Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.017%

Price spread now: Backpack against OKX−0.137%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 7 days−0.740%−$74 · spread now −0.137%, 7d avg −0.067%

Together, before fees−0.649%−$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.070% cheaper against OKX than usual: you would sell low and buy high (spread −0.137% now, against its 7-day average of −0.067%). If the spread goes back, that is −$7 on $10k: about 36 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.091% in total) that is about 5.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XRP-USDT-SWAP	1.5328	0.0100	pay 0.0100% / 8h	4m 55s	$125.1M	$882.4M	100x
Short	Backpack XRP_USDC_PERP	1.5307	0.0258	get 0.0032% / 1h	4m 55s	$1.7M	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now −0.137%Rate

Funding earned: $33.14
Price spread: −0.137% → −0.067%: −$7.04
Slippage, 4 orders: −$2.44
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $3.66
Costs to cover: 0.224%
Break-even: 6.2 days

Slippage from OKX: live order book, 4 min ago; Backpack: 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 OKX live order book, 4 min ago	0.33 bp	5.3 bp −$5	6.7 bp −$67	15.9 bp −$1,588	32.6 bp −$16.3K
Sell Backpack live order book, 4 min ago	0.33 bp	5.3 bp −$5	6.7 bp −$67	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	1.5278	−0.326%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5261	−0.436%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5330	+0.013%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5290	−0.245%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0091%	1h	1.5289	−0.255%	$838K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5297	−0.201%	$14.9M	$69.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0061%	8h	1.5291	−0.241%	$75K	$910K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0077%	1h	1.5301	−0.176%	$9.3M	$25.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.514%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5301	−0.176%	$2.8M	$13.8M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5304	−0.157%	$511K	$3.3M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5292	−0.232%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5307	−0.139%	$38.7M	$82.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5272	−0.365%	$628K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5321	−0.046%	$543.7M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5326	−0.013%	$338.7M	$930.0M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5328	long leg	$125.1M	$882.4M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5264	−0.418%	$570K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5290	−0.248%	$115K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5333	+0.033%	$1.7M	$570K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5316	−0.078%	$361.0M	$149.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5318	−0.065%	$294.0M	$897.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5316	−0.076%	$108.4M	$166.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5315	−0.085%	$267.4M	$377.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5322	−0.039%	—	$122.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5290	−0.245%	$8.2M	$33.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5317	−0.069%	$665K	$105.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5343	+0.098%	$1.1M	$40.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5301	−0.176%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5292	−0.235%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5292	−0.235%	$46K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5290	−0.250%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5295	−0.213%	$823K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5298	−0.196%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5298	−0.196%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5296	−0.206%	$50.2M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5298	−0.196%	$54.5M	$29.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5281	−0.306%	$476K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5284	−0.287%	$11K	$270K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5317	−0.075%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5294	−0.222%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5291	−0.241%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5292	−0.238%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5301	−0.176%	$24.1M	$74.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5300	−0.183%	$5.8M	$46.7M	50x	as long as short
Backpack XRP_USDC_PERPshort	+0.0258%	1h	1.5307	−0.137%	$1.7M	$1.0M	25x
Hibachi XRP/USDT-P	+0.0304%	1h	1.5294	−0.220%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5279	−0.320%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0559%	1h	1.5316	−0.078%	$290.3M	$215.5M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5295	−0.217%	$528K	$744K	10x	as long as short
Aftermath Perps XRPUSD	+0.0790%	1h	1.5324	−0.026%	$1K	$11K	10x	as long as short