Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0180%/8hnext payment −$0.23 per $10,000 · paid last 24h −0.051%

Price spread now: Hotstuff against Ondo Perps+0.614%7-day average — · you sell dearer than you buy

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

Long on Ondo Perps Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropOndo Perps: Active · Hotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.614% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.614% now, against zero (this spread has no 7-day history yet)): +$61 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.4987	0.0100	pay 0.0013% / 1h	24m 18s	$558K	$45K	5x
Short	Hotstuff XRP-PERP	1.5079	−0.0080	pay 0.0010% / 1h	24m 18s	$7K	$2K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.614%Rate

Funding earned: −$37.8
Price spread: +0.614% → 0.000%: $61.39
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $13.59
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Hotstuff: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Hotstuff no order-book sample	—	—	—	—	—

Ondo Perps and Hotstuff: 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
GMX XRP/USD [ETH-USDC]	L −0.0208% / S +0.0294%	1h	1.5068	+0.539%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERPshort	−0.0080%	1h	1.5079	+0.614%	$7K	$2K	20x
dYdX XRP-USD	0.0000%	1h	1.5078	+0.610%	$1.1M	$101K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5062	+0.500%	$8.7M	$22.3M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5068	+0.538%	$243K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.4090	−5.985%	$2K	$33K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5058	+0.474%	$179K	$779K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5058	+0.476%	$2.9M	$10.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5060	+0.487%	$579K	$2.4M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5080	+0.621%	$12K	$243K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5075	+0.590%	$1.1M	$5.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5072	+0.567%	$38.3M	$68.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5084	+0.650%	$666K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5055	+0.454%	$532.2M	$1.74B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5053	+0.440%	$339.2M	$781.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5051	+0.427%	$125.8M	$789.8M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.4987	long leg	$558K	$45K	5x
Arcus XRP-USD	+0.0100%	1h	1.5089	+0.681%	$122K	$596K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.4992	+0.035%	$1.6M	$138K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5064	+0.514%	$350.8M	$126.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5065	+0.520%	$309.6M	$758.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5078	+0.606%	$111.5M	$137.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5058	+0.474%	$259.5M	$320.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5073	+0.574%	—	$3.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5003	+0.110%	$6.9M	$20.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.4999	+0.080%	$651K	$88.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.4998	+0.073%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.4987	0.000%	$1.0M	$790K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5065	+0.522%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5075	+0.587%	$50K	$421K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5064	+0.514%	$41K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5062	+0.497%	$811K	$67K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5057	+0.468%	$126K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5054	+0.447%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5047	+0.398%	$49.7M	$13.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5056	+0.460%	$54.1M	$27.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5084	+0.649%	$470K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5056	+0.464%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5053	+0.438%	$72K	$39K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5088	+0.674%	$8K	$8K	10x	as long as short
Kalshi KXXRPPERP	+0.0164%	8h	1.5072	+0.567%	$1.7M	$31.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0197%	1h	1.5090	+0.687%	$1.7M	$912K	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0208%	1h	1.5061	+0.494%	$5.2M	$39.8M	50x	as long as short
Reya XRPRUSDPERP	+0.0209%	1h	1.5066	+0.528%	$1.3M	$11K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5083	+0.641%	$23.6M	$59.6M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5078	+0.606%	$19K	$37K	7x	as long as short
Kraken Futures PF_XRPUSD	+0.0264%	1h	1.5057	+0.464%	$15.3M	$55.7M	50x	as long as short
Hyperliquid XRP	+0.0418%	1h	1.5084	+0.647%	$275.8M	$157.9M	20x	as long as short
RISEx XRP/USDC	+0.0441%	1h	1.5087	+0.665%	$405K	$473K	10x	as long as short
Aftermath Perps XRPUSD	+0.0523%	1h	1.5026	+0.261%	$1K	$10K	10x	as long as short
Phoenix XRP	+0.0530%	1h	1.5020	+0.220%	$67K	$89K	15x	as long as short