Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Lighter+0.047%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 7 days−0.072%−$7 · spread now +0.047%, 7d avg −0.002%

Together, before fees−0.009%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.049% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5397	0.0096	pay 0.0012% / 1h	22m 48s	$3.0M	$11.4M	20x
Short	BingX XRP-USDT	1.5404	0.0100	get 0.0100% / 8h	2h 22m	—	$113.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now +0.047%Rate

Funding earned: $0.84
Price spread: +0.047% → −0.002%: $4.88
Slippage, 4 orders: −$7.81
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$12.09
Costs to cover: 0.178%
Break-even: 107.8 days

Slippage from Lighter: live order book, 6 min ago; BingX: live order book, 11 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 Lighter live order book, 6 min ago	2.10 bp	2.4 bp −$2	4.8 bp −$48	11.9 bp −$1,187	31.4 bp −$15.7K
Sell BingX live order book, 11 min ago	0.99 bp	6.0 bp −$6	7.0 bp −$70	9.5 bp −$949	17.3 bp −$8,635

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	1.5341	−0.362%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5386	−0.068%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5320	−0.499%	$68K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5360	−0.240%	$261K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.694%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5372	−0.161%	$179K	$788K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0072% / S +0.0185%	1h	1.5358	−0.253%	$905K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0075%	1h	1.5382	−0.096%	$9.3M	$24.1M	50x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5397	long leg	$3.0M	$11.4M	20x
Lighter RH XRP	+0.0096%	1h	1.5391	−0.038%	$446K	$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	1.5384	−0.085%	$1.1M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5402	+0.035%	$39.1M	$71.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5394	−0.019%	$670K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5397	+0.001%	$550.5M	$1.85B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5402	+0.034%	$344.7M	$839.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5403	+0.040%	$124.4M	$838.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5297	−0.648%	$569K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5358	−0.252%	$115K	$647K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−1.271%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5402	+0.034%	$368.4M	$131.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5403	+0.040%	$290.3M	$808.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5390	−0.044%	$113.1M	$147.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5386	−0.070%	$267.0M	$340.8M	125x	as long as short
BingX XRP-USDTshort	+0.0100%	8h	1.5404	+0.047%	—	$113.6M	—
Variational Omni XRP	+0.0100%	8h	1.5321	−0.493%	$6.3M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5269	−0.828%	$665K	$95.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5309	−0.574%	$1.1M	$41.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5280	−0.759%	$1.0M	$850K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5362	−0.224%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5386	−0.070%	$49K	$476K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5359	−0.247%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5374	−0.149%	$828K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5340	−0.366%	$129K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5378	−0.122%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5371	−0.171%	$50.5M	$14.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5369	−0.181%	$54.8M	$28.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5384	−0.081%	$480K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5373	−0.155%	$11K	$235K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5398	+0.010%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5374	−0.149%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5377	−0.129%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERP	+0.0160%	1h	1.5397	+0.001%	$1.7M	$927K	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0169%	1h	1.5377	−0.132%	$15.5M	$63.8M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5388	−0.057%	$5.4M	$44.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5371	−0.168%	$1.4M	$10K	15x	as long as short
Kalshi KXXRPPERP	+0.0217%	8h	1.5364	−0.213%	$1.7M	$31.6M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5373	−0.155%	$23.9M	$67.5M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5334	−0.406%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5379	−0.117%	$405K	$497K	10x	as long as short
Hyperliquid XRP	+0.0480%	1h	1.5407	+0.066%	$283.9M	$184.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0532%	1h	1.5301	−0.625%	$1K	$11K	10x	as long as short