Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: HTX against Injective−2.605%65s7-day average +0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1171.173% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+3.145%+$315 · spread now −2.605%, 7d avg +0.129%

Together, before fees+3.079%+$308 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 2.734% cheaper against Injective than usual: you would sell low and buy high (spread −2.605% now, against its 7-day average of +0.129%). If the spread goes back, that is −$273 on $10k: about 5 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.066%, so the current rate has only just turned in your favour. The two prices were read 65 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	1.5560	0.0033	pay 0.0004% / 1h	57m 35s	$2K	$107K	30x
Short	HTX XRP-USDT	1.5155	0.0100	get 0.0100% / 8h	1h 57m	$49.5M	$15.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −2.605%Rate

Funding earned: $14
Price spread: −2.605% → +0.129%: −$273.42
Slippage, 4 orders: −$105.32
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$376.75
Costs to cover: 1.173%
Break-even: 195.4 days

Slippage from Injective: live order book, 51 min ago; HTX: live order book, 2 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 Injective live order book, 51 min ago	39.63 bp	39.6 bp −$40	48.4 bp −$484	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	0.03 bp	10.0 bp −$10	12.0 bp −$120	31.7 bp −$3,173	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	1.5158	−2.584%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5162	−2.558%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5160	−2.571%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5158	−2.582%	$245K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0025%	1h	1.5153	−2.613%	$14.5M	$75.0M	50x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0076% / S −0.0022%	1h	1.5159	−2.577%	$800K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5160	−2.571%	$7.7M	$25.3M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5152	−2.622%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5167	−2.528%	$2.8M	$15.0M	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	1.5165	−2.539%	$549K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5144	−2.674%	$11K	$363K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5151	−2.625%	$997K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5153	−2.617%	$38.4M	$87.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5168	−2.518%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5151	−2.629%	$527.1M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5152	−2.622%	$344.4M	$967.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5154	−2.609%	$126.7M	$891.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5154	−2.609%	$564K	$32K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5156	−2.596%	$143K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5166	−2.532%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5150	−2.635%	$374.8M	$157.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5168	−2.519%	$298.7M	$915.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5169	−2.515%	$107.5M	$182.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5147	−2.654%	$266.5M	$399.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5147	−2.654%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5155	−2.605%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5133	−2.747%	$659K	$114.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5156	−2.598%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5165	−2.539%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5163	−2.549%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5173	−2.487%	$47K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5162	−2.559%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5157	−2.590%	$62K	$932K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5159	−2.580%	$816K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5162	−2.557%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5157	−2.590%	$29K	$1.7M	10x	as long as short
HTX XRP-USDTshort	+0.0100%	8h	1.5155	−2.605%	$49.5M	$15.7M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5161	−2.564%	$54.1M	$32.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5173	−2.487%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5144	−2.673%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5157	−2.588%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0176%	1h	1.5137	−2.720%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5161	−2.564%	$5.7M	$48.4M	50x	as long as short
Kalshi KXXRPPERP	+0.0209%	8h	1.5168	−2.519%	$1.7M	$35.4M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5162	−2.557%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5138	−2.712%	$23.3M	$77.5M	125x	as long as short
Hyperliquid XRP	+0.0228%	1h	1.5180	−2.442%	$289.7M	$264.5M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0235%	1h	1.5167	−2.526%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5153	−2.615%	$517K	$792K	10x	as long as short
Aftermath Perps XRPUSD	+0.0575%	1h	1.5161	−2.566%	$2K	$16K	10x	as long as short