Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against HTX+0.275%65s7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as 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−$1111.110% of the position

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.275% dearer against HTX than usual: you sell high and buy low (spread +0.275% now, against zero (this spread has no 7-day history yet)): +$28 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 14 days. Mind the row above: over the last 7 days funding on this pair paid +0.065%, so the current rate has only just turned against you. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XRP-USDT	1.5517	0.0100	pay 0.0100% / 8h	1h 05m	$51.0M	$15.4M	75x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	5m 48s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now +0.275%Rate

Funding earned: −$14
Price spread: +0.275% → 0.000%: $27.52
Slippage, 4 orders: −$99.01
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$97.52
Costs to cover: 1.110%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Injective: live order book, 13 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 HTX live order book, 3 min ago	1.35 bp	7.7 bp −$8	11.3 bp −$113	37.5 bp −$3,749	doesn't fit
Sell Injective live order book, 13 min ago	44.99 bp	45.0 bp −$45	57.7 bp −$577	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	1.5513	−0.028%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5506	−0.070%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5521	+0.024%	$9.5M	$25.1M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0001% / S +0.0113%	1h	1.5522	+0.032%	$853K	—	200x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5521	+0.024%	$260K	—	150x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+0.275%	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5519	+0.009%	$15.5M	$68.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0055%	8h	1.5521	+0.024%	$76K	$909K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5506	−0.070%	$3.0M	$12.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5520	+0.017%	$443K	$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
Nado XRP-PERP	+0.0100%	1h	1.5520	+0.015%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5507	−0.069%	$39.4M	$79.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5518	+0.003%	$639K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5506	−0.073%	$557.9M	$1.99B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5506	−0.073%	$346.1M	$903.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5506	−0.073%	$127.7M	$881.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5467	−0.324%	$576K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5522	+0.030%	$119K	$746K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5501	−0.103%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5504	−0.086%	$363.4M	$143.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5504	−0.086%	$299.8M	$868.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5506	−0.073%	$113.0M	$161.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5506	−0.073%	$270.8M	$366.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5511	−0.041%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5501	−0.102%	$11.8M	$30.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5508	−0.059%	$673K	$101.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5513	−0.027%	$1.1M	$41.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5507	−0.066%	$1.0M	$884K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5526	+0.056%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5524	+0.045%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5523	+0.036%	$836K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5526	+0.053%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5520	+0.017%	$32K	$1.9M	10x	as long as short
HTX XRP-USDTlong	+0.0100%	8h	1.5517	long leg	$51.0M	$15.4M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5517	−0.002%	$55.2M	$29.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5514	−0.023%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5517	−0.003%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5519	+0.011%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5499	−0.116%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5520	+0.015%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5527	+0.063%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5521	+0.021%	$1.4M	$8K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5529	+0.075%	$6.0M	$47.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5499	−0.118%	$24.6M	$73.6M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5494	−0.148%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0294%	1h	1.5525	+0.050%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0320%	8h	1.5526	+0.056%	$1.9M	$33.2M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5500	−0.111%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5534	+0.110%	$509K	$631K	10x	as long as short
Hyperliquid XRP	+0.0580%	1h	1.5521	+0.024%	$290.2M	$204.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0770%	1h	1.5520	+0.016%	$1K	$11K	10x	as long as short