Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0187%/8h= +20.4% APRpaid last 24h +0.054%

Price spread now: BloFin against Injective−2.024%7-day average +0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$323as in the Price arb table

costs, in and out, $10k−$1061.057% of the position

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+2.525%+$253 · spread now −2.024%, 7d avg +0.145%

Together, before fees+2.567%+$257 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 2.169% cheaper against Injective than usual: you would sell low and buy high (spread −2.024% now, against its 7-day average of +0.145%). If the spread goes back, that is −$217 on $10k: about 39 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.042% in total) that is about 12 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.042% in total (about 2.2% 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	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	15m 50s	$2K	$107K	30x
Short	BloFin XRP-USDT	1.5245	0.0220	get 0.0220% / 8h	1h 15m	$23.7M	$78.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now −2.024%Rate

Funding earned: $39.2
Price spread: −2.024% → +0.145%: −$216.91
Slippage, 4 orders: −$93.66
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$283.39
Costs to cover: 1.057%
Break-even: 57.6 days

Slippage from Injective: live order book, 28 min ago; BloFin: live order book, 8 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 Injective live order book, 28 min ago	46.17 bp	46.2 bp −$46	59.3 bp −$593	doesn't fit	doesn't fit
Sell BloFin live order book, 8 min ago	0.66 bp	6.7 bp −$7	6.7 bp −$67	9.9 bp −$986	18.4 bp −$9,221

XRP on 50 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	1.5243	−2.037%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5233	−2.101%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5260	−1.928%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5244	−2.030%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0012%	1h	1.5244	−2.031%	$7.9M	$24.8M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5238	−2.070%	$14.5M	$75.0M	50x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0089% / S −0.0042%	1h	1.5239	−2.066%	$786K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5235	−2.089%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5235	−2.089%	$548K	$3.2M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0099%	8h	1.5234	−2.095%	$11K	$372K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5244	−2.034%	$991K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5233	−2.098%	$38.7M	$87.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5235	−2.089%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5233	−2.102%	$534.9M	$2.23B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5230	−2.121%	$349.4M	$965.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5231	−2.114%	$127.9M	$884.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5239	−2.063%	$567K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5244	−2.031%	$145K	$716K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5232	−2.108%	$378.1M	$161.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5235	−2.089%	$311.3M	$931.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5235	−2.087%	$107.9M	$182.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5229	−2.127%	$269.3M	$397.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5232	−2.108%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5233	−2.103%	$4.8M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5231	−2.111%	$662K	$114.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5240	−2.059%	$1.1M	$36.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5204	−2.288%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5245	−2.024%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5241	−2.050%	$65K	$508K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5241	−2.053%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5239	−2.063%	$76K	$685K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5247	−2.015%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5241	−2.050%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5238	−2.071%	$49.8M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5242	−2.044%	$54.6M	$32.5M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5206	−2.275%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5247	−2.010%	$475K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5227	−2.140%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5240	−2.056%	$59K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5248	−2.005%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0136%	1h	1.5247	−2.014%	$17K	$79K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5247	−2.012%	$5.7M	$48.5M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0188%	1h	1.5247	−2.012%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0215%	1h	1.5248	−2.005%	$290.7M	$265.6M	20x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5249	−1.999%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDTshort	+0.0220%	8h	1.5245	−2.024%	$23.7M	$78.4M	125x
Kalshi KXXRPPERP	+0.0225%	8h	1.5245	−2.024%	$1.8M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5243	−2.035%	$529K	$806K	10x	as long as short
Aftermath Perps XRPUSD	+0.0657%	1h	1.5232	−2.107%	$2K	$16K	10x	as long as short