Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against Binance+2.410%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs+$139as in the Price arb table

costs, in and out, $10k−$1021.025% of the position

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 on $10k

Price spread, last 4 days (all we have)−3.363%−$336 · spread now +2.410%, 7d avg −0.008%

Together, before fees−3.191%−$319 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.418% dearer against Binance than usual: you sell high and buy low (spread +2.410% now, against its 7-day average of −0.008%): +$242 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months. Mind the row above: over the last 7 days funding on this pair paid +0.172%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XRPUSDT	1.5194	0.0100	pay 0.0100% / 8h	7h 25m	$529.3M	$2.16B	100x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	25m 11s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +2.410%Rate

Funding earned: −$14
Price spread: +2.410% → −0.008%: $241.78
Slippage, 4 orders: −$92.47
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $125.3
Costs to cover: 1.025%
Break-even: from the start

Slippage from Binance: live order book, 4 min ago; Injective: live order book, 8 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 Binance live order book, 4 min ago	0.33 bp	5.3 bp −$5	5.5 bp −$55	12.3 bp −$1,232	31.9 bp −$16.0K
Sell Injective live order book, 8 min ago	36.22 bp	55.0 bp −$55	doesn't fit	doesn't fit	doesn't fit

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
Kraken Futures PF_XRPUSD	−0.0172%	1h	1.5190	−0.027%	$14.7M	$74.1M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5195	+0.008%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	−0.025%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5186	−0.052%	$247K	—	150x	as long as short
dYdX XRP-USD	+0.0009%	1h	1.5188	−0.041%	$1.1M	$158K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5195	+0.008%	$7.7M	$23.1M	50x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.410%	$2K	$107K	30x
Hibachi XRP/USDT-P	+0.0072%	1h	1.5176	−0.115%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5191	−0.016%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5197	+0.021%	$617K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange XRPUSD	+0.0096%	1h	1.5195	+0.008%	$8K	$2K	10x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5191	−0.019%	$20K	$381K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5192	−0.009%	$991K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5192	−0.015%	$38.4M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5193	−0.009%	$611K	$1.1M	20x	as long as short
Binance XRPUSDTlong	+0.0100%	8h	1.5194	long leg	$529.3M	$2.16B	100x
Bybit XRPUSDT	+0.0100%	8h	1.5191	−0.019%	$353.6M	$931.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5193	−0.006%	$126.3M	$847.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5125	−0.453%	$557K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5193	−0.006%	$143K	$703K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5141	−0.344%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5196	+0.014%	$377.7M	$154.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5192	−0.012%	$314.2M	$919.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5194	−0.002%	$106.9M	$182.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5191	−0.019%	$268.7M	$377.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5193	−0.006%	—	$108.3M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5155	−0.259%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5172	−0.146%	$659K	$112.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5176	−0.118%	$1.1M	$33.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5177	−0.111%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5190	−0.024%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5195	+0.008%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5189	−0.034%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5189	−0.032%	$77K	$647K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5150	−0.291%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5193	−0.007%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5190	−0.025%	$28K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5196	+0.016%	$49.6M	$14.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5192	−0.012%	$54.1M	$32.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5193	−0.007%	$474K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5185	−0.057%	$2.1M	$6.6M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5190	−0.028%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0121% / S −0.0087%	1h	1.5185	−0.057%	$787K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5190	−0.025%	$5.3M	$47.4M	50x	as long as short
Kalshi KXXRPPERP	+0.0167%	8h	1.5196	+0.014%	$1.7M	$33.2M	2.9x	as long as short
Hyperliquid XRP	+0.0175%	1h	1.5200	+0.041%	$290.5M	$268.0M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0192%	1h	1.5204	+0.067%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5187	−0.045%	$23.8M	$77.2M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5183	−0.070%	$1.3M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5200	+0.039%	$520K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0558%	1h	1.5180	−0.092%	$2K	$16K	10x	as long as short