Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h +0.008%

Price spread now: Lighter against Orderly−0.070%7-day average +0.017% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.349%+$35 · spread now −0.070%, 7d avg +0.017%

Together, before fees+0.351%+ Points / potential airdropLighter: Season 3 · farm board+$35 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: Lighter is 0.087% cheaper against Orderly than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XRP_USDC	1.5150	0.0089	pay 0.0089% / 8h	4h 12m	$62K	$934K	50x
Short	Lighter XRP	1.5139	0.0096	get 0.0012% / 1h	12m 31s	$2.8M	$14.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.070%Rate

Funding earned: $1.48
Price spread: −0.070% → +0.017%: −$8.7
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.21
Costs to cover: 0.060%
Break-even: 69.4 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 6 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 Lighter live order book, 6 min ago	0.89 bp	1.9 bp −$2	7.8 bp −$78	17.5 bp −$1,747	37.2 bp −$18.6K

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	1.5141	−0.059%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5145	−0.035%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5136	−0.093%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5150	0.000%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5142	−0.053%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5152	+0.013%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.706%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0045% / S +0.0022%	1h	1.5142	−0.055%	$789K	—	200x	as long as short
Orderly PERP_XRP_USDClong	+0.0089%	8h	1.5150	long leg	$62K	$934K	50x
Lighter XRPshort	+0.0096%	1h	1.5139	−0.070%	$2.8M	$14.6M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5142	−0.053%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5141	−0.059%	$11K	$329K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5135	−0.096%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5150	0.000%	$280.3M	$227.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5140	−0.066%	$38.3M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5141	−0.061%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5143	−0.047%	$534.1M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5143	−0.046%	$346.7M	$935.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5145	−0.033%	$126.2M	$874.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5142	−0.053%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5148	−0.013%	$110K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5130	−0.129%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5142	−0.053%	$369.1M	$154.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5140	−0.066%	$293.4M	$902.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5139	−0.069%	$107.8M	$174.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5143	−0.046%	$268.0M	$384.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5144	−0.040%	—	$127.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5137	−0.087%	$5.2M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5141	−0.058%	$658K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5137	−0.088%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	+0.033%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5144	−0.039%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5146	−0.026%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5142	−0.050%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5151	+0.005%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5153	+0.022%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5148	−0.013%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5146	−0.026%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5147	−0.020%	$54.0M	$30.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5141	−0.060%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5142	−0.051%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5147	−0.017%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5149	−0.007%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERP	+0.0184%	1h	1.5151	+0.007%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5154	+0.026%	$5.6M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5128	−0.145%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5144	−0.038%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5142	−0.053%	$24.2M	$76.0M	125x	as long as short
Kalshi KXXRPPERP	+0.0315%	8h	1.5152	+0.013%	$2.1M	$34.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5150	+0.002%	$516K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0678%	1h	1.5148	−0.011%	$2K	$15K	10x	as long as short