Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h −0.024%

Price spread now: Orderly against Kraken Futures−0.022%55s7-day average −0.012% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now −0.022%, 7d avg −0.012%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.098%, so the current rate has only just turned in your favour. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XRPUSD	1.5377	0.0032	pay 0.0004% / 1h	25m 23s	$15.0M	$69.6M	50x
Short	Orderly PERP_XRP_USDC	1.5374	0.0058	get 0.0058% / 8h	25m 23s	$75K	$910K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.022%Rate

Funding earned: $5.46
Price spread: −0.022% → −0.012%: −$1.02
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.56
Costs to cover: 0.160%
Break-even: 21.8 days

Slippage unknown: Kraken Futures: live order book, 4 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 Kraken Futures live order book, 4 min ago	2.27 bp	8.6 bp −$9	10.9 bp −$109	18.9 bp −$1,886	37.1 bp −$18.6K
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
Hotstuff XRP-PERP	−0.0080%	1h	1.5379	+0.010%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5363	−0.091%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5420	+0.277%	$69K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5358	−0.124%	$266K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0098%	1h	1.5358	−0.125%	$830K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0010%	1h	1.5381	+0.023%	$9.4M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSDlong	+0.0032%	1h	1.5377	long leg	$15.0M	$69.6M	50x
Orderly PERP_XRP_USDCshort	+0.0058%	8h	1.5374	−0.022%	$75K	$910K	50x
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.187%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5369	−0.053%	$2.9M	$12.8M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5376	−0.009%	$438K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5362	−0.097%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5358	−0.125%	$39.1M	$81.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5369	−0.055%	$632K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5363	−0.094%	$547.1M	$2.04B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5363	−0.094%	$341.3M	$923.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5374	−0.022%	$125.1M	$881.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5382	+0.030%	$573K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5364	−0.087%	$116K	$757K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5410	+0.212%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5360	−0.113%	$360.8M	$147.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5362	−0.100%	$291.6M	$884.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5358	−0.127%	$109.8M	$164.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5358	−0.126%	$268.0M	$374.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5353	−0.159%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5385	+0.047%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5405	+0.178%	$669K	$104.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5403	+0.165%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5406	+0.186%	$1.0M	$900K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5366	−0.074%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5362	−0.100%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5361	−0.104%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5380	+0.020%	$828K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5388	+0.071%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5380	+0.017%	$31K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5379	+0.009%	$50.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5384	+0.043%	$54.7M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5367	−0.066%	$479K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5358	−0.126%	$11K	$268K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5355	−0.147%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5372	−0.037%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5359	−0.120%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5358	−0.128%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5416	+0.251%	$24.4M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5386	+0.056%	$5.8M	$47.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5383	+0.037%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0264%	1h	1.5385	+0.049%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0305%	8h	1.5404	+0.173%	$2.0M	$34.3M	2.9x	as long as short
Hyperliquid XRP	+0.0588%	1h	1.5374	−0.022%	$292.3M	$212.6M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5369	−0.054%	$499K	$635K	10x	as long as short
Aftermath Perps XRPUSD	+0.0791%	1h	1.5417	+0.257%	$1K	$11K	10x	as long as short