Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.028%

Price spread now: Backpack against Bybit+0.259%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs+$6as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.259%, 7d avg −0.035%

Together, before fees+0.088%+$9 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 0.294% dearer against Bybit than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XRPUSDT	1.5038	0.0100	pay 0.0100% / 8h	2h 34m	$341.6M	$957.8M	100x
Short	Backpack XRP_USDC_PERP	1.5077	0.0176	get 0.0022% / 1h	34m 33s	$2.0M	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.259%Rate

Funding earned: $16.01
Price spread: +0.259% → −0.035%: $29.44
Slippage, 4 orders: −$2.37
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $22.07
Costs to cover: 0.234%
Break-even: from the start

Slippage from Bybit: live order book, 10 min ago; Backpack: 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 Bybit live order book, 10 min ago	0.33 bp	6.9 bp −$7	7.8 bp −$78	13.5 bp −$1,354	30.3 bp −$15.2K
Sell Backpack live order book, 4 min ago	0.33 bp	5.3 bp −$5	7.6 bp −$76	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5041	+0.020%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5079	+0.271%	$14.2M	$75.2M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5042	+0.026%	$1.1M	$115K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5070	+0.213%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5084	+0.306%	$7.6M	$25.7M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5077	+0.263%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.471%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.5077	+0.260%	$789K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5045	+0.047%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5043	+0.030%	$2.8M	$14.9M	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	1.5045	+0.047%	$495K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5033	−0.033%	$11K	$359K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5044	+0.043%	$914K	$6.3M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5054	+0.106%	$288.7M	$258.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5041	+0.020%	$38.4M	$86.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5044	+0.043%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5038	0.000%	$527.2M	$2.19B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5038	long leg	$341.6M	$957.8M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5037	−0.007%	$124.3M	$890.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5036	−0.013%	$560K	$31K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5046	+0.053%	$136K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5057	+0.126%	$1.6M	$30K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5043	+0.033%	$368.7M	$157.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5043	+0.033%	$286.2M	$911.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5044	+0.043%	$106.4M	$180.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5042	+0.027%	$265.6M	$396.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5041	+0.020%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5067	+0.194%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5056	+0.120%	$654K	$111.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5067	+0.192%	$1.1M	$37.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5062	+0.160%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5045	+0.048%	—	$13K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5082	+0.293%	$51K	$493K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5077	+0.256%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5080	+0.279%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5078	+0.268%	$811K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5084	+0.309%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5080	+0.279%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5080	+0.278%	$49.3M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5075	+0.246%	$53.7M	$31.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5052	+0.091%	$469K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5039	+0.003%	$1.9M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5078	+0.268%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0123%	8h	1.5083	+0.299%	$1.7M	$35.7M	2.9x	as long as short
Backpack XRP_USDC_PERPshort	+0.0176%	1h	1.5077	+0.259%	$2.0M	$1.4M	25x
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5085	+0.313%	$5.6M	$48.5M	50x	as long as short
Hibachi XRP/USDT-P	+0.0216%	1h	1.5065	+0.180%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5078	+0.266%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5079	+0.273%	$23.5M	$76.2M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5046	+0.052%	$513K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0599%	1h	1.5069	+0.203%	$2K	$15K	10x	as long as short