Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0207%/8h= −22.6% APRpaid last 24h −0.019%

Price spread now: Katana Perps against Backpack+0.131%7-day average +0.030% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 7 days+0.654%+$65 · spread now +0.131%, 7d avg +0.030%

Together, before fees+0.603%+$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.101% dearer against Backpack than usual: you sell high and buy low (spread +0.131% now, against its 7-day average of +0.030%): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 39 hours. At the pace of the last 4 days (−0.051% in total) that is about 7.4 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.051% in total (about -5.0% 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	Backpack XRP_USDC_PERP	1.5298	0.0306	pay 0.0038% / 1h	3m 40s	$1.9M	$1.3M	25x
Short	Katana Perps XRP-USD	1.5318	0.0100	get 0.0100% / 8h	7h 03m	$9K	$281K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Backpack. 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 BackpackbpFee Katana PerpsbpOrdersPrice spread, now +0.131%Rate

Funding earned: −$43.41
Price spread: +0.131% → +0.030%: $10.12
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$47.09
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, just now; Katana Perps: no order-book sample. Net counts fees only.

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 Backpack live order book, just now	0.33 bp	5.3 bp −$5	8.1 bp −$81	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5323	+0.163%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5260	−0.246%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5310	+0.078%	$256K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5304	+0.039%	$9.3M	$24.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0019% / S +0.0071%	1h	1.5309	+0.073%	$840K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.713%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0065%	8h	1.5306	+0.052%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5315	+0.111%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5257	−0.269%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5254	−0.288%	$511K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USDshort	+0.0100%	8h	1.5318	+0.131%	$9K	$281K	20x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5252	−0.298%	$476K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5317	+0.127%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5267	−0.206%	$38.6M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5257	−0.271%	$628K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5256	−0.275%	$539.0M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5247	−0.333%	$340.3M	$920.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5233	−0.425%	$123.8M	$863.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5351	+0.346%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5322	+0.157%	$116K	$716K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.338%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5267	−0.203%	$367.4M	$152.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5239	−0.386%	$300.7M	$917.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5257	−0.267%	$110.4M	$167.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5258	−0.261%	$267.8M	$375.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5259	−0.255%	—	$124.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5315	+0.109%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5348	+0.328%	$666K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5355	+0.373%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5390	+0.601%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5315	+0.112%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5319	+0.137%	$47K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5313	+0.101%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5309	+0.070%	$824K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5324	+0.173%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5302	+0.026%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5305	+0.042%	$50.2M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5299	+0.007%	$54.3M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5269	−0.188%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5302	+0.028%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5312	+0.092%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5315	+0.111%	$24.1M	$73.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5308	+0.065%	$5.7M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5299	+0.009%	$14.4M	$70.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5317	+0.123%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0306%	1h	1.5298	long leg	$1.9M	$1.3M	25x
Kalshi KXXRPPERP	+0.0323%	8h	1.5319	+0.137%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0365%	1h	1.5275	−0.150%	$288.0M	$215.4M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5330	+0.209%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5325	+0.175%	$542K	$775K	10x	as long as short
Aftermath Perps XRPUSD	+0.0846%	1h	1.5337	+0.257%	$2K	$13K	10x	as long as short