Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.024%

Price spread now: Gate against Backpack−0.013%7-day average +0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 7 days+0.453%+$45 · spread now −0.013%, 7d avg +0.074%

Together, before fees+0.357%+$36 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 Gate is 0.087% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.074%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5165	0.0201	pay 0.0025% / 1h	35m 26s	$1.9M	$1.3M	25x
Short	Gate XRP_USDT	1.5163	0.0100	get 0.0100% / 8h	5h 35m	$369.8M	$151.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.013%Rate

Funding earned: −$21.25
Price spread: −0.013% → +0.074%: −$8.71
Slippage, 4 orders: −$9.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$64.54
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Gate: live order book, 4 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, 4 min ago	0.33 bp	5.3 bp −$5	7.1 bp −$71	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.33 bp	11.5 bp −$12	15.4 bp −$154	30.5 bp −$3,047	42.0 bp −$21.0K

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	1.5155	−0.066%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5150	−0.096%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5163	−0.014%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0033% / S +0.0045%	1h	1.5163	−0.016%	$818K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.605%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5159	−0.040%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5166	+0.007%	$62K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5169	+0.026%	$7.7M	$25.4M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5151	−0.095%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5150	−0.099%	$512K	$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	1.5150	−0.099%	$10K	$308K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5162	−0.016%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5173	+0.053%	$281.0M	$220.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5157	−0.051%	$38.5M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5152	−0.087%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5166	+0.007%	$537.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5166	+0.007%	$344.1M	$925.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5170	+0.033%	$125.6M	$867.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5112	−0.349%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5157	−0.053%	$115K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5156	−0.058%	$1.6M	$49K	20x	as long as short
Gate XRP_USDTshort	+0.0100%	8h	1.5163	−0.013%	$369.8M	$151.6M	100x
MEXC XRP_USDT	+0.0100%	8h	1.5165	0.000%	$294.1M	$896.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5166	+0.005%	$106.8M	$171.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5166	+0.007%	$266.9M	$380.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5167	+0.013%	—	$126.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	−0.095%	$5.7M	$36.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5123	−0.279%	$657K	$109.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5134	−0.204%	$1.1M	$35.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5125	−0.264%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5158	−0.047%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5166	+0.007%	$42K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5165	0.000%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5170	+0.031%	$816K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5171	+0.036%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5157	−0.053%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5137	−0.185%	$49.6M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5157	−0.053%	$53.9M	$30.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5155	−0.065%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5149	−0.103%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5165	−0.003%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERPlong	+0.0201%	1h	1.5165	long leg	$1.9M	$1.3M	25x
Reya XRPRUSDPERP	+0.0215%	1h	1.5165	0.000%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5160	−0.033%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5139	−0.171%	$24.2M	$74.7M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0273%	1h	1.5154	−0.075%	$14.5M	$73.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5131	−0.222%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0352%	8h	1.5142	−0.152%	$2.2M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5160	−0.031%	$516K	$776K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	−0.231%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0698%	1h	1.5138	−0.177%	$2K	$14K	10x	as long as short