Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Bybit against Ondo Perps+0.525%7-day average +0.046% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)−0.380%−$38 · spread now +0.525%, 7d avg +0.046%

Together, before fees−0.321%+ Points / potential airdropOndo Perps: Active · farm board−$32 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: Bybit is 0.479% dearer against Ondo Perps than usual: you sell high and buy low, +$48 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.5615	0.0100	pay 0.0013% / 1h	45m 39s	$581K	$41K	5x
Short	Bybit XRPUSDT	1.5697	0.0100	get 0.0100% / 8h	1h 45m	$356.1M	$872.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.525%Rate

Funding earned: $0
Price spread: +0.525% → +0.046%: $47.9
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $31.9
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 4 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.32 bp	6.0 bp −$6	8.0 bp −$80	14.4 bp −$1,436	27.7 bp −$13.9K

Ondo Perps: 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	1.5636	+0.134%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5691	+0.488%	$1.1M	$104K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5637	+0.144%	$262K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0006%	1h	1.5655	+0.256%	$9.6M	$24.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−2.081%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5645	+0.189%	$15.7M	$67.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0052%	8h	1.5652	+0.237%	$82K	$935K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0080% / S +0.0144%	1h	1.5639	+0.151%	$925K	—	200x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5608	−0.048%	$19K	$73K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5677	+0.395%	$3.0M	$11.7M	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	1.5700	+0.544%	$461K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5627	+0.080%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5672	+0.368%	$39.9M	$75.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5690	+0.483%	$678K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5696	+0.518%	$569.5M	$1.92B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5697	+0.525%	$356.1M	$872.1M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5696	+0.519%	$129.1M	$872.3M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.5615	long leg	$581K	$41K	5x
Arcus XRP-USD	+0.0100%	1h	1.5638	+0.147%	$121K	$724K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5527	−0.564%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5664	+0.314%	$373.1M	$135.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5695	+0.512%	$292.2M	$825.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5677	+0.398%	$113.4M	$153.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5674	+0.378%	$272.1M	$353.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5666	+0.327%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5524	−0.582%	$11.8M	$29.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5540	−0.480%	$675K	$98.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5571	−0.285%	$1.1M	$41.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5583	−0.205%	$1.0M	$878K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5629	+0.088%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5637	+0.141%	$53K	$437K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5639	+0.152%	$42K	$62K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5654	+0.250%	$843K	$71K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5652	+0.234%	$131K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5648	+0.211%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5636	+0.136%	$51.4M	$15.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5645	+0.192%	$55.7M	$28.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5696	+0.516%	$489K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5628	+0.083%	$12K	$248K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5653	+0.242%	$2.2M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5652	+0.236%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5635	+0.128%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5634	+0.119%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5656	+0.263%	$5.8M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5619	+0.026%	$24.6M	$71.9M	125x	as long as short
Kalshi KXXRPPERP	+0.0337%	8h	1.5643	+0.179%	$1.9M	$32.0M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0360%	1h	1.5656	+0.263%	$1.8M	$976K	25x	as long as short
Phoenix XRP	+0.0516%	1h	1.5590	−0.160%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5638	+0.146%	$410K	$533K	10x	as long as short
Aftermath Perps XRPUSD	+0.0606%	1h	1.5598	−0.110%	$1K	$11K	10x	as long as short
Hyperliquid XRP	+0.0653%	1h	1.5685	+0.449%	$290.4M	$196.7M	20x	as long as short