Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.028%

Price spread now: BingX against Backpack−0.026%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 7 days−0.210%−$21 · spread now −0.026%, 7d avg +0.053%

Together, before fees−0.290%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.079% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5137	0.0200	pay 0.0025% / 1h	12m 35s	$2.0M	$1.4M	25x
Short	BingX XRP-USDT	1.5133	0.0100	get 0.0100% / 8h	2h 12m	—	$105.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$20.93
Price spread: −0.026% → +0.053%: −$7.93
Slippage, 4 orders: −$1.99
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$50.85
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; BingX: live order book, 11 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 Backpack live order book, 1 min ago	0.33 bp	5.3 bp −$5	7.3 bp −$73	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	0.67 bp	5.7 bp −$6	5.7 bp −$57	7.4 bp −$737	13.5 bp −$6,740

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	1.5099	−0.251%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5120	−0.111%	$14.2M	$75.0M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5124	−0.084%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5090	−0.310%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5120	−0.111%	$245K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.794%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0072% / S −0.0016%	1h	1.5122	−0.101%	$797K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5126	−0.073%	$7.7M	$25.5M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5132	−0.033%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5135	−0.015%	$2.8M	$15.1M	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	1.5136	−0.007%	$547K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5120	−0.112%	$10K	$361K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5132	−0.030%	$983K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5130	−0.046%	$38.4M	$87.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5134	−0.018%	$602K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5128	−0.061%	$526.5M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5130	−0.046%	$344.1M	$965.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5129	−0.053%	$126.6M	$885.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5088	−0.324%	$561K	$34K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5135	−0.013%	$144K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5132	−0.034%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5131	−0.040%	$372.0M	$160.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5130	−0.046%	$296.9M	$925.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5130	−0.045%	$106.8M	$181.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5129	−0.053%	$265.9M	$398.3M	125x	as long as short
BingX XRP-USDTshort	+0.0100%	8h	1.5133	−0.026%	—	$105.9M	—
Variational Omni XRP	+0.0100%	8h	1.5072	−0.429%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5079	−0.382%	$655K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5088	−0.324%	$1.1M	$37.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5085	−0.344%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5131	−0.042%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5132	−0.033%	$51K	$488K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5125	−0.080%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5122	−0.099%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5123	−0.092%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5126	−0.071%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5121	−0.106%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5123	−0.092%	$49.4M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5120	−0.112%	$53.8M	$32.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5140	+0.017%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5125	−0.078%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5120	−0.109%	$58K	$25K	3x	as long as short
Hyperliquid XRP	+0.0126%	1h	1.5146	+0.059%	$289.2M	$262.4M	20x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5128	−0.059%	$5.7M	$48.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0192%	1h	1.5102	−0.234%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0200%	1h	1.5137	long leg	$2.0M	$1.4M	25x
Kalshi KXXRPPERP	+0.0201%	8h	1.5127	−0.066%	$1.7M	$35.7M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5127	−0.065%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5123	−0.092%	$23.2M	$77.3M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5135	−0.012%	$520K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0587%	1h	1.5080	−0.379%	$2K	$16K	10x	as long as short