Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.019%

Price spread now: Injective against MEXC+3.005%100s7-day average −0.247% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as 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−$900.896% of the position

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.177%+$18 on $10k

Price spread, last 3 days (all we have)−3.654%−$365 · spread now +3.005%, 7d avg −0.247%

Together, before fees−3.477%−$348 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 3.252% dearer against MEXC than usual: you sell high and buy low (spread +3.005% now, against its 7-day average of −0.247%): +$325 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5 months. Mind the row above: over the last 7 days funding on this pair paid +0.177%, so the current rate has only just turned against you. The two prices were read 100 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	MEXC XRP_USDT	1.5106	0.0100	pay 0.0100% / 8h	6h 39m	$285.8M	$904.0M	300x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	39m 40s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. 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 MEXCbpFee InjectivebpOrdersPrice spread, now +3.005%Rate

Funding earned: −$14
Price spread: +3.005% → −0.247%: $325.21
Slippage, 4 orders: −$89.53
Fee MEXC: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $221.66
Costs to cover: 0.896%
Break-even: from the start

Slippage from MEXC: live order book, 5 min ago; Injective: live order book, 29 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 MEXC live order book, 5 min ago	0.33 bp	0.3 bp $0	0.6 bp −$6	5.0 bp −$496	21.1 bp −$10.6K
Sell Injective live order book, 29 min ago	22.76 bp	66.1 bp −$66	81.0 bp −$810	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	1.5060	−0.305%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5091	−0.097%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5110	+0.026%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5062	−0.294%	$251K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0024% / S +0.0064%	1h	1.5056	−0.331%	$825K	—	200x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+3.005%	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5095	−0.075%	$14.5M	$72.4M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0069%	8h	1.5079	−0.179%	$57K	$945K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5100	−0.042%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5103	−0.020%	$516K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5060	−0.305%	$10K	$306K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5048	−0.381%	$794K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5095	−0.072%	$38.4M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5102	−0.026%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5105	−0.007%	$534.8M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5094	−0.079%	$336.5M	$942.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5095	−0.073%	$123.8M	$869.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5098	−0.053%	$562K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5089	−0.113%	$115K	$725K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.509%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5094	−0.079%	$366.3M	$150.7M	100x	as long as short
MEXC XRP_USDTlong	+0.0100%	8h	1.5106	long leg	$285.8M	$904.0M	300x
KuCoin XRPUSDTM	+0.0100%	8h	1.5096	−0.066%	$106.8M	$172.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5089	−0.113%	$264.6M	$385.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5081	−0.165%	—	$127.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5098	−0.052%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5152	+0.307%	$658K	$108.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5150	+0.290%	$1.1M	$38.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5163	+0.377%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5068	−0.251%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5059	−0.311%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5061	−0.299%	$40K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5085	−0.136%	$812K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5071	−0.232%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5090	−0.106%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5096	−0.064%	$49.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5096	−0.066%	$53.6M	$29.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5093	−0.084%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5092	−0.093%	$2.0M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5083	−0.154%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5062	−0.291%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0178%	1h	1.5108	+0.013%	$279.3M	$220.6M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5059	−0.313%	$1.3M	$7K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0214%	1h	1.5094	−0.079%	$7.6M	$25.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5100	−0.040%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.576%	$24.0M	$75.2M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0323%	1h	1.5098	−0.053%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5099	−0.049%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0339%	8h	1.5069	−0.245%	$2.1M	$36.1M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5092	−0.092%	$534K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0822%	1h	1.5132	+0.171%	$2K	$14K	10x	as long as short