Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: Bybit against Injective−3.021%68s7-day average +0.243% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as 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−$1051.054% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 3 days (all we have)+3.667%+$367 · spread now −3.021%, 7d avg +0.243%

Together, before fees+3.526%+$353 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 3.263% cheaper against Injective than usual: you would sell low and buy high (spread −3.021% now, against its 7-day average of +0.243%). If the spread goes back, that is −$326 on $10k: about 5 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.141%, so the current rate has only just turned in your favour. The two prices were read 68 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	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	54m 13s	$2K	$107K	30x
Short	Bybit XRPUSDT	1.5090	0.0100	get 0.0100% / 8h	5h 54m	$340.9M	$924.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −3.021%Rate

Funding earned: $14
Price spread: −3.021% → +0.243%: −$326.33
Slippage, 4 orders: −$94.35
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$417.7
Costs to cover: 1.054%
Break-even: 215.9 days

Slippage from Injective: live order book, 9 min ago; Bybit: 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 Injective live order book, 9 min ago	46.21 bp	46.2 bp −$46	59.4 bp −$594	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.33 bp	7.1 bp −$7	8.3 bp −$83	14.4 bp −$1,437	24.3 bp −$12.2K

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	1.5089	−3.027%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5090	−3.018%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5130	−2.763%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5087	−3.038%	$252K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0025% / S +0.0051%	1h	1.5087	−3.043%	$797K	—	200x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5097	−2.976%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5088	−3.033%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5099	−2.961%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5097	−2.976%	$508K	$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	+0.0100%	8h	1.5075	−3.117%	$9K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5088	−3.037%	$983K	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5099	−2.963%	$279.0M	$219.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5086	−3.045%	$38.2M	$83.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5089	−3.027%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5094	−2.993%	$534.9M	$2.09B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5090	−3.021%	$340.9M	$924.8M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5092	−3.008%	$124.5M	$860.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5072	−3.136%	$561K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5092	−3.008%	$114K	$694K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	−3.043%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5087	−3.040%	$367.9M	$150.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5092	−3.008%	$292.1M	$891.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5098	−2.970%	$106.3M	$170.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5087	−3.040%	$265.9M	$379.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5091	−3.014%	—	$126.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5143	−2.680%	$6.1M	$35.9M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5088	−3.030%	$655K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5115	−2.860%	$1.1M	$35.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5094	−2.995%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5093	−3.002%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5084	−3.059%	$41K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5091	−3.015%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5098	−2.967%	$812K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5092	−3.008%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5101	−2.950%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5088	−3.036%	$49.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5094	−2.995%	$53.7M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5089	−3.024%	$470K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5097	−2.976%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5098	−2.971%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0214%	1h	1.5104	−2.931%	$7.7M	$25.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5086	−3.046%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5099	−2.963%	$5.6M	$46.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0219%	1h	1.5097	−2.976%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5097	−2.976%	$14.4M	$72.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5139	−2.703%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0356%	8h	1.5093	−3.001%	$2.1M	$34.9M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5092	−3.009%	$525K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0751%	1h	1.5112	−2.882%	$2K	$14K	10x	as long as short