Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.005%

Price spread now: Lighter against Orderly0.000%7-day average +0.020% · you sell dearer than you buy

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−0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.599%+$60 · spread now 0.000%, 7d avg +0.020%

Together, before fees+0.598%+ Points / potential airdropLighter: Season 3 · farm board+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.020% cheaper against Orderly than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.020%). If the spread goes back, that is −$2 on $10k: about 32 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XRP_USDC	1.5186	0.0045	pay 0.0045% / 8h	3h 31m	$180K	$781K	50x
Short	Lighter XRP	1.5186	0.0096	get 0.0012% / 1h	31m 30s	$2.9M	$10.8M	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 0.000%Rate

Funding earned: $10.75
Price spread: 0.000% → +0.020%: −$2.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $2.73
Costs to cover: 0.060%
Break-even: 5.2 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 7 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, 7 min ago	1.08 bp	1.1 bp −$1	5.0 bp −$50	17.1 bp −$1,707	37.9 bp −$18.9K

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
GMX XRP/USD [ETH-USDC]	L −0.0207% / S +0.0293%	1h	1.5184	−0.010%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5183	−0.020%	$7K	$2K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0013%	1h	1.5195	+0.058%	$15.9M	$59.2M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5188	+0.011%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−0.105%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5199	+0.086%	$9.0M	$22.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5186	+0.001%	$257K	—	150x	as long as short
Orderly PERP_XRP_USDClong	+0.0045%	8h	1.5186	long leg	$180K	$781K	50x
Injective XRP/USDC PERP	+0.0050%	1h	1.5090	−0.632%	$2K	$51K	30x	as long as short
Vest XRP-PERP	+0.0072%	1h	1.5191	+0.031%	—	$9K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRPshort	+0.0096%	1h	1.5186	0.000%	$2.9M	$10.8M	20x
Lighter RH XRP	+0.0096%	1h	1.5191	+0.033%	$567K	$2.4M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5194	+0.053%	$12K	$241K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5185	−0.003%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5189	+0.021%	$38.6M	$69.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5188	+0.013%	$671K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5186	0.000%	$539.3M	$1.78B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5189	+0.020%	$343.5M	$797.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5194	+0.053%	$124.2M	$807.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5182	−0.026%	$565K	$45K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5191	+0.033%	$113K	$623K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5185	−0.007%	$354.5M	$127.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5182	−0.026%	$310.3M	$771.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5187	+0.007%	$110.4M	$140.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5195	+0.059%	$263.6M	$327.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5187	+0.007%	—	$103.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5188	+0.011%	$7.4M	$22.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5177	−0.057%	$659K	$91.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5199	+0.086%	$1.1M	$41.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5184	−0.013%	$1.0M	$758K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5192	+0.040%	$49K	$460K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5187	+0.008%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5192	+0.040%	$818K	$67K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5190	+0.029%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5192	+0.040%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5178	−0.053%	$50.0M	$13.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5189	+0.020%	$54.5M	$27.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5194	+0.053%	$1.6M	$202K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5188	+0.013%	$474K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5187	+0.006%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5194	+0.054%	$73K	$37K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5194	+0.053%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5205	+0.125%	$5.3M	$41.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0193%	1h	1.5198	+0.079%	$1.7M	$895K	25x	as long as short
Kalshi KXXRPPERP	+0.0206%	8h	1.5203	+0.112%	$1.7M	$31.7M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5186	+0.001%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5210	+0.158%	$23.4M	$61.7M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5189	+0.018%	$19K	$43K	7x	as long as short
RISEx XRP/USDC	+0.0330%	1h	1.5195	+0.058%	$401K	$502K	10x	as long as short
Hyperliquid XRP	+0.0440%	1h	1.5210	+0.158%	$283.4M	$165.4M	20x	as long as short
Aftermath Perps XRPUSD	+0.0458%	1h	1.5183	−0.018%	$1K	$10K	10x	as long as short