Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.008%

Price spread now: Lighter against Orderly−0.071%7-day average +0.017% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now −0.071%, 7d avg +0.017%

Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.088% cheaper against Orderly than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of +0.017%). If the spread goes back, that is −$9 on $10k: about 9.3 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.002% in total) that is about 13 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XRP_USDC	1.5351	0.0064	pay 0.0064% / 8h	7h 06m	$58K	$935K	50x
Short	Lighter XRP	1.5340	0.0096	get 0.0012% / 1h	6m 49s	$2.8M	$14.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.071%Rate

Funding earned: $6.67
Price spread: −0.071% → +0.017%: −$8.85
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$8.18
Costs to cover: 0.060%
Break-even: 15.6 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 7 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 Lighter live order book, 7 min ago	0.74 bp	2.6 bp −$3	6.8 bp −$68	16.3 bp −$1,630	39.3 bp −$19.7K

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	1.5356	+0.033%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5322	−0.192%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5346	−0.035%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0072%	1h	1.5345	−0.041%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.361%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDClong	+0.0064%	8h	1.5351	long leg	$58K	$935K	50x
01 Exchange XRPUSD	+0.0072%	1h	1.5341	−0.065%	$8K	$8K	10x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5340	−0.071%	$2.8M	$14.1M	20x
Lighter RH XRP	+0.0096%	1h	1.5325	−0.169%	$514K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5346	−0.033%	$9K	$281K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5359	+0.055%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5351	+0.003%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5342	−0.058%	$38.8M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5327	−0.157%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5327	−0.156%	$541.5M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5320	−0.202%	$341.5M	$918.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5320	−0.202%	$124.5M	$866.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5322	−0.189%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5355	+0.026%	$117K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	−0.009%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5338	−0.085%	$374.6M	$151.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5319	−0.208%	$303.9M	$915.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5343	−0.054%	$110.9M	$167.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5336	−0.098%	$269.0M	$375.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5343	−0.052%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	+0.019%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5376	+0.163%	$668K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5355	+0.026%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5390	+0.254%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5348	−0.018%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5349	−0.013%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5350	−0.008%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5354	+0.021%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5357	+0.042%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5351	0.000%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5349	−0.013%	$50.3M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5351	0.000%	$54.6M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5333	−0.119%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5349	−0.010%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0141%	1h	1.5352	+0.007%	$9.3M	$24.9M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5343	−0.051%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5355	+0.026%	$24.1M	$74.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5358	+0.046%	$5.7M	$46.7M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5351	−0.002%	$14.5M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0312%	1h	1.5359	+0.052%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5374	+0.150%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5360	+0.059%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0375%	1h	1.5347	−0.026%	$290.2M	$214.5M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5360	+0.059%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5350	−0.004%	$543K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0833%	1h	1.5354	+0.019%	$2K	$13K	10x	as long as short