Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.020%

Price spread now: KuCoin against Injective−1.271%100s7-day average +0.312% · 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−$1071.073% of the position

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 3 days (all we have)+1.936%+$194 · spread now −1.271%, 7d avg +0.312%

Together, before fees+1.773%+$177 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 1.582% cheaper against Injective than usual: you would sell low and buy high (spread −1.271% now, against its 7-day average of +0.312%). If the spread goes back, that is −$158 on $10k: about 16 months of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.164%, so the current rate has only just turned in your favour. The two prices were read 100 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	0.0089	pay 0.0011% / 1h	25m 35s	$2K	$107K	30x
Short	KuCoin XRPUSDTM	1.5362	0.0100	get 0.0100% / 8h	25m 35s	$109.8M	$164.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −1.271%Rate

Funding earned: $2.27
Price spread: −1.271% → +0.312%: −$158.22
Slippage, 4 orders: −$95.24
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$263.22
Costs to cover: 1.073%
Break-even: 818.9 days

Slippage from Injective: live order book, 53 min ago; KuCoin: 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 Injective live order book, 53 min ago	44.99 bp	45.0 bp −$45	57.6 bp −$576	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	0.03 bp	7.6 bp −$8	11.1 bp −$111	32.5 bp −$3,250	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	1.5379	−1.163%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5363	−1.263%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5420	−0.900%	$69K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5378	−1.168%	$266K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0098%	1h	1.5377	−1.173%	$831K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0010%	1h	1.5381	−1.150%	$9.4M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5377	−1.173%	$15.0M	$69.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0058%	8h	1.5382	−1.144%	$76K	$910K	50x	as long as short
Injective XRP/USDC PERPlong	+0.0089%	1h	1.5560	long leg	$2K	$107K	30x
Lighter XRP	+0.0096%	1h	1.5369	−1.226%	$2.9M	$12.8M	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	1.5376	−1.183%	$438K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5362	−1.269%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5365	−1.252%	$39.1M	$81.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5369	−1.228%	$632K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5359	−1.291%	$546.9M	$2.04B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5356	−1.311%	$341.2M	$923.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5350	−1.350%	$125.1M	$879.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5382	−1.144%	$573K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5364	−1.260%	$116K	$757K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5410	−0.964%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5358	−1.298%	$361.0M	$147.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5363	−1.266%	$292.3M	$883.8M	300x	as long as short
KuCoin XRPUSDTMshort	+0.0100%	8h	1.5362	−1.271%	$109.8M	$164.8M	75x
Bitget XRPUSDT	+0.0100%	8h	1.5357	−1.305%	$267.9M	$373.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5359	−1.292%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5385	−1.126%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5405	−0.997%	$669K	$104.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5403	−1.010%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5406	−0.990%	$1.0M	$900K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5385	−1.125%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5381	−1.149%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5380	−1.154%	$828K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5388	−1.103%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5380	−1.157%	$31K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5379	−1.165%	$50.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5384	−1.131%	$54.7M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5367	−1.238%	$479K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5389	−1.102%	—	$10K	10x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5358	−1.298%	$11K	$268K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5355	−1.319%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5379	−1.166%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5359	−1.292%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5381	−1.152%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5416	−0.925%	$24.4M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5386	−1.118%	$5.8M	$47.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5406	−0.987%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0264%	1h	1.5385	−1.125%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0305%	8h	1.5404	−1.003%	$2.0M	$34.3M	2.9x	as long as short
Hyperliquid XRP	+0.0587%	1h	1.5392	−1.080%	$292.7M	$212.6M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5369	−1.226%	$499K	$635K	10x	as long as short
Aftermath Perps XRPUSD	+0.0786%	1h	1.5427	−0.854%	$1K	$11K	10x	as long as short