Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0093%/8h= +10.1% APRpaid last 24h +0.013%

Price spread now: Backpack against BingX−0.149%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 7 days−0.513%−$51 · spread now −0.149%, 7d avg −0.056%

Together, before fees−0.446%−$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.093% cheaper against BingX than usual: you would sell low and buy high (spread −0.149% now, against its 7-day average of −0.056%). If the spread goes back, that is −$9 on $10k: about 3.3 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.067% in total) that is about 9.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XRP-USDC	1.5473	0.0100	pay 0.0100% / 8h	2h 11m	—	$3.7M	—
Short	Backpack XRP_USDC_PERP	1.5450	0.0193	get 0.0024% / 1h	11m 12s	$1.8M	$953K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.149%Rate

Funding earned: $19.46
Price spread: −0.149% → −0.056%: −$9.26
Slippage, 4 orders: −$8.19
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.99
Costs to cover: 0.282%
Break-even: 13.5 days

Slippage from BingX: live order book, 8 min ago; Backpack: live order book, 3 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 BingX live order book, 8 min ago	0.32 bp	9.4 bp −$9	12.1 bp −$121	27.9 bp −$2,790	82.6 bp −$41.3K
Sell Backpack live order book, 3 min ago	0.32 bp	5.3 bp −$5	7.3 bp −$73	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	1.5439	−0.220%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5452	−0.135%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5470	−0.019%	$69K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5468	−0.030%	$259K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0009%	1h	1.5466	−0.045%	$9.4M	$24.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−1.183%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0047%	8h	1.5473	0.000%	$80K	$933K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0075% / S +0.0171%	1h	1.5471	−0.016%	$911K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5469	−0.024%	$3.0M	$11.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5471	−0.013%	$447K	$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	1.5486	+0.087%	$1.1M	$5.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5475	+0.010%	$39.4M	$73.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5459	−0.092%	$671K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5472	−0.005%	$556.6M	$1.87B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5474	+0.006%	$348.8M	$850.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5465	−0.052%	$126.4M	$848.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5427	−0.297%	$574K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5475	+0.013%	$119K	$685K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5472	−0.009%	$1.7M	$470K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5472	−0.006%	$369.3M	$133.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5476	+0.019%	$291.8M	$818.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5487	+0.089%	$112.2M	$148.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5463	−0.065%	$267.9M	$346.3M	125x	as long as short
BingX XRP-USDClong	+0.0100%	8h	1.5473	long leg	—	$3.7M	—
Variational Omni XRP	+0.0100%	8h	1.5430	−0.279%	$6.7M	$24.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5464	−0.061%	$671K	$97.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5436	−0.237%	$1.1M	$41.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5464	−0.058%	$1.0M	$871K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5491	+0.116%	$50K	$468K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5473	−0.003%	$42K	$60K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5437	−0.234%	$831K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5459	−0.092%	$130K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5460	−0.084%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5469	−0.024%	$50.9M	$14.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5473	0.000%	$55.3M	$28.4M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5469	−0.023%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5470	−0.018%	$482K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5481	+0.052%	$12K	$239K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5458	−0.100%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5463	−0.063%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5487	+0.090%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0168%	1h	1.5466	−0.048%	$15.7M	$65.4M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5495	+0.142%	$5.7M	$45.1M	50x	as long as short
Backpack XRP_USDC_PERPshort	+0.0193%	1h	1.5450	−0.149%	$1.8M	$953K	25x
Reya XRPRUSDPERP	+0.0211%	1h	1.5479	+0.038%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5480	+0.045%	$24.2M	$68.7M	125x	as long as short
Kalshi KXXRPPERP	+0.0284%	8h	1.5491	+0.116%	$1.8M	$32.0M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0288%	1h	1.5441	−0.209%	$19K	$66K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5487	+0.091%	$407K	$499K	10x	as long as short
Hyperliquid XRP	+0.0505%	1h	1.5505	+0.207%	$285.7M	$190.4M	20x	as long as short
Aftermath Perps XRPUSD	+0.0527%	1h	1.5444	−0.189%	$1K	$11K	10x	as long as short