Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Ondo Perps−0.099%47s7-day average +0.048% · you buy dearer than you sell

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)+0.244%+$24 · spread now −0.099%, 7d avg +0.048%

Together, before fees+0.302%+ Points / potential airdropOndo Perps: Active · farm board+$30 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 0.146% cheaper against Ondo Perps than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.048%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.5187	0.0100	pay 0.0013% / 1h	19m 56s	$564K	$27K	5x
Short	Bybit XRPUSDT	1.5172	0.0100	get 0.0100% / 8h	3h 19m	$345.2M	$945.1M	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 −0.099%Rate

Funding earned: $0
Price spread: −0.099% → +0.048%: −$14.64
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: −$30.64
Costs to cover: 0.160%
Break-even: never at this rate

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	0.33 bp	6.3 bp −$6	7.5 bp −$75	12.9 bp −$1,287	24.5 bp −$12.2K

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	1.5188	+0.007%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5179	−0.054%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5184	−0.020%	$259K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5186	−0.007%	$7.8M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5181	−0.040%	$14.5M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.456%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5184	−0.023%	$779K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5178	−0.058%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5182	−0.033%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5178	−0.059%	$9K	$350K	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	1.5185	−0.010%	$985K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5171	−0.103%	$38.7M	$85.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5181	−0.038%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5171	−0.108%	$535.7M	$2.16B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5172	−0.099%	$345.2M	$945.1M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5172	−0.099%	$126.5M	$883.7M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.5187	long leg	$564K	$27K	5x
Arcus XRP-USD	+0.0100%	1h	1.5190	+0.020%	$138K	$720K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	−0.148%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5172	−0.099%	$372.8M	$156.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5173	−0.092%	$295.6M	$906.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5176	−0.072%	$109.4M	$177.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5175	−0.079%	$269.5M	$390.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5173	−0.092%	—	$127.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5187	−0.001%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5162	−0.164%	$658K	$110.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5166	−0.141%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5170	−0.112%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5182	−0.035%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5186	−0.007%	$46K	$478K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5183	−0.026%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5185	−0.013%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5186	−0.008%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5184	−0.019%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5184	−0.020%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5186	−0.010%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5180	−0.046%	$54.0M	$31.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5189	+0.014%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5173	−0.090%	$2.0M	$6.7M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5183	−0.027%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5190	+0.020%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5188	+0.007%	$5.8M	$48.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5182	−0.031%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5181	−0.040%	$24.2M	$75.8M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0256%	1h	1.5184	−0.020%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5191	+0.023%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5186	−0.007%	$1.9M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5187	−0.002%	$517K	$776K	10x	as long as short
Hyperliquid XRP	+0.0412%	1h	1.5185	−0.013%	$298.6M	$251.0M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5190	+0.020%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0644%	1h	1.5187	−0.003%	$2K	$15K	10x	as long as short