Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.010%

Price spread now: Injective against Orderly+2.348%58s7-day average −0.243% · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−2.951%−$295 · spread now +2.348%, 7d avg −0.243%

Together, before fees−2.770%−$277 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.591% dearer against Orderly than usual: you sell high and buy low (spread +2.348% now, against its 7-day average of −0.243%): +$259 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7 months. Mind the row above: over the last 7 days funding on this pair paid +0.181%, so the current rate has only just turned against you. The two prices were read 58 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	Orderly PERP_XRP_USDC	1.5203	0.0072	pay 0.0072% / 8h	6h 25m	$62K	$953K	50x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	25m 55s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +2.348%Rate

Funding earned: −$8.07
Price spread: +2.348% → −0.243%: $259.13
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $245.04
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Injective: live order book, 43 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 Injective live order book, 43 min ago	22.76 bp	66.1 bp −$66	81.0 bp −$810	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 50 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	1.5184	−0.125%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5182	−0.136%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5160	−0.283%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5197	−0.039%	$254K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0059%	1h	1.5197	−0.041%	$803K	—	200x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.348%	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5203	−0.002%	$14.6M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDClong	+0.0072%	8h	1.5203	long leg	$62K	$953K	50x
Lighter XRP	+0.0096%	1h	1.5204	+0.008%	$2.8M	$14.2M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5206	+0.020%	$518K	$3.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5188	−0.099%	$11K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5192	−0.069%	$890K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5205	+0.011%	$38.7M	$84.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5193	−0.067%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5195	−0.051%	$539.0M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5194	−0.059%	$342.2M	$940.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5197	−0.039%	$124.8M	$874.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5174	−0.191%	$565K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5199	−0.026%	$115K	$700K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	−0.089%	$1.6M	$330K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5193	−0.066%	$369.6M	$152.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5194	−0.059%	$292.1M	$912.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5194	−0.061%	$107.3M	$171.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5195	−0.053%	$266.5M	$383.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5194	−0.059%	—	$126.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5199	−0.026%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5164	−0.256%	$658K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5164	−0.257%	$1.1M	$38.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5179	−0.158%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5195	−0.053%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5200	−0.020%	$44K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5202	−0.010%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5206	+0.021%	$818K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5210	+0.047%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5203	0.000%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5207	+0.024%	$49.8M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5202	−0.007%	$54.1M	$29.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5195	−0.052%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5195	−0.051%	$2.1M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5201	−0.010%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5201	−0.013%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0211%	1h	1.5206	+0.020%	$7.7M	$25.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5199	−0.029%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5210	+0.046%	$5.7M	$46.8M	50x	as long as short
Hyperliquid XRP	+0.0218%	1h	1.5204	+0.007%	$281.3M	$223.5M	20x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5174	−0.189%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0356%	8h	1.5199	−0.026%	$2.1M	$35.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0364%	1h	1.5215	+0.079%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5201	−0.014%	$536K	$784K	10x	as long as short
Aftermath Perps XRPUSD	+0.0752%	1h	1.5164	−0.254%	$2K	$14K	10x	as long as short