Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Orderly against Phemex+0.013%7-day average −0.010% · you sell dearer than you buy

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now +0.013%, 7d avg −0.010%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.023% dearer against Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5120	0.0100	pay 0.0100% / 8h	2h 12m	$53.8M	$32.3M	50x
Short	Orderly PERP_XRP_USDC	1.5122	0.0100	get 0.0100% / 8h	2h 12m	$62K	$934K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phemex. 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 PhemexbpFee OrderlybpOrdersPrice spread, now +0.013%Rate

Funding earned: $0
Price spread: +0.013% → −0.010%: $2.32
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.68
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Orderly: no order-book sample. 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 Phemex live order book, 6 min ago	3.65 bp	10.0 bp −$10	13.0 bp −$130	23.6 bp −$2,363	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	1.5099	−0.139%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5120	+0.001%	$14.2M	$75.0M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5115	−0.035%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5090	−0.198%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5120	+0.001%	$245K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.910%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0072% / S −0.0016%	1h	1.5122	+0.012%	$797K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5126	+0.040%	$7.7M	$25.5M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5127	+0.046%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5126	+0.038%	$2.8M	$15.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5127	+0.046%	$547K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5115	−0.033%	$10K	$361K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5112	−0.050%	$981K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5131	+0.074%	$38.4M	$87.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5119	−0.007%	$601K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5132	+0.081%	$526.6M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5134	+0.093%	$344.2M	$965.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5133	+0.086%	$126.6M	$886.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5088	−0.212%	$561K	$34K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5129	+0.060%	$144K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5026	−0.618%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5131	+0.073%	$372.0M	$160.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5130	+0.066%	$297.0M	$925.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5129	+0.062%	$106.7M	$181.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5130	+0.066%	$265.8M	$398.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5132	+0.079%	—	$105.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5072	−0.317%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5079	−0.270%	$655K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5088	−0.212%	$1.1M	$37.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5085	−0.231%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5121	+0.006%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5130	+0.066%	$51K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5125	+0.032%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDCshort	+0.0100%	8h	1.5122	+0.013%	$62K	$934K	50x
Derive XRP-PERP	+0.0100%	1h	1.5123	+0.020%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5126	+0.042%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5121	+0.007%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5123	+0.020%	$49.4M	$15.6M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5120	long leg	$53.8M	$32.3M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5129	+0.061%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5126	+0.041%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5120	+0.003%	$58K	$25K	3x	as long as short
Hyperliquid XRP	+0.0124%	1h	1.5143	+0.152%	$289.1M	$262.4M	20x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5128	+0.053%	$5.7M	$48.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0192%	1h	1.5102	−0.122%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0200%	1h	1.5137	+0.112%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0201%	8h	1.5127	+0.046%	$1.7M	$35.7M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5121	+0.008%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5123	+0.020%	$23.2M	$77.3M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5126	+0.038%	$520K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0587%	1h	1.5080	−0.267%	$2K	$16K	10x	as long as short