Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.024%

Price spread now: Deribit against SunX+0.039%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$580.582% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.039%, 7d avg +0.001%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Deribit is 0.038% dearer against SunX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XRP-USDT	1.5166	0.0100	pay 0.0100% / 8h	2h 02m	$127K	$1.8M	30x
Short	Deribit XRP_USDC-PERPETUAL	1.5172	0.0146	get 0.0018% / 1h	2m 42s	$7.7M	$25.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now +0.039%Rate

Funding earned: $9.66
Price spread: +0.039% → +0.001%: $3.79
Slippage, 4 orders: −$43.19
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$44.74
Costs to cover: 0.582%
Break-even: 39.4 days

Slippage from SunX: live order book, 13 min ago; Deribit: 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 SunX live order book, 13 min ago	16.93 bp	20.9 bp −$21	26.3 bp −$263	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	0.99 bp	5.4 bp −$5	8.0 bp −$80	44.4 bp −$4,441	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	1.5166	−0.001%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5169	+0.017%	$14.4M	$74.9M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5168	+0.014%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.026%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5159	−0.046%	$245K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.597%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0075% / S −0.0020%	1h	1.5159	−0.044%	$799K	—	200x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5173	+0.045%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5168	+0.013%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5168	+0.013%	$548K	$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	+0.0099%	8h	1.5163	−0.020%	$11K	$361K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5157	−0.059%	$1.0M	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5170	+0.026%	$38.5M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5170	+0.026%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5170	+0.025%	$527.3M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5170	+0.026%	$344.5M	$966.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5170	+0.026%	$126.5M	$891.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5166	−0.001%	$564K	$35K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5175	+0.059%	$143K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5166	−0.001%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5166	−0.001%	$374.7M	$162.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5170	+0.026%	$298.6M	$929.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5165	−0.009%	$107.3M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5167	+0.006%	$266.8M	$399.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5164	−0.014%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5166	−0.002%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5160	−0.043%	$658K	$114.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5163	−0.021%	$1.1M	$36.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5159	−0.047%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5163	−0.023%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5164	−0.014%	$51K	$487K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5160	−0.040%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5166	−0.001%	$62K	$932K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5167	+0.008%	$816K	$73K	10x	as long as short
SunX XRP-USDTlong	+0.0100%	8h	1.5166	long leg	$127K	$1.8M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5168	+0.013%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5162	−0.024%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5166	−0.001%	$54.1M	$32.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5170	+0.028%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5164	−0.014%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5165	−0.010%	$58K	$25K	3x	as long as short
Hyperliquid XRP	+0.0145%	1h	1.5177	+0.072%	$289.6M	$264.3M	20x	as long as short
Deribit XRP_USDC-PERPETUALshort	+0.0146%	1h	1.5172	+0.039%	$7.7M	$25.3M	50x
Hibachi XRP/USDT-P	+0.0184%	1h	1.5164	−0.017%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5172	+0.039%	$5.7M	$48.6M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0206%	1h	1.5178	+0.078%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0214%	8h	1.5169	+0.019%	$1.7M	$35.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5158	−0.054%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5160	−0.040%	$23.3M	$77.6M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5174	+0.053%	$517K	$792K	10x	as long as short
Aftermath Perps XRPUSD	+0.0570%	1h	1.5157	−0.060%	$2K	$16K	10x	as long as short