Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against Bybit+2.341%7-day average −0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs+$144as in the Price arb table

costs, in and out, $10k−$1041.038% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 4 days (all we have)−3.063%−$306 · spread now +2.341%, 7d avg −0.132%

Together, before fees−2.921%−$292 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.474% dearer against Bybit than usual: you sell high and buy low (spread +2.341% now, against its 7-day average of −0.132%): +$247 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 +0.142%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XRPUSDT	1.5204	0.0100	pay 0.0100% / 8h	3h 44m	$346.8M	$941.5M	100x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	44m 56s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +2.341%Rate

Funding earned: −$14
Price spread: +2.341% → −0.132%: $247.4
Slippage, 4 orders: −$92.76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $129.61
Costs to cover: 1.038%
Break-even: from the start

Slippage from Bybit: live order book, 4 min ago; Injective: live order book, 9 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, 4 min ago	0.33 bp	5.8 bp −$6	7.2 bp −$72	13.9 bp −$1,389	24.8 bp −$12.4K
Sell Injective live order book, 9 min ago	46.05 bp	46.1 bp −$46	59.2 bp −$592	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	1.5203	−0.007%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5203	−0.008%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5202	−0.013%	$262K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0021%	1h	1.5211	+0.044%	$14.4M	$74.2M	50x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.341%	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0051% / S +0.0014%	1h	1.5201	−0.022%	$780K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5216	+0.079%	$7.8M	$25.6M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5212	+0.054%	$2.9M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5215	+0.072%	$499K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5198	−0.039%	$12K	$343K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_XRP_USDC	+0.0099%	8h	1.5210	+0.039%	$62K	$934K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5196	−0.049%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5211	+0.047%	$38.4M	$84.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5199	−0.033%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5204	0.000%	$534.6M	$2.14B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5204	long leg	$346.8M	$941.5M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5204	0.000%	$127.1M	$887.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5193	−0.072%	$566K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5202	−0.013%	$118K	$702K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5181	−0.151%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5209	+0.033%	$371.5M	$153.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5198	−0.039%	$293.7M	$899.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5206	+0.012%	$109.1M	$176.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5201	−0.020%	$269.2M	$388.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5206	+0.013%	—	$127.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5202	−0.014%	$4.9M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5212	+0.054%	$661K	$109.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5208	+0.027%	$1.1M	$36.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5213	+0.059%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5202	−0.016%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5200	−0.026%	$45K	$476K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5198	−0.037%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5213	+0.057%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5202	−0.011%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5211	+0.046%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5209	+0.033%	$49.7M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5205	+0.007%	$54.2M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5198	−0.037%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5199	−0.031%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5210	+0.038%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5203	−0.007%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5216	+0.079%	$5.6M	$47.6M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5199	−0.031%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5206	+0.013%	$24.1M	$76.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5206	+0.015%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5207	+0.020%	$2.0M	$35.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0299%	1h	1.5217	+0.086%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0306%	1h	1.5221	+0.112%	$292.9M	$234.6M	20x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5203	−0.005%	$518K	$773K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5220	+0.105%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0657%	1h	1.5209	+0.032%	$2K	$15K	10x	as long as short