Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: Paradex against Injective−2.647%99s7-day average +0.185% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1051.054% of the position

Long on Injective Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.174%−$17 on $10k

Price spread, last 4 days (all we have)+3.577%+$358 · spread now −2.647%, 7d avg +0.185%

Together, before fees+3.404%+ Points / potential airdropParadex: Active · farm board+$340 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paradex is 2.831% cheaper against Injective than usual: you would sell low and buy high (spread −2.647% now, against its 7-day average of +0.185%). If the spread goes back, that is −$283 on $10k: about 5 months of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.174%, so the current rate has only just turned in your favour. The two prices were read 99 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	41m 33s	$2K	$107K	30x
Short	Paradex XRP-USD-PERP	1.5148	0.0100	get 0.0100% / 8h	4h 41m	$472K	$55K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −2.647%Rate

Funding earned: $14
Price spread: −2.647% → +0.185%: −$283.13
Slippage, 4 orders: −$101.35
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$374.5
Costs to cover: 1.054%
Break-even: 194.3 days

Slippage from Injective: live order book, 17 min ago; Paradex: live order book, 18 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, 17 min ago	42.92 bp	42.9 bp −$43	56.1 bp −$561	doesn't fit	doesn't fit
Sell Paradex live order book, 18 min ago	4.61 bp	6.6 bp −$7	158.0 bp −$1,580	doesn't fit	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	1.5148	−2.648%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5137	−2.716%	$14.3M	$73.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5141	−2.691%	$1.1M	$114K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5140	−2.699%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5142	−2.686%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5145	−2.667%	$7.7M	$25.6M	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 +0.0039% / S +0.0031%	1h	1.5141	−2.692%	$788K	—	200x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5153	−2.616%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0079%	8h	1.5143	−2.680%	$62K	$935K	50x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5149	−2.639%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5150	−2.635%	$510K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5138	−2.712%	$10K	$321K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5146	−2.657%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5155	−2.603%	$281.4M	$225.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5147	−2.654%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5149	−2.641%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5147	−2.651%	$533.4M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5146	−2.661%	$344.7M	$931.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5149	−2.641%	$125.9M	$874.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5133	−2.744%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5109	−2.898%	$113K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5146	−2.662%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5144	−2.674%	$369.7M	$153.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5146	−2.661%	$289.5M	$896.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5145	−2.666%	$107.9M	$173.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5145	−2.667%	$267.8M	$383.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5145	−2.667%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5129	−2.772%	$5.4M	$37.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5151	−2.627%	$658K	$108.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5138	−2.712%	$1.1M	$35.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5142	−2.686%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5148	−2.648%	$43K	$451K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5143	−2.682%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5142	−2.683%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5150	−2.638%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5139	−2.706%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5136	−2.724%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5139	−2.706%	$54.0M	$30.5M	50x	as long as short
Paradex XRP-USD-PERPshort	+0.0100%	8h	1.5148	−2.647%	$472K	$55K	50x
Vest XRP-PERP	+0.0100%	1h	1.5146	−2.659%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5144	−2.676%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5142	−2.688%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0160%	1h	1.5150	−2.635%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0167%	1h	1.5150	−2.635%	$1.9M	$1.3M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5154	−2.609%	$5.6M	$47.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5142	−2.686%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5138	−2.712%	$24.1M	$76.0M	125x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5149	−2.641%	$2.1M	$34.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5151	−2.628%	$516K	$780K	10x	as long as short
Aftermath Perps XRPUSD	+0.0668%	1h	1.5151	−2.629%	$2K	$15K	10x	as long as short