Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0273%/8h= +29.9% APRpaid last 24h +0.017%

Price spread now: Backpack against Gate+0.051%7-day average −0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 7 days−0.930%−$93 · spread now +0.051%, 7d avg −0.085%

Together, before fees−0.839%−$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.137% dearer against Gate than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.085%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.091% in total (about 4.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XRP_USDT	1.5582	0.0100	pay 0.0100% / 8h	49m 00s	$372.8M	$143.1M	100x
Short	Backpack XRP_USDC_PERP	1.5590	0.0373	get 0.0047% / 1h	49m 00s	$1.7M	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.051%Rate

Funding earned: $57.33
Price spread: +0.051% → −0.085%: $13.66
Slippage, 4 orders: −$6.42
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: $39.57
Costs to cover: 0.314%
Break-even: 2.2 days

Slippage from Gate: 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 Gate live order book, 5 min ago	0.32 bp	10.3 bp −$10	13.2 bp −$132	26.6 bp −$2,665	38.8 bp −$19.4K
Sell Backpack live order book, 5 min ago	0.32 bp	5.5 bp −$5	7.7 bp −$77	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	1.5593	+0.071%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5597	+0.096%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5650	+0.436%	$70K	$90K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5577	−0.032%	$9.7M	$25.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5586	+0.028%	$261K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0107%	1h	1.5586	+0.026%	$857K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5581	−0.005%	$15.6M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5573	−0.058%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.141%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5582	0.000%	$3.0M	$12.5M	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	1.5582	0.000%	$444K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5587	+0.035%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5580	−0.013%	$39.6M	$79.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5598	+0.101%	$642K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5587	+0.030%	$558.1M	$2.01B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5608	+0.167%	$347.4M	$912.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5608	+0.167%	$127.2M	$891.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5650	+0.436%	$582K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5592	+0.064%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	+0.328%	$1.7M	$573K	20x	as long as short
Gate XRP_USDTlong	+0.0100%	8h	1.5582	long leg	$372.8M	$143.1M	100x
MEXC XRP_USDT	+0.0100%	8h	1.5580	−0.013%	$300.9M	$864.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5581	−0.008%	$113.4M	$162.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5583	+0.006%	$272.5M	$369.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5581	−0.006%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5634	+0.331%	$11.7M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5649	+0.429%	$681K	$103.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5635	+0.337%	$1.1M	$40.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5640	+0.372%	$1.0M	$887K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5588	+0.039%	$45K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5589	+0.044%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5576	−0.041%	$838K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5579	−0.019%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5577	−0.032%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5580	−0.013%	$51.2M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5579	−0.019%	$55.4M	$29.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5589	+0.043%	$486K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5593	+0.072%	—	$10K	10x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5591	+0.058%	$13K	$266K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5570	−0.079%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5579	−0.017%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5592	+0.064%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5584	+0.010%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5584	+0.013%	$24.4M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5585	+0.019%	$5.9M	$47.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5639	+0.365%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0320%	8h	1.5608	+0.167%	$2.0M	$33.7M	2.9x	as long as short
Backpack XRP_USDC_PERPshort	+0.0373%	1h	1.5590	+0.051%	$1.7M	$1.0M	25x
Hyperliquid XRP	+0.0594%	1h	1.5602	+0.126%	$296.7M	$208.2M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5596	+0.092%	$509K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0807%	1h	1.5619	+0.241%	$1K	$11K	10x	as long as short