Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against SunX−0.040%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now −0.040%, 7d avg −0.008%

Together, before fees−0.024%+ Points / potential airdropLighter: Season 3 · farm board−$2 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: Lighter is 0.032% cheaper against SunX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XRP-USDT	1.5221	0.0100	pay 0.0100% / 8h	7h 01m	$128K	$1.8M	30x
Short	Lighter XRP	1.5215	0.0096	get 0.0012% / 1h	1m 20s	$2.8M	$14.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$0.84
Price spread: −0.040% → −0.008%: −$3.25
Slippage, 4 orders: −$43.77
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$55.86
Costs to cover: 0.518%
Break-even: never at this rate

Slippage from SunX: live order book, 4 min ago; Lighter: live order book, 7 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, 4 min ago	15.31 bp	22.5 bp −$23	26.3 bp −$263	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	1.42 bp	2.5 bp −$2	6.7 bp −$67	16.3 bp −$1,634	37.7 bp −$18.9K

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	1.5246	+0.162%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5244	+0.149%	$1.1M	$116K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5215	−0.042%	$255K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5216	−0.035%	$9.2M	$24.6M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0070%	1h	1.5213	−0.056%	$834K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.224%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0065%	8h	1.5217	−0.029%	$57K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5234	+0.083%	$8K	$8K	10x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5215	−0.040%	$2.8M	$14.1M	20x
Lighter RH XRP	+0.0096%	1h	1.5219	−0.016%	$508K	$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	1.5227	+0.037%	$9K	$282K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5241	+0.127%	$475K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5221	−0.002%	$1.0M	$5.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5218	−0.022%	$38.4M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5251	+0.192%	$627K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5213	−0.056%	$536.5M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5215	−0.042%	$339.4M	$921.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5213	−0.055%	$122.7M	$863.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5215	−0.042%	$567K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5240	+0.122%	$115K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.843%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5217	−0.029%	$366.9M	$153.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5219	−0.016%	$300.9M	$919.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5229	+0.049%	$110.3M	$167.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5213	−0.055%	$266.7M	$376.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5214	−0.049%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5216	−0.037%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5260	+0.252%	$663K	$107.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5328	+0.699%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5252	+0.201%	$1.2M	$999K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5229	+0.050%	$45K	$448K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5218	−0.020%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5219	−0.017%	$819K	$74K	10x	as long as short
SunX XRP-USDTlong	+0.0100%	8h	1.5221	long leg	$128K	$1.8M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5215	−0.042%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5210	−0.076%	$49.9M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5214	−0.049%	$54.0M	$29.5M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5230	+0.055%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5213	−0.058%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5213	−0.054%	$58K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5216	−0.034%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5210	−0.075%	$24.1M	$73.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5220	−0.009%	$5.7M	$46.3M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0246%	1h	1.5213	−0.056%	$14.3M	$70.4M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0302%	1h	1.5254	+0.214%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5252	+0.199%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5236	+0.096%	$2.0M	$34.8M	2.9x	as long as short
Hyperliquid XRP	+0.0357%	1h	1.5241	+0.129%	$286.5M	$216.2M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5240	+0.122%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5236	+0.097%	$539K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0853%	1h	1.5298	+0.503%	$2K	$13K	10x	as long as short