Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.014%

Price spread now: Backpack against Phemex+0.122%53s7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as 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−$300.297% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.094%+$9 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now +0.122%, 7d avg +0.039%

Together, before fees+0.121%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.082% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.039%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.094% in total (about 4.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5606	0.0100	pay 0.0100% / 8h	1h 37m	$55.6M	$29.1M	50x
Short	Backpack XRP_USDC_PERP	1.5625	0.0315	get 0.0039% / 1h	37m 23s	$1.8M	$972K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.122%Rate

Funding earned: $45.07
Price spread: +0.122% → +0.039%: $8.25
Slippage, 4 orders: −$7.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $23.57
Costs to cover: 0.297%
Break-even: 3.3 days

Slippage from Phemex: live order book, 2 min ago; Backpack: 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 Phemex live order book, 2 min ago	3.51 bp	9.5 bp −$10	11.1 bp −$111	27.2 bp −$2,717	doesn't fit
Sell Backpack live order book, 2 min ago	0.32 bp	5.3 bp −$5	7.1 bp −$71	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	1.5610	+0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5594	−0.079%	$1.1M	$104K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5603	−0.019%	$9.7M	$25.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5598	−0.048%	$261K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−2.025%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5599	−0.045%	$15.6M	$68.0M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0053%	8h	1.5601	−0.032%	$78K	$941K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0082% / S +0.0133%	1h	1.5606	+0.001%	$919K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5594	−0.074%	$3.0M	$11.9M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5600	−0.038%	$461K	$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	1.5589	−0.112%	$1.1M	$5.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5596	−0.062%	$39.6M	$76.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5594	−0.077%	$673K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5598	−0.049%	$563.1M	$1.94B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5598	−0.051%	$350.9M	$880.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5602	−0.026%	$127.5M	$872.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5693	+0.557%	$584K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5602	−0.026%	$119K	$729K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5683	+0.493%	$1.7M	$616K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5592	−0.090%	$374.3M	$137.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5590	−0.103%	$293.3M	$836.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5598	−0.054%	$115.0M	$156.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5602	−0.026%	$271.5M	$357.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5600	−0.038%	—	$116.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5690	+0.536%	$12.0M	$29.9M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5643	+0.239%	$679K	$99.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5652	+0.295%	$1.1M	$41.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5645	+0.250%	$1.0M	$880K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5601	−0.034%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5593	−0.083%	$46K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5604	−0.011%	$42K	$64K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5605	−0.008%	$840K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5599	−0.042%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5600	−0.038%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5582	−0.151%	$51.2M	$15.2M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5606	long leg	$55.6M	$29.1M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5592	−0.088%	$486K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5601	−0.032%	$12K	$249K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5599	−0.046%	$2.2M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5601	−0.031%	$73K	$40K	3x	as long as short
Hibachi XRP/USDT-P	+0.0128%	1h	1.5657	+0.325%	$18K	$81K	7x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5604	−0.013%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5587	−0.124%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5607	+0.006%	$5.8M	$46.8M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5633	+0.173%	$24.5M	$72.9M	125x	as long as short
Backpack XRP_USDC_PERPshort	+0.0315%	1h	1.5625	+0.122%	$1.8M	$972K	25x
Kalshi KXXRPPERP	+0.0325%	8h	1.5650	+0.282%	$1.9M	$32.3M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5730	+0.795%	$70K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5608	+0.013%	$509K	$615K	10x	as long as short
Hyperliquid XRP	+0.0614%	1h	1.5610	+0.026%	$291.1M	$199.5M	20x	as long as short
Aftermath Perps XRPUSD	+0.0669%	1h	1.5648	+0.268%	$1K	$11K	10x	as long as short