Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0308%/8h= +33.8% APRpaid last 24h −0.046%

Price spread now: Phoenix against BloFin−0.297%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$870.871% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.344%−$34 on $10k

Price spread, last 4 days (all we have)+0.878%+$88 · spread now −0.297%, 7d avg −0.022%

Together, before fees+0.534%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.275% cheaper against BloFin than usual: you would sell low and buy high (spread −0.297% now, against its 7-day average of −0.022%). If the spread goes back, that is −$27 on $10k: about 3.0 days of funding at the current rate (+$9 a day). Mind the row above: over the last 7 days funding on this pair cost −0.344%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XRP-USDT	1.5175	0.0220	pay 0.0220% / 8h	5h 32m	$24.3M	$75.0M	125x
Short	Phoenix XRP	1.5130	0.0528	get 0.0066% / 1h	32m 23s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.297%Rate

Funding earned: $64.76
Price spread: −0.297% → −0.022%: −$27.5
Slippage, 4 orders: −$68.09
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$49.82
Costs to cover: 0.871%
Break-even: 12.4 days

Slippage from BloFin: live order book, 12 min ago; Phoenix: live order book, 10 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 BloFin live order book, 12 min ago	1.65 bp	7.7 bp −$8	8.1 bp −$81	10.5 bp −$1,050	20.7 bp −$10.4K
Sell Phoenix live order book, 10 min ago	6.59 bp	35.9 bp −$36	83.7 bp −$837	doesn't fit	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	1.5183	+0.053%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5180	+0.033%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5183	+0.051%	$254K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.537%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0034% / S +0.0044%	1h	1.5183	+0.056%	$820K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5191	+0.105%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5182	+0.046%	$62K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5186	+0.072%	$7.7M	$25.4M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5191	+0.105%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5192	+0.112%	$513K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5181	+0.040%	$10K	$308K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5194	+0.129%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5202	+0.178%	$281.7M	$221.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5191	+0.106%	$38.5M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5191	+0.105%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5194	+0.128%	$538.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5192	+0.112%	$344.5M	$925.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5194	+0.125%	$125.8M	$868.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5156	−0.125%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5192	+0.112%	$115K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5156	−0.124%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5188	+0.086%	$370.1M	$151.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5190	+0.099%	$293.9M	$897.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5191	+0.102%	$107.0M	$171.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5192	+0.112%	$268.0M	$380.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5184	+0.059%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	−0.161%	$5.7M	$36.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5154	−0.139%	$658K	$109.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5167	−0.051%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5161	−0.092%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5190	+0.101%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5194	+0.125%	$42K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5186	+0.074%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5183	+0.055%	$817K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5189	+0.095%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5185	+0.066%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5182	+0.048%	$49.7M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5185	+0.066%	$54.0M	$30.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5189	+0.089%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5185	+0.067%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5181	+0.038%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0207%	1h	1.5193	+0.119%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5190	+0.099%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5187	+0.079%	$5.6M	$46.5M	50x	as long as short
BloFin XRP-USDTlong	+0.0220%	8h	1.5175	long leg	$24.3M	$75.0M	125x
Hibachi XRP/USDT-P	+0.0264%	1h	1.5182	+0.049%	$17K	$82K	7x	as long as short
Kraken Futures PF_XRPUSD	+0.0273%	1h	1.5182	+0.046%	$14.5M	$73.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0353%	8h	1.5184	+0.059%	$2.2M	$34.9M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5193	+0.118%	$517K	$776K	10x	as long as short
Phoenix XRPshort	+0.0528%	1h	1.5130	−0.297%	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0678%	1h	1.5159	−0.106%	$2K	$14K	10x	as long as short