Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against OKX+2.639%7-day average −0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs+$164as in the Price arb table

costs, in and out, $10k−$1091.093% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 4 days (all we have)−3.301%−$330 · spread now +2.639%, 7d avg −0.094%

Together, before fees−3.163%−$316 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.733% dearer against OKX than usual: you sell high and buy low (spread +2.639% now, against its 7-day average of −0.094%): +$273 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5 months. Mind the row above: over the last 7 days funding on this pair paid +0.138%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XRP-USDT-SWAP	1.5160	0.0100	pay 0.0100% / 8h	2h 01m	$126.6M	$891.5M	100x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	1m 16s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +2.639%Rate

Funding earned: −$14
Price spread: +2.639% → −0.094%: $273.27
Slippage, 4 orders: −$99.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $149.97
Costs to cover: 1.093%
Break-even: from the start

Slippage from OKX: live order book, 3 min ago; Injective: live order book, 47 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, 3 min ago	0.33 bp	5.8 bp −$6	7.1 bp −$71	14.4 bp −$1,440	32.3 bp −$16.1K
Sell Injective live order book, 47 min ago	39.63 bp	58.5 bp −$59	72.5 bp −$725	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	1.5166	+0.040%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5161	+0.005%	$14.4M	$74.9M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5158	−0.013%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.066%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5160	+0.002%	$245K	—	150x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.639%	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0075% / S −0.0021%	1h	1.5160	−0.001%	$799K	—	200x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5162	+0.013%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5161	+0.004%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5161	+0.007%	$548K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0099%	8h	1.5155	−0.033%	$11K	$361K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5164	+0.029%	$1.0M	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5160	0.000%	$38.5M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5162	+0.016%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5159	−0.005%	$527.4M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5157	−0.020%	$344.3M	$966.3M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5160	long leg	$126.6M	$891.5M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5166	+0.040%	$564K	$35K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5168	+0.053%	$143K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5166	+0.040%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5163	+0.020%	$374.6M	$162.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5161	+0.007%	$297.4M	$930.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5161	+0.008%	$107.2M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5157	−0.020%	$266.6M	$399.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5161	+0.007%	—	$106.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5166	+0.039%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5156	−0.025%	$658K	$114.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5169	+0.059%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5159	−0.007%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5164	+0.026%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5164	+0.026%	$51K	$487K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5162	+0.011%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5162	+0.013%	$62K	$932K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5163	+0.021%	$816K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5174	+0.093%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5159	−0.007%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5162	+0.013%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5163	+0.020%	$54.1M	$32.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5162	+0.012%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5158	−0.014%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5161	+0.004%	$58K	$25K	3x	as long as short
Hyperliquid XRP	+0.0146%	1h	1.5174	+0.092%	$289.5M	$264.3M	20x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0146%	1h	1.5166	+0.040%	$7.7M	$25.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5161	+0.009%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5166	+0.040%	$5.7M	$48.6M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0204%	1h	1.5168	+0.053%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0213%	8h	1.5165	+0.033%	$1.7M	$35.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5157	−0.019%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5156	−0.026%	$23.3M	$77.6M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5167	+0.046%	$517K	$792K	10x	as long as short
Aftermath Perps XRPUSD	+0.0565%	1h	1.5162	+0.013%	$2K	$16K	10x	as long as short