Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0125%/8h= +13.7% APRpaid last 24h +0.031%

Price spread now: Backpack against Bybit+0.323%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs+$14as in the Price arb table

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

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 7 days−0.628%−$63 · spread now +0.323%, 7d avg −0.039%

Together, before fees−0.519%−$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.362% dearer against Bybit than usual: you sell high and buy low: +$36 more if the spread goes back to its 7-day average of −0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XRPUSDT	1.5153	0.0100	pay 0.0100% / 8h	7h 33m	$353.5M	$939.6M	100x
Short	Backpack XRP_USDC_PERP	1.5202	0.0225	get 0.0028% / 1h	33m 35s	$2.0M	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.323%Rate

Funding earned: $26.2
Price spread: +0.323% → −0.039%: $36.25
Slippage, 4 orders: −$1.32
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $40.13
Costs to cover: 0.223%
Break-even: from the start

Slippage from Bybit: live order book, 6 min ago; Backpack: live order book, 5 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 Bybit live order book, 6 min ago	0.33 bp	5.8 bp −$6	7.3 bp −$73	14.1 bp −$1,407	29.7 bp −$14.8K
Sell Backpack live order book, 5 min ago	0.33 bp	5.3 bp −$5	6.6 bp −$66	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
Kraken Futures PF_XRPUSD	−0.0172%	1h	1.5197	+0.292%	$14.7M	$74.9M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5218	+0.429%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5164	+0.074%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5220	+0.442%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5198	+0.297%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5210	+0.376%	$7.7M	$23.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.686%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5199	+0.303%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5158	+0.031%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5162	+0.059%	$618K	$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
Katana Perps XRP-USD	+0.0100%	8h	1.5152	−0.007%	$20K	$381K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5204	+0.340%	$995K	$6.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5156	+0.020%	$38.4M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5158	+0.033%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5156	+0.020%	$528.3M	$2.17B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5153	long leg	$353.5M	$939.6M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5154	+0.007%	$126.3M	$848.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5175	+0.145%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5160	+0.046%	$143K	$708K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	+0.317%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5154	+0.007%	$373.6M	$153.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5155	+0.013%	$311.4M	$916.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5157	+0.029%	$105.8M	$183.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5153	0.000%	$268.1M	$380.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5154	+0.007%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5200	+0.310%	$4.8M	$38.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5194	+0.270%	$662K	$112.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5186	+0.221%	$1.1M	$33.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5222	+0.455%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5197	+0.290%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5191	+0.251%	$52K	$511K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5197	+0.290%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5211	+0.383%	$77K	$648K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5208	+0.361%	$818K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5195	+0.278%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5197	+0.290%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5198	+0.298%	$49.6M	$15.0M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5196	+0.284%	$54.3M	$32.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5160	+0.046%	$473K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5149	−0.028%	$2.1M	$6.7M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5210	+0.374%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5155	+0.013%	$8K	$2K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0118% / S −0.0084%	1h	1.5197	+0.287%	$787K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5205	+0.343%	$5.4M	$47.8M	50x	as long as short
Kalshi KXXRPPERP	+0.0171%	8h	1.5216	+0.416%	$1.7M	$33.2M	2.9x	as long as short
Hyperliquid XRP	+0.0183%	1h	1.5171	+0.119%	$289.7M	$267.5M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5196	+0.284%	$23.7M	$77.6M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5186	+0.220%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERPshort	+0.0225%	1h	1.5202	+0.323%	$2.0M	$1.4M	25x
RISEx XRP/USDC	+0.0337%	1h	1.5159	+0.038%	$519K	$788K	10x	as long as short
Aftermath Perps XRPUSD	+0.0551%	1h	1.5203	+0.333%	$2K	$16K	10x	as long as short