Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.020%

Price spread now: Bybit against Injective−0.543%58s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.543% cheaper against Injective than usual: you would sell low and buy high (spread −0.543% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$54 on $10k: about 30 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.140%, so the current rate has only just turned in your favour. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5290	0.0040	pay 0.0005% / 1h	32m 22s	$2K	$86K	30x
Short	Bybit XRPUSDT	1.5207	0.0100	get 0.0100% / 8h	2h 32m	$340.7M	$834.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now −0.543%Rate

Funding earned: $12.68
Price spread: −0.543% → 0.000%: −$54.28
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$52.62
Costs to cover: 0.110%
Break-even: 36.0 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.33 bp	8.1 bp −$8	9.5 bp −$95	16.1 bp −$1,609	28.2 bp −$14.1K

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0210% / S +0.0297%	1h	1.5207	−0.541%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5205	−0.556%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5211	−0.514%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5250	−0.262%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5214	−0.497%	$9.1M	$24.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5208	−0.534%	$254K	—	150x	as long as short
Injective XRP/USDC PERPlong	+0.0040%	1h	1.5290	long leg	$2K	$86K	30x
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5202	−0.576%	$177K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5209	−0.531%	$2.9M	$11.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5209	−0.530%	$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	1.5199	−0.592%	$1.0M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5202	−0.572%	$38.6M	$71.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5208	−0.539%	$662K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5208	−0.536%	$543.9M	$1.84B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5207	−0.543%	$340.7M	$834.5M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5205	−0.556%	$122.6M	$825.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5192	−0.641%	$568K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5207	−0.543%	$114K	$646K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5260	−0.193%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5201	−0.582%	$355.0M	$129.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5200	−0.589%	$290.5M	$802.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5199	−0.595%	$112.1M	$147.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5198	−0.602%	$264.5M	$338.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5204	−0.562%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5254	−0.236%	$6.2M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5255	−0.228%	$662K	$95.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5252	−0.249%	$1.1M	$41.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5264	−0.170%	$1.0M	$848K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5203	−0.568%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5200	−0.589%	$50K	$474K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5207	−0.543%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5209	−0.529%	$819K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5213	−0.504%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5209	−0.530%	$28K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5209	−0.530%	$50.0M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5207	−0.543%	$54.4M	$28.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5207	−0.540%	$474K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5210	−0.523%	$12K	$245K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5200	−0.590%	$2.1M	$7.3M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5209	−0.530%	$71K	$40K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0125%	1h	1.5213	−0.504%	$1.7M	$923K	25x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5203	−0.569%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5208	−0.538%	$15.2M	$63.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5217	−0.477%	$5.4M	$43.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5198	−0.601%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5206	−0.549%	$23.7M	$66.3M	125x	as long as short
Kalshi KXXRPPERP	+0.0221%	8h	1.5241	−0.320%	$1.7M	$31.6M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5216	−0.485%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5208	−0.538%	$403K	$496K	10x	as long as short
Hyperliquid XRP	+0.0444%	1h	1.5218	−0.471%	$279.0M	$180.3M	20x	as long as short
Aftermath Perps XRPUSD	+0.0550%	1h	1.5235	−0.362%	$1K	$10K	10x	as long as short