Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against OKX+0.174%78s7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1021.023% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 4 days (all we have)−1.126%−$113 · spread now +0.174%, 7d avg 0.000%

Together, before fees−0.988%−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.174% dearer against OKX than usual: you sell high and buy low (spread +0.174% now, against its 7-day average of 0.000%): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.138%, so the current rate has only just turned against you. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XRP-USDT-SWAP	1.5533	0.0100	pay 0.0100% / 8h	7h 03m	$126.4M	$852.3M	100x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	3m 58s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.174%Rate

Funding earned: −$14
Price spread: +0.174% → 0.000%: $17.4
Slippage, 4 orders: −$92.32
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$98.95
Costs to cover: 1.023%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Injective: live order book, 30 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, 5 min ago	0.32 bp	5.3 bp −$5	5.9 bp −$59	14.5 bp −$1,449	30.0 bp −$15.0K
Sell Injective live order book, 30 min ago	36.22 bp	55.0 bp −$55	doesn't fit	doesn't fit	doesn't fit

XRP on 50 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
Kraken Futures PF_XRPUSD	−0.0168%	1h	1.5542	+0.056%	$14.3M	$73.7M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5519	−0.090%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5490	−0.277%	$70K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5536	+0.020%	$252K	—	150x	as long as short
dYdX XRP-USD	+0.0005%	1h	1.5532	−0.006%	$1.1M	$155K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0007%	1h	1.5545	+0.077%	$8.1M	$22.2M	50x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+0.174%	$2K	$107K	30x
Hibachi XRP/USDT-P	+0.0064%	1h	1.5496	−0.241%	$18K	$78K	7x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5536	+0.019%	$9K	$2K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5542	+0.059%	$2.8M	$14.8M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5539	+0.039%	$629K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5533	0.000%	$20K	$378K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5532	−0.007%	$484K	$52K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5524	−0.055%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5533	+0.001%	$39.3M	$82.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5527	−0.036%	$629K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5538	+0.032%	$543.2M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5534	+0.006%	$360.8M	$907.6M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5533	long leg	$126.4M	$852.3M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5449	−0.541%	$567K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5548	+0.097%	$163K	$699K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5432	−0.649%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5534	+0.006%	$390.9M	$160.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5533	0.000%	$318.3M	$940.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5541	+0.055%	$110.0M	$180.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5531	−0.013%	$275.4M	$361.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5528	−0.032%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5506	−0.174%	$4.9M	$38.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5451	−0.529%	$683K	$113.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5489	−0.285%	$1.1M	$32.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5468	−0.418%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5525	−0.051%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5532	−0.006%	$53K	$502K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5537	+0.026%	$42K	$66K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5541	+0.052%	$79K	$646K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5544	+0.071%	$130K	$1.6M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5539	+0.039%	$31K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5535	+0.012%	$50.6M	$14.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5537	+0.026%	$55.2M	$33.2M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5525	−0.052%	$2.1M	$5.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5539	+0.042%	$60K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0142% / S −0.0108%	1h	1.5534	+0.006%	$832K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5541	+0.052%	$5.4M	$46.9M	50x	as long as short
Kalshi KXXRPPERP	+0.0171%	8h	1.5530	−0.019%	$1.8M	$33.0M	2.9x	as long as short
Hyperliquid XRP	+0.0197%	1h	1.5547	+0.090%	$299.2M	$265.1M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5514	−0.122%	$23.9M	$79.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0222%	1h	1.5524	−0.057%	$1.4M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0241%	1h	1.5545	+0.077%	$2.0M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5541	+0.055%	$524K	$797K	10x	as long as short
Aftermath Perps XRPUSD	+0.0489%	1h	1.5441	−0.592%	$3K	$15K	10x	as long as short