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: Lighter against OKX+0.122%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on OKX Short on Lighter

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−0.112%−$11 · spread now +0.122%, 7d avg +0.003%

Together, before fees−0.155%+ Points / potential airdropLighter: Season 3 · farm board−$15 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: Lighter is 0.118% dearer against OKX than usual: you sell high and buy low, +$12 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	OKX XRP-USDT-SWAP	1.5412	0.0100	pay 0.0100% / 8h	2h 09m	$126.2M	$846.8M	100x
Short	Lighter XRP	1.5431	0.0096	get 0.0012% / 1h	9m 05s	$3.0M	$11.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$0.84
Price spread: +0.122% → +0.003%: $11.83
Slippage, 4 orders: −$7.25
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.26
Costs to cover: 0.173%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 9 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	6.1 bp −$6	8.9 bp −$89	16.8 bp −$1,676	28.2 bp −$14.1K
Sell Lighter live order book, 9 min ago	0.88 bp	3.6 bp −$4	7.0 bp −$70	16.4 bp −$1,635	35.4 bp −$17.7K

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	1.5477	+0.422%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5451	+0.251%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5450	+0.247%	$69K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5433	+0.136%	$9.4M	$24.7M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5432	+0.130%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.792%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0047%	8h	1.5438	+0.169%	$80K	$933K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0075% / S +0.0169%	1h	1.5431	+0.125%	$909K	—	200x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5431	+0.122%	$3.0M	$11.5M	20x
Lighter RH XRP	+0.0096%	1h	1.5426	+0.091%	$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	1.5442	+0.198%	$1.1M	$5.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5430	+0.116%	$39.3M	$73.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5447	+0.227%	$675K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5419	+0.048%	$554.8M	$1.87B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5415	+0.019%	$347.4M	$852.3M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5412	long leg	$126.2M	$846.8M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5427	+0.097%	$574K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5449	+0.240%	$120K	$686K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5472	+0.386%	$1.7M	$470K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5408	−0.026%	$368.0M	$133.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5414	+0.013%	$291.2M	$820.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5414	+0.011%	$111.8M	$149.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5409	−0.019%	$267.0M	$346.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5412	0.000%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5487	+0.487%	$6.7M	$24.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5464	+0.335%	$671K	$95.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5471	+0.385%	$1.1M	$41.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5489	+0.500%	$1.0M	$878K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5442	+0.195%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5445	+0.214%	$50K	$468K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5435	+0.149%	$42K	$60K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5432	+0.128%	$831K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5450	+0.249%	$129K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5429	+0.110%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5420	+0.055%	$50.8M	$14.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5415	+0.019%	$55.1M	$28.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5443	+0.204%	$481K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5443	+0.201%	$12K	$239K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5429	+0.112%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5431	+0.126%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5450	+0.247%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0169%	1h	1.5427	+0.097%	$15.7M	$65.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5440	+0.182%	$5.6M	$45.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0200%	1h	1.5421	+0.058%	$1.8M	$953K	25x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5436	+0.152%	$1.4M	$9K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5429	+0.110%	$24.2M	$68.5M	125x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5481	+0.448%	$19K	$66K	7x	as long as short
Kalshi KXXRPPERP	+0.0299%	8h	1.5457	+0.292%	$1.8M	$32.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5453	+0.268%	$406K	$499K	10x	as long as short
Hyperliquid XRP	+0.0506%	1h	1.5428	+0.104%	$284.3M	$190.3M	20x	as long as short
Aftermath Perps XRPUSD	+0.0532%	1h	1.5450	+0.244%	$1K	$11K	10x	as long as short