Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.019%

Price spread now: Lighter against GRVT−0.263%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$140.142% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 7 days+0.251%+$25 · spread now −0.263%, 7d avg −0.018%

Together, before fees+0.163%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$16 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: Lighter is 0.245% cheaper against GRVT than usual: you would sell low and buy high, −$25 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT XRP_USDT_Perp	1.5635	0.0100	pay 0.0100% / 8h	49m 38s	$1.1M	$40.9M	20x
Short	Lighter XRP	1.5593	0.0096	get 0.0012% / 1h	49m 38s	$3.0M	$12.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now −0.263%Rate

Funding earned: −$0.84
Price spread: −0.263% → −0.018%: −$24.52
Slippage, 4 orders: −$5.19
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$39.55
Costs to cover: 0.142%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Lighter: live order book, 4 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 GRVT live order book, 5 min ago	0.32 bp	5.5 bp −$5	12.5 bp −$125	54.6 bp −$5,456	doesn't fit
Sell Lighter live order book, 4 min ago	1.90 bp	2.0 bp −$2	5.9 bp −$59	19.6 bp −$1,957	40.8 bp −$20.4K

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	1.5593	−0.266%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5597	−0.240%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5690	+0.355%	$70K	$90K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5599	−0.227%	$9.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5602	−0.207%	$261K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0004% / S +0.0107%	1h	1.5601	−0.215%	$858K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5595	−0.252%	$15.7M	$68.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5601	−0.214%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.477%	$2K	$107K	30x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5593	−0.263%	$3.0M	$12.5M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5605	−0.189%	$445K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5598	−0.234%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5602	−0.210%	$39.6M	$79.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5598	−0.236%	$642K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5585	−0.318%	$558.0M	$2.01B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5589	−0.291%	$347.1M	$913.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5588	−0.298%	$127.4M	$889.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5650	+0.099%	$582K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5592	−0.272%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	−0.009%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5585	−0.317%	$372.9M	$143.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5591	−0.278%	$301.9M	$864.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5601	−0.214%	$113.4M	$162.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5583	−0.330%	$272.4M	$369.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5587	−0.304%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5634	−0.006%	$11.7M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5649	+0.092%	$681K	$103.3M	30x	as long as short
GRVT XRP_USDT_Perplong	+0.0100%	8h	1.5635	long leg	$1.1M	$40.9M	20x
ApeX Omni XRPUSDT	+0.0100%	1h	1.5691	+0.361%	$1.0M	$887K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5615	−0.123%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5609	−0.163%	$45K	$451K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5600	−0.218%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5603	−0.200%	$840K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5610	−0.157%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5593	−0.266%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5601	−0.214%	$51.2M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5596	−0.246%	$55.5M	$29.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5589	−0.294%	$486K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5591	−0.278%	$13K	$266K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5586	−0.313%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5601	−0.213%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5592	−0.272%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5604	−0.198%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5625	−0.061%	$24.4M	$74.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5603	−0.202%	$5.9M	$47.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5639	+0.028%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0320%	8h	1.5634	−0.003%	$2.0M	$33.6M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0378%	1h	1.5603	−0.202%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0594%	1h	1.5623	−0.076%	$297.6M	$207.7M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5596	−0.245%	$509K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0778%	1h	1.5631	−0.021%	$1K	$11K	10x	as long as short