Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.027%

Price spread now: Backpack against HTX+0.066%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 4 days (all we have)+0.116%+$12 · spread now +0.066%, 7d avg +0.085%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.085%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XRP-USDT	1.5281	0.0100	pay 0.0100% / 8h	4h 52m	$49.8M	$13.1M	75x
Short	Backpack XRP_USDC_PERP	1.5291	0.0167	get 0.0021% / 1h	52m 43s	$2.0M	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now +0.066%Rate

Funding earned: $14.09
Price spread: +0.066% → +0.085%: −$1.88
Slippage, 4 orders: −$7.79
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.58
Costs to cover: 0.298%
Break-even: 15.7 days

Slippage from HTX: live order book, 4 min ago; Backpack: 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 HTX live order book, 4 min ago	2.35 bp	9.3 bp −$9	10.2 bp −$102	32.3 bp −$3,234	doesn't fit
Sell Backpack live order book, 4 min ago	0.33 bp	5.3 bp −$5	6.6 bp −$66	doesn't fit	doesn't fit

XRP on 51 exchanges

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	1.5377	+0.629%	$5K	$2K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0077%	1h	1.5294	+0.089%	$13.8M	$68.5M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5277	−0.026%	$1.1M	$154K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5310	+0.190%	$68K	$102K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5290	+0.060%	$7.6M	$19.9M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5282	+0.007%	$242K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.826%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5308	+0.177%	$17K	$69K	7x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5277	−0.026%	$9K	$987	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5278	−0.019%	$2.7M	$13.4M	20x	as long as short

Show all 51 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5277	−0.026%	$594K	$3.0M	20x	as long as short
Coinbase International XRP-PERP-INTX	+0.0096%	1h	1.5290	+0.060%	$5.4M	$41.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5276	−0.033%	$476K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5268	−0.084%	$10K	$411K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5272	−0.058%	$839K	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5287	+0.040%	$296.8M	$260.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5272	−0.058%	$38.8M	$79.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5277	−0.028%	$587K	$985K	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5272	−0.058%	$531.5M	$2.02B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5274	−0.045%	$359.2M	$852.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5274	−0.045%	$123.8M	$815.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5259	−0.143%	$562K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5286	+0.033%	$163K	$690K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5312	+0.200%	$1.6M	$66K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5279	−0.012%	$376.4M	$156.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5272	−0.058%	$316.0M	$874.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5272	−0.060%	$103.8M	$179.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5277	−0.026%	$270.3M	$346.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5271	−0.065%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5304	+0.154%	$4.9M	$38.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5305	+0.157%	$665K	$105.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5301	+0.132%	$1.1M	$32.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5316	+0.230%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5286	+0.032%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5276	−0.032%	$52K	$469K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5279	−0.014%	$41K	$64K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5282	+0.007%	$83K	$601K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5284	+0.023%	$822K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5295	+0.090%	$128K	$1.5M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5290	+0.060%	$31K	$1.4M	10x	as long as short
HTX XRP-USDTlong	+0.0100%	8h	1.5281	long leg	$49.8M	$13.1M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5286	+0.033%	$54.6M	$33.2M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5277	−0.024%	$2.2M	$5.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5283	+0.014%	$59K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0112%	8h	1.5288	+0.046%	$1.9M	$35.5M	2.9x	as long as short
Backpack XRP_USDC_PERPshort	+0.0167%	1h	1.5291	+0.066%	$2.0M	$1.2M	25x
BloFin XRP-USDT	+0.0220%	8h	1.5282	+0.007%	$23.8M	$77.2M	125x	as long as short
Reya XRPRUSDPERP	+0.0224%	1h	1.5271	−0.067%	$1.4M	$1K	15x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0255% / S −0.0503%	1h	1.5280	−0.006%	$878K	—	200x	as long as short
RISEx XRP/USDC	+0.0300%	1h	1.5287	+0.043%	$506K	$723K	10x	as long as short
Aftermath Perps XRPUSD	+0.0394%	1h	1.5309	+0.182%	$3K	$13K	10x	as long as short