Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0428%/8h= +46.9% APRpaid last 24h +0.005%

Price spread now: Phoenix against Orderly+0.244%7-day average 0.000% · you sell dearer than you buy

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

Long on Orderly Short on Phoenix

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)−0.114%−$11 · spread now +0.244%, 7d avg 0.000%

Together, before fees−0.228%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.244% dearer against Orderly than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of 0.000%. Mind the row above: over the last 7 days funding on this pair cost −0.114%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.114% in total (about -5.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XRP_USDC	1.5153	0.0100	pay 0.0100% / 8h	3h 19m	$62K	$934K	50x
Short	Phoenix XRP	1.5190	0.0528	get 0.0066% / 1h	19m 20s	$68K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.244%Rate

Funding earned: $89.89
Price spread: +0.244% → 0.000%: $24.4
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $101.29
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 14 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 Phoenix live order book, 14 min ago	6.56 bp	35.8 bp −$36	83.3 bp −$833	doesn't fit	doesn't fit

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	1.5188	+0.231%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5159	+0.037%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5155	+0.014%	$259K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5186	+0.218%	$7.8M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5181	+0.185%	$14.5M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.686%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5152	−0.005%	$778K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5168	+0.099%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5170	+0.112%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5165	+0.079%	$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	1.5161	+0.054%	$984K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5159	+0.040%	$38.9M	$85.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5157	+0.027%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5153	0.000%	$535.1M	$2.16B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5155	+0.013%	$344.7M	$945.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5156	+0.020%	$126.3M	$882.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5187	+0.224%	$564K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5171	+0.119%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	+0.076%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5158	+0.033%	$372.3M	$156.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5154	+0.007%	$295.2M	$906.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5167	+0.092%	$109.3M	$177.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5156	+0.020%	$269.2M	$390.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5152	−0.007%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5187	+0.223%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5180	+0.181%	$659K	$110.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5170	+0.111%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5199	+0.304%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5166	+0.086%	$46K	$478K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5154	+0.007%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDClong	+0.0100%	8h	1.5153	long leg	$62K	$934K	50x
Derive XRP-PERP	+0.0100%	1h	1.5155	+0.014%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5184	+0.205%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5184	+0.205%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5186	+0.214%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5180	+0.178%	$54.0M	$31.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5158	+0.034%	$473K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5165	+0.076%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5159	+0.042%	$2.0M	$6.7M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5156	+0.020%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5172	+0.125%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5188	+0.231%	$5.8M	$48.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5160	+0.048%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5181	+0.185%	$24.2M	$75.8M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0256%	1h	1.5184	+0.205%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5191	+0.248%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5186	+0.218%	$1.9M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5168	+0.101%	$516K	$776K	10x	as long as short
Hyperliquid XRP	+0.0410%	1h	1.5179	+0.172%	$298.5M	$251.1M	20x	as long as short
Phoenix XRPshort	+0.0528%	1h	1.5190	+0.244%	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0645%	1h	1.5179	+0.170%	$2K	$15K	10x	as long as short