Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.060%

Price spread now: BloFin against Deribit−0.185%57s7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.216% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.185%, 7d avg −0.015%

Together, before fees+0.209%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.170% cheaper against Deribit than usual: you would sell low and buy high (spread −0.185% now, against its 7-day average of −0.015%). If the spread goes back, that is −$17 on $10k: about 2.6 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.066% in total) that is about 18 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.066% in total (about 3.5% 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	Deribit XRP_USDC-PERPETUAL	1.5125	0	get 0.0000% / 1h	47m 44s	$7.7M	$25.6M	50x
Short	BloFin XRP-USDT	1.5097	0.0220	get 0.0220% / 8h	2h 47m	$24.1M	$75.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.185%Rate

Funding earned: $46.2
Price spread: −0.185% → −0.015%: −$16.99
Slippage, 4 orders: −$2.61
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $7.6
Costs to cover: 0.216%
Break-even: 5.8 days

Slippage from Deribit: live order book, 1 min ago; BloFin: live order book, 6 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 Deribit live order book, 1 min ago	0.33 bp	4.5 bp −$4	7.5 bp −$75	43.3 bp −$4,330	doesn't fit
Sell BloFin live order book, 6 min ago	0.33 bp	6.3 bp −$6	8.2 bp −$82	13.5 bp −$1,352	24.4 bp −$12.2K

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	1.5108	−0.112%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5121	−0.027%	$14.3M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5107	−0.121%	$1.1M	$115K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5120	−0.033%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUALlong	0.0000%	1h	1.5125	long leg	$7.7M	$25.6M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5123	−0.011%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.876%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5127	+0.013%	$8K	$8K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.5123	−0.013%	$793K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5116	−0.060%	$2.8M	$14.8M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5117	−0.053%	$497K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5116	−0.060%	$10K	$356K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5122	−0.017%	$939K	$6.2M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5125	0.000%	$290.9M	$258.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5109	−0.106%	$38.7M	$86.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5110	−0.101%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5104	−0.142%	$531.3M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5104	−0.139%	$341.9M	$950.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5105	−0.132%	$125.3M	$888.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5107	−0.119%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5128	+0.020%	$137K	$716K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	−0.073%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5112	−0.086%	$372.2M	$155.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5103	−0.145%	$295.1M	$904.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5115	−0.063%	$107.8M	$179.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5113	−0.079%	$268.1M	$393.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5113	−0.079%	—	$105.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5128	+0.019%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5106	−0.127%	$656K	$111.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5131	+0.039%	$1.1M	$37.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5124	−0.007%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5118	−0.047%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5128	+0.020%	$50K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5120	−0.033%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5123	−0.013%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5122	−0.018%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5110	−0.102%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5121	−0.026%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5106	−0.124%	$49.4M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5118	−0.046%	$53.9M	$31.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5104	−0.142%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5106	−0.123%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5120	−0.033%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0146%	8h	1.5120	−0.033%	$1.8M	$35.6M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5125	0.000%	$5.7M	$48.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0188%	1h	1.5127	+0.013%	$2.0M	$1.4M	25x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5119	−0.038%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDTshort	+0.0220%	8h	1.5097	−0.185%	$24.1M	$75.8M	125x
Hibachi XRP/USDT-P	+0.0240%	1h	1.5124	−0.007%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5128	+0.021%	$516K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0617%	1h	1.5124	−0.004%	$2K	$15K	10x	as long as short