Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.023%

Price spread now: OKX against Deribit0.000%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now 0.000%, 7d avg −0.027%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and OKX is 0.027% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.027%. Mind the row above: over the last 7 days funding on this pair cost −0.112%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XRP_USDC-PERPETUAL	1.5237	0.0078	pay 0.0010% / 1h	15m 12s	$7.9M	$24.8M	50x
Short	OKX XRP-USDT-SWAP	1.5237	0.0100	get 0.0100% / 8h	1h 15m	$127.9M	$885.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $4.62
Price spread: 0.000% → −0.027%: $2.69
Slippage, 4 orders: −$5.38
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$15.07
Costs to cover: 0.224%
Break-even: 29.8 days

Slippage from Deribit: live order book, 4 min ago; OKX: 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 Deribit live order book, 4 min ago	0.33 bp	5.0 bp −$5	7.5 bp −$75	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.33 bp	5.3 bp −$5	6.3 bp −$63	13.1 bp −$1,307	30.6 bp −$15.3K

XRP on 50 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	1.5243	+0.039%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5233	−0.026%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5260	+0.151%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5223	−0.092%	$246K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5233	−0.025%	$14.5M	$75.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.120%	$2K	$107K	30x	as long as short
Deribit XRP_USDC-PERPETUALlong	+0.0078%	1h	1.5237	long leg	$7.9M	$24.8M	50x
GMX XRP/USD [ETH-USDC]	L +0.0089% / S −0.0042%	1h	1.5223	−0.094%	$786K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5235	−0.014%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5236	−0.007%	$548K	$3.2M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0099%	8h	1.5221	−0.105%	$11K	$372K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5232	−0.030%	$994K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5232	−0.035%	$38.7M	$87.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5235	−0.013%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5232	−0.033%	$534.9M	$2.23B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5233	−0.026%	$349.4M	$965.9M	100x	as long as short
OKX XRP-USDT-SWAPshort	+0.0100%	8h	1.5237	0.000%	$127.9M	$885.0M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5239	+0.013%	$567K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5231	−0.039%	$145K	$716K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5222	−0.098%	$377.7M	$161.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5236	−0.007%	$311.6M	$931.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5234	−0.019%	$107.9M	$182.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5234	−0.020%	$269.4M	$397.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5229	−0.053%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5233	−0.027%	$4.8M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5248	+0.074%	$664K	$114.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5240	+0.017%	$1.1M	$36.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5258	+0.138%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5233	−0.025%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5226	−0.072%	$64K	$508K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5233	−0.028%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5231	−0.039%	$75K	$695K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5238	+0.010%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5234	−0.020%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5238	+0.005%	$49.8M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5233	−0.026%	$54.6M	$32.6M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5206	−0.203%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5240	+0.017%	$475K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5228	−0.059%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5231	−0.039%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5228	−0.059%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0136%	1h	1.5239	+0.012%	$17K	$79K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5231	−0.039%	$5.7M	$48.4M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0188%	1h	1.5247	+0.066%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0214%	1h	1.5239	+0.013%	$290.2M	$265.9M	20x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5222	−0.098%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5234	−0.020%	$23.6M	$78.3M	125x	as long as short
Kalshi KXXRPPERP	+0.0225%	8h	1.5242	+0.033%	$1.8M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5228	−0.056%	$529K	$806K	10x	as long as short
Aftermath Perps XRPUSD	+0.0664%	1h	1.5235	−0.015%	$2K	$16K	10x	as long as short