Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.009%

Price spread now: Orderly against Injective−2.294%7-day average +0.026% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 4 days (all we have)+2.897%+$290 · spread now −2.294%, 7d avg +0.026%

Together, before fees+2.716%+$272 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 2.321% cheaper against Injective than usual: you would sell low and buy high (spread −2.294% now, against its 7-day average of +0.026%). If the spread goes back, that is −$232 on $10k: about 4 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.181%, so the current rate has only just turned in your favour.

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	57m 14s	$2K	$107K	30x
Short	Orderly PERP_XRP_USDC	1.5203	0.0100	get 0.0100% / 8h	7h 57m	$78K	$689K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −2.294%Rate

Funding earned: $14
Price spread: −2.294% → +0.026%: −$232.08
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$224.1
Costs to cover: 0.060%
Break-even: 119.0 days

Slippage unknown: Injective: live order book, 41 min ago; Orderly: no order-book sample. Net counts fees only.

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, 41 min ago	39.42 bp	39.4 bp −$39	48.2 bp −$482	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_XRPUSD	−0.0171%	1h	1.5200	−2.314%	$14.7M	$73.7M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5188	−2.391%	$5K	$3K	20x	as long as short
Phemex XRPUSDT	−0.0029%	8h	1.5200	−2.314%	$54.1M	$32.5M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5186	−2.401%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5201	−2.307%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5205	−2.281%	$7.7M	$23.9M	50x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Hibachi XRP/USDT-P	+0.0080%	1h	1.5173	−2.487%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5204	−2.288%	$2.8M	$14.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5205	−2.281%	$606K	$3.1M	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	+0.0100%	8h	1.5196	−2.339%	$20K	$382K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5187	−2.400%	$995K	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5204	−2.285%	$38.6M	$86.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5193	−2.360%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5207	−2.266%	$530.9M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5199	−2.320%	$353.0M	$949.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5202	−2.301%	$127.5M	$864.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5175	−2.474%	$564K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5207	−2.269%	$144K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	−2.381%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5203	−2.294%	$378.5M	$151.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5201	−2.307%	$311.9M	$910.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5200	−2.310%	$106.5M	$183.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5200	−2.314%	$269.6M	$389.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5204	−2.288%	—	$108.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−2.523%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5175	−2.471%	$659K	$112.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5189	−2.386%	$1.1M	$33.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5173	−2.487%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5200	−2.315%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5204	−2.288%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5205	−2.279%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDCshort	+0.0100%	8h	1.5203	−2.294%	$78K	$689K	50x
Derive XRP-PERP	+0.0100%	1h	1.5172	−2.490%	$816K	$77K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5198	−2.324%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5200	−2.314%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	−2.301%	$49.6M	$15.3M	75x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5203	−2.293%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5195	−2.348%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5200	−2.313%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0112% / S −0.0075%	1h	1.5203	−2.297%	$788K	—	200x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5206	−2.275%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5207	−2.269%	$5.6M	$48.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0161%	8h	1.5200	−2.314%	$1.7M	$33.6M	2.9x	as long as short
Hyperliquid XRP	+0.0187%	1h	1.5215	−2.217%	$290.6M	$268.3M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5204	−2.288%	$23.7M	$77.8M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5197	−2.335%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0294%	1h	1.5184	−2.416%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5209	−2.254%	$522K	$795K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5180	−2.442%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0568%	1h	1.5187	−2.394%	$2K	$16K	10x	as long as short