Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0174%/8h= +19.1% APRpaid last 24h +0.031%

Price spread now: Backpack against BingX−0.046%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 7 days−0.497%−$50 · spread now −0.046%, 7d avg −0.015%

Together, before fees−0.414%−$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.031% cheaper against BingX than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of −0.015%). If the spread goes back, that is −$3 on $10k: about 14 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.083% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XRP-USDC	1.5230	0.0100	pay 0.0100% / 8h	7h 51m	—	$4.2M	—
Short	Backpack XRP_USDC_PERP	1.5223	0.0274	get 0.0034% / 1h	51m 23s	$2.0M	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now −0.046%Rate

Funding earned: $36.59
Price spread: −0.046% → −0.015%: −$3.14
Slippage, 4 orders: −$8.55
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $4.9
Costs to cover: 0.286%
Break-even: 6.1 days

Slippage from BingX: live order book, 14 min ago; Backpack: 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 BingX live order book, 14 min ago	0.33 bp	8.3 bp −$8	11.4 bp −$114	25.6 bp −$2,558	87.7 bp −$43.8K
Sell Backpack live order book, 3 min ago	0.33 bp	5.3 bp −$5	6.0 bp −$60	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	−0.0171%	1h	1.5238	+0.051%	$14.8M	$76.0M	50x	as long as short
Phemex XRPUSDT	−0.0116%	8h	1.5229	−0.007%	$54.4M	$32.6M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5228	−0.013%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5207	−0.148%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5200	−0.197%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5233	+0.017%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5237	+0.046%	$7.7M	$23.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.167%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0064%	1h	1.5220	−0.064%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5233	+0.020%	$2.8M	$14.5M	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	1.5221	−0.059%	$608K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5229	−0.007%	$20K	$382K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5229	−0.003%	$999K	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5239	+0.059%	$38.6M	$85.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5218	−0.076%	$612K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5238	+0.055%	$531.6M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5230	0.000%	$353.5M	$947.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5232	+0.013%	$127.1M	$862.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5207	−0.151%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5242	+0.079%	$144K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	−0.266%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5235	+0.033%	$379.9M	$151.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5238	+0.053%	$313.3M	$912.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5239	+0.062%	$106.8M	$183.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5232	+0.013%	$270.2M	$386.3M	125x	as long as short
BingX XRP-USDClong	+0.0100%	8h	1.5230	long leg	—	$4.2M	—
Variational Omni XRP	+0.0100%	8h	1.5181	−0.322%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5214	−0.104%	$661K	$112.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5218	−0.079%	$1.1M	$33.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5223	−0.046%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5237	+0.046%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5239	+0.059%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5234	+0.026%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5234	+0.026%	$78K	$689K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5206	−0.155%	$818K	$77K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5240	+0.068%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5234	+0.026%	$28K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5236	+0.041%	$49.7M	$15.2M	75x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5222	−0.050%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5228	−0.015%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5232	+0.012%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0114% / S −0.0077%	1h	1.5232	+0.010%	$789K	—	200x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5241	+0.072%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5239	+0.059%	$5.6M	$48.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0168%	8h	1.5220	−0.066%	$1.7M	$33.5M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5233	+0.020%	$23.7M	$78.0M	125x	as long as short
Hyperliquid XRP	+0.0221%	1h	1.5251	+0.138%	$291.3M	$267.7M	20x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5234	+0.028%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERPshort	+0.0274%	1h	1.5223	−0.046%	$2.0M	$1.4M	25x
RISEx XRP/USDC	+0.0337%	1h	1.5239	+0.059%	$523K	$796K	10x	as long as short
Aftermath Perps XRPUSD	+0.0538%	1h	1.5205	−0.167%	$2K	$16K	10x	as long as short