Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against OKX+2.733%88s7-day average −0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as 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−$1031.034% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 4 days (all we have)−3.523%−$352 · spread now +2.733%, 7d avg −0.166%

Together, before fees−3.386%−$339 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.899% dearer against OKX than usual: you sell high and buy low (spread +2.733% now, against its 7-day average of −0.166%): +$290 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 +0.138%, so the current rate has only just turned against you. The two prices were read 88 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	OKX XRP-USDT-SWAP	1.5146	0.0100	pay 0.0100% / 8h	4h 13m	$126.1M	$874.3M	100x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	13m 53s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now +2.733%Rate

Funding earned: −$14
Price spread: +2.733% → −0.166%: $289.92
Slippage, 4 orders: −$93.43
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $172.48
Costs to cover: 1.034%
Break-even: from the start

Slippage from OKX: live order book, 5 min ago; Injective: live order book, 45 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 OKX live order book, 5 min ago	0.33 bp	5.6 bp −$6	7.3 bp −$73	15.6 bp −$1,565	33.1 bp −$16.6K
Sell Injective live order book, 45 min ago	42.92 bp	49.2 bp −$49	62.7 bp −$627	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	1.5142	−0.026%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5132	−0.089%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5134	−0.078%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5150	+0.026%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5136	−0.066%	$7.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5128	−0.119%	$253K	—	150x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.733%	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0045% / S +0.0023%	1h	1.5125	−0.141%	$789K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0089%	8h	1.5133	−0.086%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5150	+0.025%	$2.8M	$14.6M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5135	−0.073%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5131	−0.099%	$11K	$329K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5134	−0.076%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5159	+0.086%	$280.5M	$227.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5133	−0.086%	$38.3M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5136	−0.066%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5142	−0.025%	$534.1M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5145	−0.007%	$346.8M	$934.9M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5146	long leg	$126.1M	$874.3M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5132	−0.092%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5134	−0.079%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5130	−0.103%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5136	−0.066%	$369.0M	$154.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5133	−0.086%	$291.8M	$902.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5138	−0.052%	$107.9M	$174.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5147	+0.007%	$268.0M	$384.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5139	−0.046%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5137	−0.060%	$5.2M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5145	−0.004%	$659K	$108.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5149	+0.020%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5156	+0.066%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5134	−0.077%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5132	−0.092%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5130	−0.106%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5134	−0.081%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5137	−0.057%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5132	−0.092%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5128	−0.120%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5132	−0.092%	$53.9M	$30.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5133	−0.084%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5133	−0.084%	$2.0M	$6.8M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5134	−0.079%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5132	−0.092%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0182%	1h	1.5141	−0.033%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5141	−0.033%	$5.5M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5146	+0.001%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5129	−0.111%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5143	−0.020%	$24.2M	$76.0M	125x	as long as short
Kalshi KXXRPPERP	+0.0315%	8h	1.5139	−0.046%	$2.1M	$34.6M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5136	−0.066%	$515K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0673%	1h	1.5151	+0.032%	$2K	$15K	10x	as long as short