Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.006%

Price spread now: Orderly against Ondo Perps+0.013%7-day average +0.038% · you sell dearer than you buy

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

Long on Ondo Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.197%−$20 · spread now +0.013%, 7d avg +0.038%

Together, before fees−0.175%+ Points / potential airdropOndo Perps: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.025% cheaper against Ondo Perps than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.5568	0.0100	pay 0.0013% / 1h	46m 58s	$582K	$42K	5x
Short	Orderly PERP_XRP_USDC	1.5570	0.0056	get 0.0056% / 8h	46m 58s	$77K	$909K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Ondo Perps. 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 Ondo PerpsbpFee OrderlybpOrdersPrice spread, now +0.013%Rate

Funding earned: −$9.21
Price spread: +0.013% → +0.038%: −$2.5
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$22.71
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Ondo Perps and 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	1.5571	+0.019%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5574	+0.038%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5650	+0.527%	$70K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5567	−0.007%	$260K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0106%	1h	1.5568	+0.001%	$856K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0007%	1h	1.5576	+0.051%	$9.7M	$25.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5584	+0.102%	$15.6M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDCshort	+0.0056%	8h	1.5570	+0.013%	$77K	$909K	50x
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.051%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5584	+0.102%	$3.0M	$12.5M	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	1.5586	+0.116%	$444K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5571	+0.016%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5596	+0.182%	$39.6M	$79.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5579	+0.068%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5614	+0.295%	$559.1M	$2.01B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5612	+0.283%	$347.5M	$913.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5603	+0.225%	$127.2M	$891.8M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.5568	long leg	$582K	$42K	5x
Arcus XRP-USD	+0.0100%	1h	1.5572	+0.026%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	+0.418%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5587	+0.122%	$372.5M	$143.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5610	+0.270%	$302.5M	$867.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5611	+0.279%	$113.6M	$163.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5610	+0.270%	$273.0M	$369.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5596	+0.180%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5634	+0.421%	$11.7M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5593	+0.160%	$677K	$103.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5605	+0.238%	$1.1M	$40.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5640	+0.462%	$1.0M	$887K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5569	+0.005%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5570	+0.013%	$48K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5571	+0.019%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5573	+0.034%	$838K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5578	+0.063%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5579	+0.071%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5567	−0.010%	$51.1M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5580	+0.077%	$55.4M	$29.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5570	+0.011%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5574	+0.039%	$13K	$266K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5607	+0.248%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5575	+0.042%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5571	+0.019%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5562	−0.041%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5585	+0.109%	$24.5M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5588	+0.128%	$5.9M	$47.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5580	+0.080%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5568	0.000%	$1.9M	$33.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0378%	1h	1.5597	+0.186%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0613%	1h	1.5610	+0.270%	$297.4M	$208.7M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5579	+0.068%	$508K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0831%	1h	1.5606	+0.244%	$1K	$11K	10x	as long as short