Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bybit against Lighter+0.094%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

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

costs, in and out, $10k−$170.168% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 7 days−0.092%−$9 · spread now +0.094%, 7d avg −0.002%

Together, before fees−0.054%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.096% dearer against Lighter than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5200	0.0096	pay 0.0012% / 1h	45m 20s	$2.9M	$14.6M	20x
Short	Bybit XRPUSDT	1.5214	0.0100	get 0.0100% / 8h	3h 45m	$347.1M	$941.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now +0.094%Rate

Funding earned: $0.84
Price spread: +0.094% → −0.002%: $9.62
Slippage, 4 orders: −$5.85
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.39
Costs to cover: 0.168%
Break-even: 60.2 days

Slippage from Lighter: live order book, 8 min ago; Bybit: live order book, 4 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 Lighter live order book, 8 min ago	0.49 bp	0.5 bp $0	4.5 bp −$45	12.7 bp −$1,273	31.5 bp −$15.7K
Sell Bybit live order book, 4 min ago	0.33 bp	5.8 bp −$6	6.9 bp −$69	12.0 bp −$1,197	25.5 bp −$12.7K

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	+0.022%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5203	+0.020%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5202	+0.015%	$262K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0021%	1h	1.5211	+0.072%	$14.4M	$74.2M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.370%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0051% / S +0.0014%	1h	1.5201	+0.006%	$780K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5216	+0.107%	$7.8M	$25.6M	50x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5200	long leg	$2.9M	$14.6M	20x
Lighter RH XRP	+0.0096%	1h	1.5201	+0.008%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5198	−0.011%	$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	+0.068%	$62K	$934K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5196	−0.021%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5196	−0.024%	$38.3M	$84.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5199	−0.005%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5205	+0.035%	$534.6M	$2.14B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5214	+0.094%	$347.1M	$941.7M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5214	+0.094%	$127.2M	$887.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5193	−0.044%	$566K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5202	+0.015%	$118K	$702K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5181	−0.123%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5201	+0.008%	$371.3M	$153.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5199	−0.005%	$293.3M	$899.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5199	−0.002%	$108.9M	$176.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5211	+0.074%	$269.4M	$388.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5205	+0.035%	—	$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	+0.082%	$661K	$109.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5208	+0.055%	$1.1M	$36.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5213	+0.087%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5202	+0.012%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5200	+0.002%	$45K	$476K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5198	−0.009%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5213	+0.086%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5202	+0.017%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5211	+0.074%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	+0.017%	$49.7M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5202	+0.015%	$54.2M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5198	−0.009%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5208	+0.056%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5210	+0.066%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5203	+0.022%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5216	+0.107%	$5.6M	$47.6M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5199	−0.003%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5212	+0.081%	$24.1M	$76.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5206	+0.043%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5212	+0.081%	$2.0M	$35.1M	2.9x	as long as short
Hyperliquid XRP	+0.0302%	1h	1.5216	+0.107%	$292.8M	$234.6M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0303%	1h	1.5209	+0.061%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5203	+0.023%	$518K	$773K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5220	+0.133%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0657%	1h	1.5209	+0.060%	$2K	$15K	10x	as long as short