Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.001%

Price spread now: Lighter against Paradex+0.097%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.124%−$12 · spread now +0.097%, 7d avg −0.002%

Together, before fees−0.122%+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm board−$12 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: Lighter is 0.099% dearer against Paradex than usual: you sell high and buy low, +$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	Paradex XRP-USD-PERP	1.5565	0.0100	pay 0.0100% / 8h	1h 23m	$485K	$54K	50x
Short	Lighter XRP	1.5580	0.0096	get 0.0012% / 1h	23m 40s	$3.0M	$12.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$0.87
Price spread: +0.097% → −0.002%: $9.91
Slippage, 4 orders: −$15.47
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.43
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Paradex: live order book, 60 min ago; Lighter: 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 Paradex live order book, 60 min ago	4.24 bp	6.2 bp −$6	146.0 bp −$1,460	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	1.78 bp	4.6 bp −$5	7.5 bp −$75	16.5 bp −$1,654	38.0 bp −$19.0K

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	1.5536	−0.187%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5577	+0.076%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5583	+0.115%	$261K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0007%	1h	1.5587	+0.141%	$9.6M	$25.3M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.767%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5583	+0.113%	$15.5M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0053% / S +0.0121%	1h	1.5583	+0.118%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5581	+0.102%	$79K	$946K	50x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5580	+0.097%	$3.0M	$12.1M	20x
Lighter RH XRP	+0.0096%	1h	1.5570	+0.032%	$441K	$3.2M	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	1.5570	+0.029%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5567	+0.012%	$39.5M	$78.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5575	+0.063%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5573	+0.048%	$560.1M	$1.97B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5587	+0.141%	$348.6M	$895.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5587	+0.141%	$127.7M	$882.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	−0.058%	$578K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5591	+0.167%	$119K	$740K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5586	+0.135%	$374.7M	$140.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5584	+0.122%	$298.1M	$853.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5580	+0.098%	$113.9M	$159.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5591	+0.167%	$272.1M	$363.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5591	+0.167%	—	$117.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5537	−0.183%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5495	−0.448%	$675K	$101.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5534	−0.201%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5504	−0.392%	$1.0M	$882K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5579	+0.090%	$46K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5585	+0.129%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5585	+0.126%	$839K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5582	+0.106%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5584	+0.122%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5577	+0.078%	$51.2M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5574	+0.057%	$55.4M	$29.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.568%	$1.7M	$578K	20x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5566	+0.007%	—	$10K	10x	as long as short
Paradex XRP-USD-PERPlong	+0.0100%	8h	1.5565	long leg	$485K	$54K	50x
Katana Perps XRP-USD	+0.0101%	8h	1.5586	+0.135%	$12K	$259K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5584	+0.125%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5580	+0.095%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5595	+0.192%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0192%	1h	1.5552	−0.083%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5575	+0.062%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5587	+0.141%	$5.8M	$47.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5554	−0.071%	$24.6M	$73.7M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0287%	1h	1.5580	+0.096%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5586	+0.135%	$1.9M	$32.8M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5480	−0.547%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5601	+0.231%	$511K	$630K	10x	as long as short
Hyperliquid XRP	+0.0600%	1h	1.5581	+0.102%	$291.7M	$202.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0733%	1h	1.5548	−0.108%	$1K	$11K	10x	as long as short