Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h −0.005%

Price spread now: Orderly against Phoenix−0.059%7-day average +0.001% · you buy dearer than you sell

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+0.114%+$11 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now −0.059%, 7d avg +0.001%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.060% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of +0.001%). If the spread goes back, that is −$6 on $10k: about 2.5 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5150	0	get 0.0000% / 1h	39m 24s	$67K	$110K	15x
Short	Orderly PERP_XRP_USDC	1.5141	0.0080	get 0.0080% / 8h	4h 39m	$62K	$935K	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 −0.059%Rate

Funding earned: $16.9
Price spread: −0.059% → +0.001%: −$6.01
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$2.11
Costs to cover: 0.130%
Break-even: 7.9 days

Slippage unknown: Phoenix: live order book, 63 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, 63 min ago	6.59 bp	35.9 bp −$36	94.9 bp −$949	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5162	+0.079%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5162	+0.076%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5155	+0.034%	$1.1M	$114K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5150	long leg	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5149	−0.005%	$253K	—	150x	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 +0.0040% / S +0.0030%	1h	1.5150	+0.001%	$788K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5153	+0.020%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5170	+0.132%	$7.7M	$25.6M	50x	as long as short
Orderly PERP_XRP_USDCshort	+0.0080%	8h	1.5141	−0.059%	$62K	$935K	50x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5165	+0.096%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5163	+0.086%	$510K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5142	−0.053%	$10K	$321K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5147	−0.023%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5162	+0.079%	$281.6M	$225.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5148	−0.013%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5160	+0.063%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5150	+0.001%	$533.8M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5149	−0.007%	$344.7M	$931.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5141	−0.059%	$126.0M	$873.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5175	+0.165%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5103	−0.310%	$113K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5146	−0.028%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5150	0.000%	$370.0M	$153.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5154	+0.026%	$289.6M	$897.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5150	+0.003%	$108.0M	$173.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5153	+0.020%	$267.8M	$384.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5152	+0.013%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5148	−0.015%	$5.4M	$37.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5151	+0.008%	$658K	$108.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5180	+0.198%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5149	−0.007%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5157	+0.046%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5154	+0.026%	$43K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5151	+0.007%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5170	+0.130%	$816K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5169	+0.128%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5166	+0.106%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5159	+0.057%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5159	+0.059%	$54.1M	$30.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5148	−0.013%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5140	−0.068%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5170	+0.130%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0160%	1h	1.5172	+0.145%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0170%	1h	1.5170	+0.132%	$1.9M	$1.3M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5174	+0.158%	$5.6M	$47.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5151	+0.008%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5159	+0.059%	$24.2M	$76.1M	125x	as long as short
Kalshi KXXRPPERP	+0.0316%	8h	1.5174	+0.158%	$2.1M	$34.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5152	+0.014%	$516K	$779K	10x	as long as short
Aftermath Perps XRPUSD	+0.0665%	1h	1.5155	+0.033%	$2K	$15K	10x	as long as short