Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against SunX+1.977%61s7-day average −0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as 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−$1401.399% of the position

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−2.595%−$259 · spread now +1.977%, 7d avg −0.130%

Together, before fees−2.529%−$253 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.106% dearer against SunX than usual: you sell high and buy low (spread +1.977% now, against its 7-day average of −0.130%): +$211 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months. Mind the row above: over the last 7 days funding on this pair paid +0.066%, so the current rate has only just turned against you. The two prices were read 61 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	SunX XRP-USDT	1.5258	0.0100	pay 0.0100% / 8h	41m 44s	$128K	$1.8M	30x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	41m 44s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. 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 SunXbpFee InjectivebpOrdersPrice spread, now +1.977%Rate

Funding earned: −$14
Price spread: +1.977% → −0.130%: $210.64
Slippage, 4 orders: −$131.86
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $56.76
Costs to cover: 1.399%
Break-even: from the start

Slippage from SunX: live order book, 4 min ago; Injective: live order book, 62 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 SunX live order book, 4 min ago	17.60 bp	21.6 bp −$22	24.9 bp −$249	doesn't fit	doesn't fit
Sell Injective live order book, 62 min ago	46.17 bp	46.2 bp −$46	59.4 bp −$594	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	1.5241	−0.114%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5233	−0.163%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5248	−0.068%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0012%	1h	1.5252	−0.042%	$7.9M	$24.1M	50x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+1.977%	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0078%	1h	1.5244	−0.097%	$14.6M	$73.8M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5234	−0.160%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5236	−0.147%	$602K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5239	−0.127%	$10K	$372K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0100% / S −0.0058%	1h	1.5250	−0.058%	$787K	—	200x	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	1.5242	−0.104%	$1.0M	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5232	−0.173%	$38.6M	$87.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5249	−0.062%	$615K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5230	−0.186%	$533.5M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5237	−0.140%	$350.8M	$957.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5238	−0.134%	$128.5M	$877.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5226	−0.212%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5253	−0.035%	$145K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5191	−0.445%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5233	−0.166%	$379.8M	$160.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5232	−0.173%	$315.0M	$920.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5239	−0.128%	$107.4M	$184.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5237	−0.140%	$269.3M	$392.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5238	−0.134%	—	$107.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5239	−0.130%	$4.9M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5231	−0.183%	$662K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5252	−0.044%	$1.1M	$35.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5249	−0.062%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5251	−0.051%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5255	−0.022%	$50K	$511K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5249	−0.061%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5247	−0.075%	$78K	$688K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5238	−0.133%	$820K	$74K	10x	as long as short
SunX XRP-USDTlong	+0.0100%	8h	1.5258	long leg	$128K	$1.8M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5243	−0.101%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5256	−0.018%	$49.8M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5248	−0.068%	$54.5M	$32.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5250	−0.054%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5227	−0.203%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5247	−0.075%	$59K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5248	−0.068%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0120%	1h	1.5234	−0.161%	$17K	$78K	7x	as long as short
Hyperliquid XRP	+0.0157%	1h	1.5248	−0.068%	$290.9M	$268.1M	20x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5251	−0.048%	$5.7M	$48.5M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0184%	1h	1.5252	−0.042%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0204%	8h	1.5237	−0.140%	$1.8M	$34.6M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0220%	1h	1.5249	−0.061%	$1.3M	$4K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5227	−0.206%	$23.7M	$78.0M	125x	as long as short
RISEx XRP/USDC	+0.0394%	1h	1.5256	−0.013%	$529K	$804K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5260	+0.010%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0645%	1h	1.5235	−0.152%	$2K	$16K	10x	as long as short