Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0426%/8h= −46.7% APRpaid last 24h −0.012%

Price spread now: Orderly against Phoenix+0.152%7-day average −0.008% · you sell dearer than you buy

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 4 days (all we have)−0.189%−$19 · spread now +0.152%, 7d avg −0.008%

Together, before fees−0.082%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.159% dearer against Phoenix than usual: you sell high and buy low (spread +0.152% now, against its 7-day average of −0.008%): +$16 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 30 hours. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.107% in total (about 5.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5180	0.0526	pay 0.0066% / 1h	57m 05s	$67K	$110K	15x
Short	Orderly PERP_XRP_USDC	1.5203	0.0100	get 0.0100% / 8h	7h 57m	$78K	$689K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phoenix. 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 PhoenixbpFee OrderlybpOrdersPrice spread, now +0.152%Rate

Funding earned: −$89.53
Price spread: +0.152% → −0.008%: $15.94
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$86.58
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 21 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 Phoenix live order book, 21 min ago	6.58 bp	35.9 bp −$36	95.0 bp −$950	doesn't fit	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
Kraken Futures PF_XRPUSD	−0.0171%	1h	1.5200	+0.132%	$14.7M	$73.7M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5188	+0.053%	$5K	$3K	20x	as long as short
Phemex XRPUSDT	−0.0029%	8h	1.5200	+0.132%	$54.1M	$32.5M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5186	+0.042%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5201	+0.138%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5205	+0.165%	$7.7M	$23.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.503%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5173	−0.046%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5204	+0.158%	$2.8M	$14.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5205	+0.165%	$606K	$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
Katana Perps XRP-USD	+0.0100%	8h	1.5196	+0.105%	$20K	$382K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5187	+0.043%	$995K	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5203	+0.152%	$38.6M	$86.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5193	+0.084%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5205	+0.163%	$530.8M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5206	+0.171%	$353.2M	$949.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5208	+0.184%	$127.4M	$864.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5175	−0.033%	$564K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5207	+0.178%	$144K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	+0.063%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5206	+0.171%	$378.6M	$151.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5209	+0.191%	$312.1M	$910.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5207	+0.177%	$106.5M	$183.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5204	+0.158%	$269.7M	$389.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5206	+0.171%	—	$108.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−0.083%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5175	−0.030%	$659K	$112.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5189	+0.057%	$1.1M	$33.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5173	−0.046%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5200	+0.131%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5204	+0.158%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5205	+0.167%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDCshort	+0.0100%	8h	1.5203	+0.152%	$78K	$689K	50x
Derive XRP-PERP	+0.0100%	1h	1.5172	−0.050%	$816K	$77K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5198	+0.121%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5200	+0.132%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	+0.145%	$49.6M	$15.3M	75x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5203	+0.153%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5195	+0.096%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5200	+0.132%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0112% / S −0.0075%	1h	1.5203	+0.148%	$788K	—	200x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5206	+0.171%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5207	+0.178%	$5.6M	$48.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0161%	8h	1.5202	+0.145%	$1.7M	$33.6M	2.9x	as long as short
Hyperliquid XRP	+0.0198%	1h	1.5218	+0.250%	$290.6M	$268.3M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5204	+0.158%	$23.7M	$77.8M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5197	+0.109%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0286%	1h	1.5218	+0.250%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5209	+0.193%	$522K	$795K	10x	as long as short
Phoenix XRPlong	+0.0526%	1h	1.5180	long leg	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0568%	1h	1.5187	+0.049%	$2K	$16K	10x	as long as short