Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.013%

Price spread now: Backpack against Katana Perps−0.013%7-day average −0.035% · you buy dearer than you sell

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

Long on Katana Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.051%+$5 on $10k

Price spread, last 7 days−0.612%−$61 · spread now −0.013%, 7d avg −0.035%

Together, before fees−0.561%−$56 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.022% dearer against Katana Perps than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5241	0.0101	pay 0.0101% / 8h	2h 29m	$11K	$235K	20x
Short	Backpack XRP_USDC_PERP	1.5239	0.0122	get 0.0015% / 1h	29m 17s	$1.7M	$915K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Katana Perps. 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 Katana PerpsbpFee BackpackbpOrdersPrice spread, now −0.013%Rate

Funding earned: $4.34
Price spread: −0.013% → −0.035%: $2.18
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$7.28
Costs to cover: 0.138%
Break-even: 18.7 days

Slippage unknown: Katana Perps: no order-book sample; Backpack: live order book, 5 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Backpack live order book, 5 min ago	0.33 bp	5.3 bp −$5	7.1 bp −$71	doesn't fit	doesn't fit

Katana Perps: 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	1.5244	+0.018%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5229	−0.079%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5233	−0.054%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5220	−0.138%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5253	+0.079%	$9.2M	$24.0M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5244	+0.022%	$255K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.322%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5243	+0.013%	$178K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5228	−0.085%	$2.9M	$11.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5229	−0.079%	$442K	$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	1.5244	+0.023%	$1.0M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5238	−0.017%	$38.7M	$71.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5228	−0.084%	$663K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5247	+0.039%	$545.4M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5249	+0.052%	$341.4M	$834.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5247	+0.039%	$122.9M	$827.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5228	−0.085%	$566K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5238	−0.020%	$114K	$647K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−0.261%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5243	+0.013%	$355.9M	$129.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5244	+0.020%	$289.9M	$803.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5244	+0.020%	$113.1M	$147.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5250	+0.059%	$265.4M	$338.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5243	+0.013%	—	$113.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5205	−0.237%	$6.2M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5202	−0.256%	$661K	$95.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5221	−0.132%	$1.1M	$41.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5204	−0.243%	$1.0M	$848K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5237	−0.027%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5243	+0.013%	$49K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5242	+0.010%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5247	+0.037%	$821K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5248	+0.048%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5248	+0.046%	$27K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5234	−0.045%	$50.1M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5226	−0.098%	$54.4M	$28.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5226	−0.097%	$475K	$54K	50x	as long as short
Katana Perps XRP-USDlong	+0.0101%	8h	1.5241	long leg	$11K	$235K	20x
Extended XRP-USD	+0.0104%	1h	1.5246	+0.036%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5247	+0.039%	$71K	$40K	3x	as long as short
Backpack XRP_USDC_PERPshort	+0.0122%	1h	1.5239	−0.013%	$1.7M	$915K	25x
01 Exchange XRPUSD	+0.0136%	1h	1.5240	−0.007%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5251	+0.064%	$15.3M	$63.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5226	−0.098%	$5.4M	$43.2M	50x	as long as short
Kalshi KXXRPPERP	+0.0207%	8h	1.5235	−0.039%	$1.7M	$31.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5244	+0.019%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5207	−0.223%	$23.8M	$66.3M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5206	−0.228%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5244	+0.017%	$404K	$496K	10x	as long as short
Hyperliquid XRP	+0.0449%	1h	1.5262	+0.138%	$279.6M	$180.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0546%	1h	1.5235	−0.040%	$1K	$11K	10x	as long as short