Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h +0.022%

Price spread now: BloFin against Backpack0.000%66s7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as 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−$230.234% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 3 days (all we have)−0.170%−$17 · spread now 0.000%, 7d avg −0.032%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.032% dearer against Backpack than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.032%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 35 hours. Mind the row above: over the last 7 days funding on this pair paid +0.091%, so the current rate has only just turned against you. The two prices were read 66 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	Backpack XRP_USDC_PERP	1.5550	0.0292	pay 0.0036% / 1h	14m 07s	$1.7M	$1.0M	25x
Short	BloFin XRP-USDT	1.5550	0.0220	get 0.0220% / 8h	1h 14m	$24.4M	$73.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$15.07
Price spread: 0.000% → −0.032%: $3.17
Slippage, 4 orders: −$1.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$35.27
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; BloFin: live order book, 5 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, 5 min ago	0.32 bp	5.4 bp −$5	7.8 bp −$78	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.32 bp	6.3 bp −$6	7.0 bp −$70	11.6 bp −$1,161	21.0 bp −$10.5K

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	1.5547	−0.019%	$7K	$2K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L −0.0002% / S +0.0116%	1h	1.5535	−0.094%	$850K	—	200x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5543	−0.045%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5544	−0.039%	$9.5M	$25.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5537	−0.084%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.064%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5545	−0.035%	$15.5M	$68.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5540	−0.064%	$78K	$947K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5545	−0.032%	$3.0M	$12.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5547	−0.019%	$440K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5543	−0.042%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5541	−0.057%	$39.4M	$78.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5547	−0.017%	$640K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5543	−0.045%	$559.2M	$1.98B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5544	−0.039%	$346.1M	$901.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5547	−0.019%	$127.5M	$881.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	+0.039%	$579K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5543	−0.045%	$119K	$745K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5567	+0.107%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5544	−0.039%	$373.8M	$140.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5544	−0.039%	$300.9M	$862.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5542	−0.050%	$114.1M	$160.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5548	−0.013%	$271.8M	$364.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5541	−0.058%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5575	+0.158%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5570	+0.131%	$676K	$102.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5572	+0.139%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5581	+0.199%	$1.0M	$884K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5544	−0.041%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5542	−0.051%	$47K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5539	−0.071%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5541	−0.057%	$837K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5547	−0.020%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5542	−0.051%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5531	−0.121%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5543	−0.045%	$55.3M	$29.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5539	−0.068%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5541	−0.058%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5537	−0.082%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5539	−0.071%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5542	−0.051%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5538	−0.075%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5549	−0.006%	$5.9M	$47.4M	50x	as long as short
BloFin XRP-USDTshort	+0.0220%	8h	1.5550	0.000%	$24.4M	$73.6M	125x
Hibachi XRP/USDT-P	+0.0224%	1h	1.5552	+0.015%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0292%	1h	1.5550	long leg	$1.7M	$1.0M	25x
Kalshi KXXRPPERP	+0.0325%	8h	1.5552	+0.013%	$1.9M	$33.1M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5550	0.000%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5549	−0.008%	$509K	$630K	10x	as long as short
Hyperliquid XRP	+0.0590%	1h	1.5562	+0.077%	$290.9M	$204.4M	20x	as long as short
Aftermath Perps XRPUSD	+0.0757%	1h	1.5556	+0.041%	$1K	$11K	10x	as long as short