Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.019%

Price spread now: Backpack against Orderly+0.151%7-day average +0.049% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now +0.151%, 7d avg +0.049%

Together, before fees+0.177%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.102% dearer against Orderly than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XRP_USDC	1.5234	0.0046	pay 0.0046% / 8h	2h 35m	$177K	$788K	50x
Short	Backpack XRP_USDC_PERP	1.5257	0.0118	get 0.0015% / 1h	35m 53s	$1.7M	$924K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.151%Rate

Funding earned: $15.2
Price spread: +0.151% → +0.049%: $10.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $9.38
Costs to cover: 0.160%
Break-even: 2.7 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 3 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 3 min ago	0.33 bp	5.3 bp −$5	7.3 bp −$73	doesn't fit	doesn't fit

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
GMX XRP/USD [ETH-USDC]	L −0.0211% / S +0.0297%	1h	1.5243	+0.057%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5194	−0.263%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5251	+0.113%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5270	+0.236%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5242	+0.053%	$9.2M	$24.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5241	+0.043%	$255K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.368%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDClong	+0.0046%	8h	1.5234	long leg	$177K	$788K	50x
Lighter XRP	+0.0096%	1h	1.5252	+0.116%	$2.9M	$11.3M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5244	+0.066%	$442K	$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
Nado XRP-PERP	+0.0100%	1h	1.5254	+0.135%	$1.1M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5252	+0.116%	$38.8M	$71.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5255	+0.136%	$664K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5256	+0.145%	$545.6M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5260	+0.171%	$341.8M	$834.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5258	+0.158%	$123.0M	$828.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5181	−0.348%	$568K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5251	+0.112%	$115K	$646K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5260	+0.173%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5255	+0.138%	$355.8M	$129.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5252	+0.118%	$289.1M	$800.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5252	+0.121%	$112.5M	$146.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5260	+0.171%	$265.5M	$338.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5257	+0.151%	—	$113.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5263	+0.188%	$6.2M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5214	−0.129%	$662K	$95.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5246	+0.082%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5264	+0.197%	$1.0M	$842K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5260	+0.171%	$50K	$474K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5246	+0.081%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5237	+0.021%	$821K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5242	+0.052%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5239	+0.033%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5232	−0.010%	$50.1M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5254	+0.131%	$54.6M	$28.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5248	+0.094%	$475K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5253	+0.122%	—	$10K	10x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5256	+0.144%	$12K	$244K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5251	+0.110%	$2.1M	$7.3M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5237	+0.019%	$71K	$40K	3x	as long as short
Backpack XRP_USDC_PERPshort	+0.0118%	1h	1.5257	+0.151%	$1.7M	$924K	25x
01 Exchange XRPUSD	+0.0152%	1h	1.5253	+0.125%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5238	+0.023%	$15.2M	$63.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5250	+0.105%	$5.4M	$43.3M	50x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5251	+0.113%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5260	+0.171%	$23.8M	$66.4M	125x	as long as short
Kalshi KXXRPPERP	+0.0222%	8h	1.5252	+0.118%	$1.7M	$31.7M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5265	+0.200%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5258	+0.161%	$404K	$496K	10x	as long as short
Hyperliquid XRP	+0.0447%	1h	1.5268	+0.223%	$280.0M	$179.7M	20x	as long as short
Aftermath Perps XRPUSD	+0.0522%	1h	1.5247	+0.087%	$1K	$10K	10x	as long as short