Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Arcus+0.090%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.232%−$23 · spread now +0.090%, 7d avg +0.005%

Together, before fees−0.235%−$23 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: Phemex is 0.085% dearer against Arcus than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus XRP-USD	1.5506	0.0100	pay 0.0013% / 1h	28m 50s	$118K	$739K	20x
Short	Phemex XRPUSDT	1.5520	0.0100	get 0.0100% / 8h	1h 28m	$55.3M	$29.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.090%Rate

Funding earned: $0
Price spread: +0.090% → +0.005%: $8.54
Slippage, 4 orders: −$20.1
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.06
Costs to cover: 0.366%
Break-even: never at this rate

Slippage from Arcus: live order book, 55 min ago; Phemex: live order book, 5 min ago.

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 Arcus live order book, 55 min ago	1.30 bp	5.3 bp −$5	8.4 bp −$84	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.89 bp	12.5 bp −$12	15.0 bp −$150	23.5 bp −$2,348	doesn't fit

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	1.5461	−0.290%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5536	+0.193%	$1.1M	$114K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5505	−0.006%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.393%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5511	+0.034%	$15.4M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0051% / S +0.0124%	1h	1.5504	−0.011%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5510	+0.026%	$77K	$942K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0072%	1h	1.5514	+0.052%	$9.5M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5554	+0.310%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5556	+0.322%	$440K	$3.2M	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	1.5502	−0.024%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5554	+0.310%	$39.5M	$78.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5504	−0.013%	$638K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5550	+0.281%	$559.5M	$1.97B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5542	+0.232%	$347.4M	$891.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5552	+0.297%	$127.2M	$878.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5515	+0.058%	$577K	$41K	5x	as long as short
Arcus XRP-USDlong	+0.0100%	1h	1.5506	long leg	$118K	$739K	20x
Gate XRP_USDT	+0.0100%	8h	1.5532	+0.168%	$374.2M	$139.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5537	+0.200%	$292.2M	$848.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5522	+0.103%	$113.3M	$158.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5553	+0.303%	$271.2M	$362.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5549	+0.277%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5485	−0.138%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5531	+0.163%	$674K	$101.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5464	−0.273%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5529	+0.148%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5494	−0.077%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5512	+0.039%	$45K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5506	+0.001%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5514	+0.049%	$835K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5518	+0.079%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5513	+0.045%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5499	−0.046%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5520	+0.090%	$55.3M	$29.2M	50x
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.189%	$1.7M	$578K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5492	−0.089%	$483K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5505	−0.006%	$11K	$255K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5527	+0.134%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5511	+0.032%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5510	+0.026%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0176%	1h	1.5475	−0.198%	$18K	$81K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5502	−0.028%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5516	+0.064%	$5.9M	$47.0M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5510	+0.026%	$24.6M	$73.4M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0253%	1h	1.5530	+0.155%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5503	−0.019%	$1.9M	$32.7M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5480	−0.168%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5515	+0.056%	$508K	$629K	10x	as long as short
Hyperliquid XRP	+0.0600%	1h	1.5572	+0.426%	$291.6M	$202.5M	20x	as long as short
Aftermath Perps XRPUSD	+0.0731%	1h	1.5535	+0.184%	$1K	$11K	10x	as long as short