Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h +0.030%

Price spread now: Backpack against OKX+0.013%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 7 days−0.584%−$58 · spread now +0.013%, 7d avg −0.040%

Together, before fees−0.479%−$48 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 0.053% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XRP-USDT-SWAP	1.5167	0.0100	pay 0.0100% / 8h	19m 41s	$127.1M	$866.6M	100x
Short	Backpack XRP_USDC_PERP	1.5169	0.0158	get 0.0020% / 1h	19m 41s	$2.0M	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.013%Rate

Funding earned: $12.12
Price spread: +0.013% → −0.040%: $5.3
Slippage, 4 orders: −$1.71
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$4.29
Costs to cover: 0.217%
Break-even: 9.5 days

Slippage from OKX: live order book, 4 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 OKX live order book, 4 min ago	0.33 bp	5.3 bp −$5	6.2 bp −$62	13.3 bp −$1,326	31.3 bp −$15.7K
Sell Backpack live order book, 4 min ago	0.33 bp	5.3 bp −$5	7.0 bp −$70	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	1.5152	−0.099%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5162	−0.034%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5157	−0.066%	$245K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5159	−0.053%	$7.8M	$24.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.591%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0078%	1h	1.5154	−0.089%	$14.5M	$73.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5137	−0.200%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5167	+0.001%	$2.8M	$15.2M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5171	+0.026%	$604K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5173	+0.040%	$20K	$383K	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	1.5147	−0.129%	$997K	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5167	−0.001%	$38.5M	$86.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5169	+0.010%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5168	+0.006%	$529.3M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5165	−0.013%	$349.3M	$954.0M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5167	long leg	$127.1M	$866.6M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5139	−0.185%	$563K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5182	+0.099%	$143K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5178	+0.073%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5172	+0.033%	$376.0M	$162.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5167	0.000%	$307.0M	$927.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5166	−0.007%	$106.6M	$183.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5169	+0.013%	$268.7M	$389.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5171	+0.026%	—	$107.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5131	−0.238%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5115	−0.341%	$657K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5115	−0.343%	$1.1M	$34.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5118	−0.323%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5152	−0.101%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5155	−0.079%	$52K	$515K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5151	−0.105%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5153	−0.092%	$77K	$689K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5138	−0.193%	$814K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5156	−0.070%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5153	−0.092%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5142	−0.163%	$49.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5154	−0.086%	$54.0M	$32.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5172	+0.035%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5166	−0.003%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5184	+0.112%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5153	−0.093%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0105% / S −0.0067%	1h	1.5155	−0.080%	$773K	—	200x	as long as short
Hyperliquid XRP	+0.0139%	1h	1.5183	+0.105%	$289.9M	$268.0M	20x	as long as short
Backpack XRP_USDC_PERPshort	+0.0158%	1h	1.5169	+0.013%	$2.0M	$1.4M	25x
Kalshi KXXRPPERP	+0.0172%	8h	1.5144	−0.152%	$1.8M	$34.1M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5157	−0.066%	$5.6M	$48.0M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5135	−0.211%	$23.7M	$77.6M	125x	as long as short
Reya XRPRUSDPERP	+0.0220%	1h	1.5146	−0.137%	$1.3M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0394%	1h	1.5179	+0.081%	$521K	$807K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5150	−0.112%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0615%	1h	1.5145	−0.143%	$2K	$16K	10x	as long as short