Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: BingX against Injective−2.976%102s7-day average +0.233% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1061.062% of the position

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)+3.607%+$361 · spread now −2.976%, 7d avg +0.233%

Together, before fees+3.493%+$349 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 3.208% cheaper against Injective than usual: you would sell low and buy high (spread −2.976% now, against its 7-day average of +0.233%). If the spread goes back, that is −$321 on $10k: about 5 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.114%, so the current rate has only just turned in your favour. The two prices were read 102 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	41m 36s	$2K	$107K	30x
Short	BingX XRP-USDC	1.5097	0.0100	get 0.0100% / 8h	6h 41m	—	$4.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now −2.976%Rate

Funding earned: $14
Price spread: −2.976% → +0.233%: −$320.82
Slippage, 4 orders: −$96.22
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: −$413.05
Costs to cover: 1.062%
Break-even: 213.5 days

Slippage from Injective: live order book, 27 min ago; BingX: live order book, 8 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 Injective live order book, 27 min ago	22.76 bp	22.8 bp −$23	35.7 bp −$357	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.66 bp	8.5 bp −$8	12.0 bp −$120	27.4 bp −$2,739	71.2 bp −$35.6K

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	1.5114	−2.866%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5088	−3.036%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5160	−2.571%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5101	−2.948%	$252K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0023% / S +0.0064%	1h	1.5100	−2.958%	$828K	—	200x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5101	−2.953%	$14.5M	$72.4M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0069%	8h	1.5109	−2.898%	$57K	$945K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5110	−2.892%	$9.0M	$25.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5091	−3.012%	$2.8M	$14.1M	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	1.5094	−2.995%	$516K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5098	−2.969%	$10K	$306K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5117	−2.844%	$880K	$5.8M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5109	−2.901%	$38.4M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5095	−2.985%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5098	−2.971%	$534.5M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5099	−2.963%	$336.6M	$940.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5101	−2.950%	$123.7M	$869.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5121	−2.821%	$562K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5110	−2.892%	$115K	$723K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	−2.424%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5099	−2.963%	$367.2M	$150.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5094	−2.995%	$290.4M	$901.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5089	−3.027%	$107.2M	$171.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5099	−2.963%	$264.1M	$384.8M	125x	as long as short
BingX XRP-USDCshort	+0.0100%	8h	1.5097	−2.976%	—	$4.1M	—
Variational Omni XRP	+0.0100%	8h	1.5155	−2.602%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5178	−2.454%	$660K	$108.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5150	−2.636%	$1.1M	$38.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5185	−2.410%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5117	−2.846%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5111	−2.886%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5105	−2.926%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5109	−2.896%	$813K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5115	−2.861%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5105	−2.924%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5102	−2.942%	$49.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5102	−2.943%	$53.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5099	−2.965%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5102	−2.945%	$2.0M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5105	−2.922%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5108	−2.905%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0173%	1h	1.5121	−2.821%	$279.9M	$223.9M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5108	−2.903%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5110	−2.892%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	−2.359%	$24.0M	$75.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5150	−2.638%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0339%	8h	1.5117	−2.847%	$2.1M	$36.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0342%	1h	1.5123	−2.808%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5110	−2.893%	$535K	$782K	10x	as long as short
Aftermath Perps XRPUSD	+0.0803%	1h	1.5154	−2.609%	$2K	$14K	10x	as long as short