Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0075%/8h= −8.3% APRpaid last 24h −0.030%

Price spread now: HTX against Backpack−0.132%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.132%, 7d avg −0.084%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and HTX is 0.048% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.084%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5183	0.0175	pay 0.0022% / 1h	11m 09s	$2.0M	$1.4M	25x
Short	HTX XRP-USDT	1.5163	0.0100	get 0.0100% / 8h	11m 09s	$49.5M	$15.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.132%Rate

Funding earned: −$15.83
Price spread: −0.132% → −0.084%: −$4.79
Slippage, 4 orders: −$7.16
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$49.77
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; HTX: live order book, 3 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, 3 min ago	0.33 bp	5.3 bp −$5	6.3 bp −$63	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	0.03 bp	7.3 bp −$7	10.1 bp −$101	26.5 bp −$2,650	95.4 bp −$47.7K

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	1.5163	−0.132%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5168	−0.102%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5163	−0.130%	$246K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.483%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0078%	1h	1.5173	−0.065%	$14.5M	$73.6M	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5175	−0.053%	$7.7M	$24.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5173	−0.067%	$2.8M	$15.2M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5177	−0.040%	$604K	$3.2M	20x	as long as short
Hibachi XRP/USDT-P	+0.0096%	1h	1.5177	−0.040%	$17K	$78K	7x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5163	−0.132%	$20K	$382K	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	1.5164	−0.125%	$999K	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5174	−0.062%	$38.5M	$86.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5165	−0.121%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5173	−0.063%	$529.3M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5170	−0.086%	$349.7M	$949.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5171	−0.079%	$127.3M	$862.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5172	−0.072%	$564K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5174	−0.059%	$143K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5178	−0.033%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5171	−0.079%	$377.8M	$162.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5173	−0.066%	$311.7M	$928.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5171	−0.076%	$106.6M	$183.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5172	−0.072%	$268.9M	$388.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5172	−0.072%	—	$107.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5148	−0.230%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5151	−0.210%	$658K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5180	−0.021%	$1.1M	$34.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5182	−0.007%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5171	−0.079%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5168	−0.099%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5164	−0.128%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5166	−0.112%	$77K	$689K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5175	−0.053%	$816K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5170	−0.083%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5169	−0.092%	$30K	$1.5M	10x	as long as short
HTX XRP-USDTshort	+0.0100%	8h	1.5163	−0.132%	$49.5M	$15.4M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5168	−0.099%	$54.1M	$32.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5166	−0.111%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5163	−0.133%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5170	−0.086%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5167	−0.109%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0108% / S −0.0072%	1h	1.5172	−0.069%	$773K	—	200x	as long as short
Hyperliquid XRP	+0.0141%	1h	1.5185	+0.013%	$289.9M	$268.4M	20x	as long as short
Kalshi KXXRPPERP	+0.0167%	8h	1.5171	−0.079%	$1.8M	$33.8M	2.9x	as long as short
Backpack XRP_USDC_PERPlong	+0.0175%	1h	1.5183	long leg	$2.0M	$1.4M	25x
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5176	−0.046%	$5.6M	$48.0M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5172	−0.072%	$23.6M	$77.6M	125x	as long as short
Reya XRPRUSDPERP	+0.0220%	1h	1.5162	−0.140%	$1.3M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0394%	1h	1.5172	−0.071%	$521K	$798K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5180	−0.020%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0586%	1h	1.5169	−0.095%	$2K	$16K	10x	as long as short