Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: HTX against Lighter+0.128%7-day average −0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 3 days (all we have)−0.455%−$45 · spread now +0.128%, 7d avg −0.059%

Together, before fees−0.341%+ Points / potential airdropLighter: Season 3 · farm board−$34 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: HTX is 0.187% dearer against Lighter than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5500	0.0096	pay 0.0012% / 1h	59m 45s	$3.0M	$11.5M	20x
Short	HTX XRP-USDT	1.5520	0.0100	get 0.0100% / 8h	1h 59m	$51.1M	$15.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.128%Rate

Funding earned: $0.84
Price spread: +0.128% → −0.059%: $18.69
Slippage, 4 orders: −$10.26
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$2.73
Costs to cover: 0.223%
Break-even: 29.7 days

Slippage from Lighter: live order book, 4 min ago; HTX: 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 Lighter live order book, 4 min ago	1.31 bp	1.3 bp −$1	6.4 bp −$64	14.1 bp −$1,413	32.0 bp −$16.0K
Sell HTX live order book, 4 min ago	0.03 bp	8.0 bp −$8	11.7 bp −$117	29.6 bp −$2,961	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	1.5478	−0.141%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5482	−0.116%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5430	−0.451%	$69K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5523	+0.151%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−1.354%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0050%	8h	1.5532	+0.208%	$82K	$935K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0077% / S +0.0159%	1h	1.5522	+0.143%	$915K	—	200x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5500	long leg	$3.0M	$11.5M	20x
Lighter RH XRP	+0.0096%	1h	1.5513	+0.085%	$448K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5545	+0.295%	$1.1M	$5.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XRPUSDT	+0.0100%	8h	1.5494	−0.038%	$39.4M	$73.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5490	−0.064%	$677K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5494	−0.035%	$557.3M	$1.89B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5498	−0.012%	$348.6M	$856.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5497	−0.018%	$126.3M	$855.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5393	−0.689%	$575K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5511	+0.072%	$120K	$696K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5455	−0.292%	$1.7M	$470K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5493	−0.044%	$368.4M	$135.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5493	−0.044%	$283.2M	$828.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5493	−0.046%	$112.6M	$149.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5496	−0.025%	$268.5M	$348.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5497	−0.018%	—	$114.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5465	−0.226%	$6.6M	$24.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5414	−0.556%	$670K	$96.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5398	−0.657%	$1.1M	$41.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5386	−0.734%	$1.0M	$879K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5517	+0.109%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5549	+0.317%	$51K	$437K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5526	+0.169%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5529	+0.186%	$836K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5524	+0.154%	$130K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5517	+0.111%	$32K	$1.9M	10x	as long as short
HTX XRP-USDTshort	+0.0100%	8h	1.5520	+0.128%	$51.1M	$15.0M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5511	+0.072%	$55.4M	$28.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5488	−0.074%	$483K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5531	+0.201%	$11K	$243K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5491	−0.059%	$2.1M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5522	+0.144%	$72K	$40K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0137%	1h	1.5527	+0.175%	$9.5M	$24.8M	50x	as long as short
01 Exchange XRPUSD	+0.0152%	1h	1.5537	+0.240%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0168%	1h	1.5516	+0.101%	$15.8M	$65.4M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5522	+0.143%	$5.7M	$45.5M	50x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5534	+0.220%	$1.4M	$9K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0216%	1h	1.5524	+0.156%	$1.8M	$956K	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5467	−0.212%	$24.3M	$69.4M	125x	as long as short
Kalshi KXXRPPERP	+0.0318%	8h	1.5493	−0.044%	$1.8M	$32.0M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5457	−0.275%	$19K	$66K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5537	+0.237%	$408K	$523K	10x	as long as short
Hyperliquid XRP	+0.0500%	1h	1.5515	+0.100%	$286.8M	$191.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0531%	1h	1.5437	−0.404%	$1K	$11K	10x	as long as short