Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bybit against Lighter−0.105%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$160.159% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 7 days+0.108%+$11 · spread now −0.105%, 7d avg −0.002%

Together, before fees+0.145%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.103% cheaper against Lighter than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5188	0.0096	pay 0.0012% / 1h	21m 10s	$2.9M	$14.7M	20x
Short	Bybit XRPUSDT	1.5172	0.0100	get 0.0100% / 8h	3h 21m	$345.3M	$945.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.105%Rate

Funding earned: $0.84
Price spread: −0.105% → −0.002%: −$10.3
Slippage, 4 orders: −$4.88
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.35
Costs to cover: 0.159%
Break-even: 218.2 days

Slippage from Lighter: live order book, 7 min ago; Bybit: live order book, 3 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 Lighter live order book, 7 min ago	0.76 bp	2.9 bp −$3	7.6 bp −$76	17.3 bp −$1,729	37.5 bp −$18.7K
Sell Bybit live order book, 3 min ago	0.33 bp	6.3 bp −$6	7.5 bp −$75	12.9 bp −$1,287	24.5 bp −$12.2K

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	1.5197	+0.059%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5199	+0.071%	$1.1M	$115K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5193	+0.033%	$7.8M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5186	−0.012%	$259K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5192	+0.028%	$14.5M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.449%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5187	−0.009%	$793K	—	200x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5188	long leg	$2.9M	$14.7M	20x
Lighter RH XRP	+0.0096%	1h	1.5188	0.000%	$497K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5195	+0.046%	$9K	$350K	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	1.5204	+0.102%	$987K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5187	−0.009%	$38.8M	$85.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5202	+0.093%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5179	−0.059%	$535.2M	$2.16B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5172	−0.105%	$345.3M	$945.8M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5172	−0.105%	$126.7M	$884.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5187	−0.007%	$564K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5201	+0.086%	$138K	$720K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	−0.155%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5171	−0.112%	$372.1M	$156.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5180	−0.053%	$294.6M	$905.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5188	−0.003%	$109.3M	$177.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5168	−0.132%	$269.2M	$390.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5170	−0.119%	—	$127.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5187	−0.009%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5162	−0.170%	$658K	$110.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5166	−0.147%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5170	−0.119%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5184	−0.029%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5194	+0.040%	$46K	$478K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5187	−0.009%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5188	0.000%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5189	+0.004%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5192	+0.027%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5189	+0.007%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5186	−0.012%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5185	−0.020%	$54.0M	$31.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5198	+0.064%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5186	−0.011%	$2.0M	$6.7M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5187	−0.009%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5204	+0.105%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5196	+0.053%	$5.8M	$48.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5192	+0.027%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5181	−0.046%	$24.2M	$75.8M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0258%	1h	1.5183	−0.033%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5150	−0.252%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5195	+0.046%	$1.9M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5201	+0.087%	$518K	$776K	10x	as long as short
Hyperliquid XRP	+0.0411%	1h	1.5187	−0.007%	$298.6M	$250.7M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5190	+0.013%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0646%	1h	1.5180	−0.055%	$2K	$15K	10x	as long as short