Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: OKX against Lighter−0.040%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$140.143% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 7 days+0.038%+$4 · spread now −0.040%, 7d avg −0.003%

Together, before fees+0.080%+ Points / potential airdropLighter: Season 3 · farm board+$8 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: OKX is 0.037% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5202	0.0096	pay 0.0012% / 1h	11m 49s	$2.8M	$14.5M	20x
Short	OKX XRP-USDT-SWAP	1.5196	0.0100	get 0.0100% / 8h	5h 11m	$126.0M	$872.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.040%Rate

Funding earned: $0.84
Price spread: −0.040% → −0.003%: −$3.7
Slippage, 4 orders: −$4.25
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$17.11
Costs to cover: 0.143%
Break-even: 149.6 days

Slippage from Lighter: live order book, 7 min ago; OKX: live order book, 2 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, 7 min ago	1.03 bp	1.3 bp −$1	3.9 bp −$39	18.1 bp −$1,815	37.4 bp −$18.7K
Sell OKX live order book, 2 min ago	0.33 bp	5.3 bp −$5	6.4 bp −$64	13.1 bp −$1,311	26.3 bp −$13.1K

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	1.5204	+0.013%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5195	−0.049%	$1.1M	$110K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5198	−0.027%	$7.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5197	−0.033%	$254K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0033% / S +0.0038%	1h	1.5198	−0.028%	$796K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.355%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5199	−0.020%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0076%	8h	1.5198	−0.027%	$62K	$935K	50x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5202	long leg	$2.8M	$14.5M	20x
Lighter RH XRP	+0.0096%	1h	1.5199	−0.020%	$514K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5191	−0.073%	$10K	$311K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5209	+0.048%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5206	+0.026%	$282.6M	$223.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5197	−0.033%	$38.4M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5205	+0.021%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5206	+0.026%	$537.0M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5196	−0.040%	$346.5M	$929.9M	100x	as long as short
OKX XRP-USDT-SWAPshort	+0.0100%	8h	1.5196	−0.040%	$126.0M	$872.3M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5195	−0.046%	$567K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5203	+0.006%	$114K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5223	+0.138%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5190	−0.079%	$368.4M	$153.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5194	−0.053%	$295.3M	$903.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5193	−0.060%	$109.0M	$171.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5197	−0.033%	$269.7M	$380.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5195	−0.046%	—	$126.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5260	+0.378%	$6.0M	$36.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5237	+0.229%	$662K	$108.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5251	+0.322%	$1.1M	$35.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5246	+0.289%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5201	−0.007%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5200	−0.013%	$42K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5199	−0.021%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5200	−0.012%	$818K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5204	+0.013%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5196	−0.040%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5194	−0.054%	$49.7M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5193	−0.059%	$54.1M	$30.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5203	+0.005%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5189	−0.087%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5198	−0.028%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0189%	1h	1.5201	−0.007%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5207	+0.036%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5196	−0.040%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5203	+0.006%	$5.6M	$46.6M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5201	−0.007%	$24.3M	$75.3M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0272%	1h	1.5195	−0.048%	$14.4M	$73.2M	50x	as long as short
Kalshi KXXRPPERP	+0.0347%	8h	1.5205	+0.019%	$2.1M	$34.6M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5203	+0.007%	$518K	$778K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5220	+0.118%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0665%	1h	1.5217	+0.096%	$2K	$14K	10x	as long as short