Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h 0.000%

Price spread now: Bybit against SoDEX−0.033%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.139%+$14 · spread now −0.033%, 7d avg +0.007%

Together, before fees+0.144%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.039% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.007%). If the spread goes back, that is −$4 on $10k: about 3.3 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.004% in total) that is about 32 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX XRP-USD	1.5310	0.0060	pay 0.0007% / 1h	46m 07s	$29K	$1.5M	10x
Short	Bybit XRPUSDT	1.5305	0.0100	get 0.0100% / 8h	5h 46m	$361.1M	$886.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.033%Rate

Funding earned: $8.42
Price spread: −0.033% → +0.007%: −$3.94
Slippage, 4 orders: −$2.02
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.53
Costs to cover: 0.210%
Break-even: 20.7 days

Slippage from SoDEX: live order book, 1 min ago; Bybit: live order book, 1 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 SoDEX live order book, 1 min ago	0.33 bp	4.3 bp −$4	7.6 bp −$76	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.33 bp	6.3 bp −$6	7.6 bp −$76	13.7 bp −$1,366	29.3 bp −$14.7K

XRP on 50 exchanges

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	1.5356	+0.300%	$5K	$4K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0062%	1h	1.5313	+0.021%	$14.0M	$70.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5329	+0.122%	$1.1M	$154K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	+0.196%	$69K	$108K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5315	+0.033%	$7.8M	$21.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5311	+0.006%	$245K	—	150x	as long as short
01 Exchange XRPUSD	+0.0008%	1h	1.5316	+0.039%	$9K	$987	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.633%	$2K	$107K	30x	as long as short
SoDEX XRP-USDlong	+0.0060%	1h	1.5310	long leg	$29K	$1.5M	10x
Lighter XRP	+0.0096%	1h	1.5311	+0.005%	$2.8M	$14.1M	20x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5310	0.000%	$598K	$3.1M	20x	as long as short
Paradex XRP-USD-PERP	+0.0099%	8h	1.5318	+0.050%	$478K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5310	0.000%	$10K	$399K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5305	−0.029%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5316	+0.039%	$298.4M	$266.8M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5307	−0.019%	$39.3M	$81.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5318	+0.052%	$591K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5306	−0.023%	$533.5M	$2.08B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5305	−0.033%	$361.1M	$886.4M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5303	−0.046%	$124.6M	$834.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5321	+0.072%	$562K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5317	+0.046%	$165K	$681K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5314	+0.027%	$1.6M	$26K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5308	−0.013%	$380.9M	$156.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5309	−0.007%	$311.8M	$890.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5307	−0.018%	$105.6M	$181.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5304	−0.039%	$271.7M	$356.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5300	−0.065%	—	$4.2M	—	as long as short
Backpack XRP_USDC_PERP	+0.0100%	1h	1.5315	+0.033%	$2.0M	$1.2M	25x	as long as short
Variational Omni XRP	+0.0100%	8h	1.5325	+0.095%	$5.0M	$38.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5326	+0.107%	$666K	$109.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5328	+0.118%	$1.1M	$30.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5341	+0.202%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5318	+0.050%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5316	+0.039%	$52K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5311	+0.007%	$42K	$65K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5309	−0.007%	$83K	$613K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5316	+0.041%	$128K	$1.5M	30x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5300	−0.064%	$49.9M	$14.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5312	+0.013%	$54.6M	$33.3M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5305	−0.030%	$2.2M	$6.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0104%	1h	1.5313	+0.017%	$17K	$76K	7x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5305	−0.035%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5308	−0.013%	$5.5M	$43.9M	50x	as long as short
Kalshi KXXRPPERP	+0.0135%	8h	1.5319	+0.059%	$1.9M	$35.1M	2.9x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0210% / S −0.0542%	1h	1.5312	+0.015%	$814K	—	200x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5315	+0.033%	$23.9M	$78.1M	125x	as long as short
Reya XRPRUSDPERP	+0.0223%	1h	1.5308	−0.014%	$1.4M	$1K	15x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5317	+0.047%	$514K	$736K	10x	as long as short
Aftermath Perps XRPUSD	+0.0447%	1h	1.5340	+0.199%	$3K	$13K	10x	as long as short