Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.013%

Price spread now: Backpack against Bitget+0.065%7-day average −0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 7 days−0.695%−$69 · spread now +0.065%, 7d avg −0.095%

Together, before fees−0.614%−$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.160% dearer against Bitget than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XRPUSDT	1.5339	0.0100	pay 0.0100% / 8h	2h 23m	$266.7M	$339.6M	125x
Short	Backpack XRP_USDC_PERP	1.5349	0.0157	get 0.0020% / 1h	23m 59s	$1.7M	$925K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.065%Rate

Funding earned: $12.05
Price spread: +0.065% → −0.095%: $16.01
Slippage, 4 orders: −$3.28
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $2.78
Costs to cover: 0.253%
Break-even: 5.4 days

Slippage from Bitget: live order book, 5 min ago; Backpack: 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 Bitget live order book, 5 min ago	0.33 bp	7.2 bp −$7	11.0 bp −$110	19.1 bp −$1,915	28.6 bp −$14.3K
Sell Backpack live order book, 5 min ago	0.33 bp	5.3 bp −$5	6.2 bp −$62	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
GMX XRP/USD [ETH-USDC]	L −0.0210% / S +0.0297%	1h	1.5336	−0.017%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5340	+0.007%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5345	+0.038%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5320	−0.124%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5343	+0.026%	$9.2M	$24.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5337	−0.013%	$257K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.319%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5335	−0.026%	$179K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5342	+0.018%	$3.0M	$11.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5343	+0.026%	$445K	$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
Nado XRP-PERP	+0.0100%	1h	1.5338	−0.003%	$1.1M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5341	+0.015%	$38.9M	$71.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5344	+0.033%	$668K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5340	+0.007%	$548.5M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5341	+0.013%	$343.4M	$836.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5340	+0.007%	$123.8M	$833.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5297	−0.274%	$569K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5345	+0.039%	$115K	$647K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−0.899%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5340	+0.007%	$367.9M	$131.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5336	−0.020%	$288.8M	$807.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5338	−0.006%	$112.8M	$147.7M	75x	as long as short
Bitget XRPUSDTlong	+0.0100%	8h	1.5339	long leg	$266.7M	$339.6M	125x
BingX XRP-USDC	+0.0100%	8h	1.5340	+0.007%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5321	−0.118%	$6.3M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5269	−0.455%	$665K	$95.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5309	−0.199%	$1.1M	$41.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5280	−0.385%	$1.0M	$850K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5334	−0.033%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5340	+0.007%	$49K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5338	−0.009%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5337	−0.012%	$826K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5342	+0.022%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5340	+0.007%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5334	−0.032%	$50.5M	$14.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5339	0.000%	$54.8M	$28.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5340	+0.008%	$478K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5338	−0.007%	$11K	$235K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5335	−0.029%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5337	−0.013%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5345	+0.039%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERPshort	+0.0157%	1h	1.5349	+0.065%	$1.7M	$925K	25x
Kraken Futures PF_XRPUSD	+0.0170%	1h	1.5342	+0.017%	$15.5M	$63.8M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5348	+0.059%	$5.4M	$43.8M	50x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5336	−0.017%	$1.4M	$10K	15x	as long as short
Kalshi KXXRPPERP	+0.0212%	8h	1.5348	+0.059%	$1.7M	$31.6M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5332	−0.046%	$23.8M	$67.3M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5334	−0.030%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5348	+0.061%	$404K	$497K	10x	as long as short
Hyperliquid XRP	+0.0473%	1h	1.5355	+0.104%	$282.9M	$181.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0535%	1h	1.5286	−0.346%	$1K	$11K	10x	as long as short