Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.009%

Price spread now: Polymarket Perps against Orderly+0.007%7-day average +0.019% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now +0.007%, 7d avg +0.019%

Together, before fees+0.075%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.019%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XRP_USDC	1.5169	0.0072	pay 0.0072% / 8h	6h 23m	$62K	$953K	50x
Short	Polymarket Perps XRP-USD	1.5170	0.0100	get 0.0013% / 1h	23m 12s	$44K	$445K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.007%Rate

Funding earned: $5.89
Price spread: +0.007% → +0.019%: −$1.21
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$9.31
Costs to cover: 0.140%
Break-even: 18.1 days

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 44 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 Polymarket Perps live order book, 44 min ago	1.95 bp	8.4 bp −$8	9.7 bp −$97	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	1.5179	+0.066%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5172	+0.018%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5210	+0.270%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5165	−0.025%	$254K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0021% / S +0.0059%	1h	1.5165	−0.027%	$801K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.578%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5167	−0.016%	$14.6M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDClong	+0.0072%	8h	1.5169	long leg	$62K	$953K	50x
Lighter XRP	+0.0096%	1h	1.5171	+0.011%	$2.9M	$14.3M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5171	+0.013%	$514K	$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	1.5158	−0.073%	$11K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5170	+0.010%	$911K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5168	−0.005%	$38.6M	$84.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5177	+0.053%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5168	−0.008%	$538.0M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5164	−0.033%	$341.5M	$940.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5168	−0.007%	$124.4M	$872.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5173	+0.026%	$565K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5171	+0.013%	$115K	$700K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	+0.135%	$1.6M	$330K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5166	−0.020%	$369.0M	$152.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5168	−0.007%	$290.0M	$913.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5168	−0.009%	$107.0M	$171.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5167	−0.013%	$266.0M	$383.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5169	0.000%	—	$126.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5199	+0.198%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5184	+0.096%	$659K	$108.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5187	+0.117%	$1.1M	$37.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5205	+0.237%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5173	+0.028%	—	$11K	10x	as long as short
Polymarket Perps XRP-USDshort	+0.0100%	1h	1.5170	+0.007%	$44K	$445K	20x
Bullet XRP-USD	+0.0100%	1h	1.5169	+0.003%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5171	+0.015%	$816K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5174	+0.034%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5170	+0.007%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5171	+0.010%	$49.7M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5170	+0.007%	$53.9M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5172	+0.021%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5163	−0.036%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5167	−0.016%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5171	+0.013%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0146%	1h	1.5172	+0.020%	$7.6M	$25.3M	50x	as long as short
Hyperliquid XRP	+0.0207%	1h	1.5178	+0.059%	$281.0M	$221.6M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5167	−0.012%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5176	+0.046%	$5.7M	$46.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5168	−0.008%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0356%	1h	1.5175	+0.040%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0361%	8h	1.5177	+0.053%	$2.1M	$35.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5171	+0.016%	$533K	$785K	10x	as long as short
Aftermath Perps XRPUSD	+0.0753%	1h	1.5176	+0.045%	$2K	$14K	10x	as long as short