325	+0.065%	$268.1M	$376.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5317	+0.013%	—	$123.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5300	−0.097%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5290	−0.161%	$664K	$107.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5293	−0.141%	$1.1M	$39.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5294	−0.137%	$1.0M	$902K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5316	+0.004%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5290	−0.163%	$48K	$444K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5283	−0.209%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5282	−0.216%	$823K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5299	−0.105%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5281	−0.222%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5280	−0.229%	$50.1M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5282	−0.215%	$54.4M	$29.7M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5314	−0.005%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5280	−0.229%	$59K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5331	+0.104%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5281	−0.220%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5293	−0.144%	$24.0M	$74.3M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5290	−0.163%	$5.8M	$46.2M	50x	as long as short
Backpack XRP_USDC_PERPshort	+0.0241%	1h	1.5289	−0.170%	$1.9M	$1.3M	25x
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5278	−0.240%	$14.5M	$70.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5289	−0.171%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0314%	8h	1.5298	−0.111%	$2.0M	$35.2M	2.9x	as long as short
Hyperliquid XRP	+0.0409%	1h	1.5324	+0.059%	$290.2M	$216.3M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5310	−0.033%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0795%	1h	1.5314	−0.003%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5331	+0.103%	$506K	$755K	10x	as long as short