Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0070%/8h= −7.6% APRpaid last 24h −0.029%

Price spread now: OKX against Backpack+0.033%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days+0.107%+$11 · spread now +0.033%, 7d avg +0.036%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5203	0.0170	pay 0.0021% / 1h	0m 27s	$2.0M	$1.4M	25x
Short	OKX XRP-USDT-SWAP	1.5208	0.0100	get 0.0100% / 8h	1h 00m	$129.4M	$883.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$14.67
Price spread: +0.033% → +0.036%: −$0.34
Slippage, 4 orders: −$2.25
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$37.26
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; OKX: live order book, 4 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 Backpack live order book, 4 min ago	0.33 bp	5.3 bp −$5	6.5 bp −$65	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.33 bp	5.3 bp −$5	6.1 bp −$61	13.2 bp −$1,318	31.7 bp −$15.9K

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	1.5227	+0.158%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5193	−0.065%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5220	+0.112%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5200	−0.020%	$246K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5199	−0.025%	$14.5M	$74.3M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.348%	$2K	$107K	30x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5207	+0.026%	$7.8M	$24.4M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0093% / S −0.0049%	1h	1.5200	−0.023%	$784K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5198	−0.036%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5197	−0.039%	$545K	$3.2M	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-USD	+0.0099%	8h	1.5201	−0.013%	$10K	$370K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5195	−0.053%	$1.0M	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5207	+0.026%	$38.6M	$87.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5197	−0.038%	$615K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5209	+0.037%	$533.7M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5206	+0.020%	$348.8M	$961.1M	100x	as long as short
OKX XRP-USDT-SWAPshort	+0.0100%	8h	1.5208	+0.033%	$129.4M	$883.8M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5193	−0.066%	$565K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5212	+0.059%	$145K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5195	−0.050%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5202	−0.007%	$378.2M	$162.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5209	+0.039%	$312.3M	$934.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5206	+0.022%	$107.7M	$183.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5205	+0.013%	$268.9M	$395.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5203	0.000%	—	$107.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5187	−0.106%	$4.8M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5224	+0.137%	$661K	$114.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5219	+0.105%	$1.1M	$35.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5227	+0.158%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5211	+0.051%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5210	+0.046%	$50K	$510K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5208	+0.034%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5204	+0.007%	$75K	$686K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5224	+0.139%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5215	+0.077%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5202	−0.007%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5191	−0.082%	$49.6M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5197	−0.039%	$54.4M	$32.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5207	+0.028%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5197	−0.037%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5201	−0.010%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5211	+0.053%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0128%	1h	1.5202	−0.004%	$17K	$79K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0170%	1h	1.5203	long leg	$2.0M	$1.4M	25x
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5207	+0.026%	$5.7M	$48.2M	50x	as long as short
Kalshi KXXRPPERP	+0.0216%	8h	1.5208	+0.033%	$1.8M	$34.7M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5200	−0.023%	$1.3M	$4K	15x	as long as short
Hyperliquid XRP	+0.0220%	1h	1.5221	+0.118%	$290.1M	$266.9M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5198	−0.033%	$23.7M	$77.9M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5211	+0.052%	$529K	$806K	10x	as long as short
Aftermath Perps XRPUSD	+0.0710%	1h	1.5216	+0.082%	$2K	$16K	10x	as long as short