Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0426%/8h= −46.7% APRpaid last 24h −0.012%

Price spread now: Orderly against Phoenix−0.026%66s7-day average −0.008% · 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+0.107%+$11 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.026%, 7d avg −0.008%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.107% in total (about 5.6% 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	Phoenix XRP	1.5180	0.0526	pay 0.0066% / 1h	11m 43s	$67K	$110K	15x
Short	Orderly PERP_XRP_USDC	1.5176	0.0100	get 0.0100% / 8h	11m 43s	$77K	$689K	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 −0.026%Rate

Funding earned: −$89.53
Price spread: −0.026% → −0.008%: −$1.84
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$104.37
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 6 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, 6 min ago	6.58 bp	35.9 bp −$36	95.0 bp −$950	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	1.5178	−0.013%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5168	−0.082%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5174	−0.040%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5176	−0.026%	$7.7M	$24.2M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.503%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0078%	1h	1.5170	−0.068%	$14.5M	$73.6M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5164	−0.105%	$2.8M	$15.2M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5166	−0.092%	$604K	$3.2M	20x	as long as short
Hibachi XRP/USDT-P	+0.0096%	1h	1.5165	−0.101%	$17K	$78K	7x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5175	−0.033%	$20K	$384K	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	1.5173	−0.043%	$1.0M	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5165	−0.101%	$38.5M	$86.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5178	−0.016%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5161	−0.125%	$528.9M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5162	−0.119%	$349.5M	$950.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5163	−0.112%	$127.2M	$862.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5172	−0.053%	$564K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5181	+0.007%	$143K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5178	−0.013%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5163	−0.112%	$377.5M	$162.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5166	−0.092%	$311.6M	$928.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5165	−0.100%	$106.6M	$183.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5163	−0.112%	$268.8M	$388.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5166	−0.092%	—	$107.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5148	−0.210%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5151	−0.191%	$658K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5160	−0.130%	$1.1M	$34.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5156	−0.158%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5181	+0.009%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5180	0.000%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5178	−0.013%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDCshort	+0.0100%	8h	1.5176	−0.026%	$77K	$689K	50x
Derive XRP-PERP	+0.0100%	1h	1.5175	−0.033%	$816K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5183	+0.022%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5170	−0.066%	$28K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5176	−0.028%	$49.6M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5171	−0.059%	$54.1M	$32.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5181	+0.007%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5161	−0.127%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5181	+0.007%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5172	−0.056%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0108% / S −0.0071%	1h	1.5174	−0.037%	$774K	—	200x	as long as short
Hyperliquid XRP	+0.0140%	1h	1.5178	−0.014%	$289.7M	$268.3M	20x	as long as short
Kalshi KXXRPPERP	+0.0168%	8h	1.5181	+0.007%	$1.8M	$33.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0176%	1h	1.5177	−0.020%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5176	−0.026%	$5.6M	$48.0M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5177	−0.020%	$23.6M	$77.8M	125x	as long as short
Reya XRPRUSDPERP	+0.0220%	1h	1.5175	−0.035%	$1.3M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0394%	1h	1.5180	+0.001%	$521K	$798K	10x	as long as short
Phoenix XRPlong	+0.0526%	1h	1.5180	long leg	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0583%	1h	1.5168	−0.080%	$2K	$16K	10x	as long as short