Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.021%

Price spread now: Deribit against Orderly+0.019%7-day average +0.032% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.019%, 7d avg +0.032%

Together, before fees+0.145%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.032%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.153%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XRP_USDC	1.5496	0.0053	pay 0.0053% / 8h	1h 31m	$77K	$941K	50x
Short	Deribit XRP_USDC-PERPETUAL	1.5499	0	get 0.0000% / 1h	31m 31s	$9.6M	$25.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$11.16
Price spread: +0.019% → +0.032%: −$1.23
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$25.39
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: 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 Deribit live order book, 3 min ago	0.32 bp	5.7 bp −$6	7.5 bp −$75	46.3 bp −$4,634	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5499	+0.019%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5497	+0.008%	$1.1M	$104K	10x	as long as short
Deribit XRP_USDC-PERPETUALshort	0.0000%	1h	1.5499	+0.019%	$9.6M	$25.2M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5483	−0.086%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.329%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5509	+0.085%	$15.6M	$68.4M	50x	as long as short
Orderly PERP_XRP_USDClong	+0.0053%	8h	1.5496	long leg	$77K	$941K	50x
GMX XRP/USD [ETH-USDC]	L +0.0082% / S +0.0127%	1h	1.5482	−0.092%	$912K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5496	−0.001%	$3.0M	$12.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5498	+0.013%	$454K	$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	1.5486	−0.061%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5489	−0.046%	$39.2M	$77.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5497	+0.006%	$669K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5487	−0.058%	$557.7M	$1.96B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5484	−0.077%	$346.6M	$887.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5485	−0.071%	$127.0M	$871.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5515	+0.123%	$577K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5498	+0.013%	$118K	$737K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5683	+1.207%	$1.7M	$616K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5491	−0.032%	$373.1M	$139.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5488	−0.052%	$290.0M	$843.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5487	−0.057%	$113.1M	$158.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5489	−0.045%	$270.0M	$360.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5483	−0.084%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5595	+0.637%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5531	+0.227%	$674K	$101.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5554	+0.377%	$1.1M	$41.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5529	+0.213%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5490	−0.039%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5492	−0.026%	$46K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5486	−0.064%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5498	+0.015%	$834K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5509	+0.083%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5500	+0.026%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5491	−0.031%	$50.9M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5508	+0.077%	$55.3M	$29.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5491	−0.029%	$483K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5494	−0.013%	$12K	$250K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5487	−0.059%	$2.2M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5496	0.000%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5498	+0.013%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0168%	1h	1.5506	+0.063%	$18K	$81K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5488	−0.053%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5512	+0.103%	$5.8M	$46.8M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5518	+0.142%	$24.6M	$73.3M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0260%	1h	1.5501	+0.032%	$1.8M	$994K	25x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5521	+0.161%	$1.9M	$32.5M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5570	+0.478%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5503	+0.043%	$508K	$626K	10x	as long as short
Hyperliquid XRP	+0.0597%	1h	1.5510	+0.090%	$289.7M	$201.2M	20x	as long as short
Aftermath Perps XRPUSD	+0.0719%	1h	1.5563	+0.434%	$1K	$11K	10x	as long as short