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 −0.004%

Price spread now: Phoenix against Bybit+0.146%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$830.835% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

Price spread, last 4 days (all we have)+0.236%+$24 · spread now +0.146%, 7d avg +0.016%

Together, before fees+0.083%+$8 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 0.130% dearer against Bybit than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.016%. Mind the row above: over the last 7 days funding on this pair cost −0.153%, 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 -0.153% in total (about -8.0% 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	Bybit XRPUSDT	1.5118	0.0100	pay 0.0100% / 8h	2h 55m	$342.1M	$950.3M	100x
Short	Phoenix XRP	1.5140	0.0528	get 0.0066% / 1h	55m 16s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.146%Rate

Funding earned: $89.89
Price spread: +0.146% → +0.016%: $12.99
Slippage, 4 orders: −$65.47
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $19.42
Costs to cover: 0.835%
Break-even: 5.5 days

Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 38 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 Bybit live order book, 4 min ago	0.33 bp	6.1 bp −$6	7.7 bp −$77	13.8 bp −$1,381	28.0 bp −$14.0K
Sell Phoenix live order book, 38 min ago	6.56 bp	35.8 bp −$36	83.3 bp −$833	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	1.5126	+0.053%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5126	+0.056%	$14.3M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5119	+0.008%	$1.1M	$115K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5125	+0.046%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5112	−0.037%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.924%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5111	−0.048%	$793K	—	200x	as long as short
01 Exchange XRPUSD	+0.0056%	1h	1.5113	−0.033%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5123	+0.034%	$2.8M	$14.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5127	+0.060%	$497K	$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
Katana Perps XRP-USD	+0.0099%	8h	1.5104	−0.093%	$10K	$356K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5109	−0.061%	$941K	$6.2M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5118	0.000%	$289.7M	$257.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5123	+0.033%	$38.9M	$86.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5117	−0.007%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5123	+0.035%	$531.7M	$2.18B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5118	long leg	$342.1M	$950.3M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5122	+0.026%	$125.1M	$888.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5124	+0.040%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5115	−0.020%	$137K	$717K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5109	−0.060%	$372.4M	$155.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5108	−0.066%	$293.9M	$903.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5110	−0.050%	$107.8M	$179.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5120	+0.013%	$268.2M	$392.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5114	−0.026%	—	$128.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5139	+0.138%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5127	+0.062%	$657K	$111.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5138	+0.129%	$1.1M	$37.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5147	+0.192%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5114	−0.024%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5112	−0.040%	$49K	$490K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5109	−0.060%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5120	+0.013%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5120	+0.015%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5115	−0.022%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5124	+0.040%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5126	+0.054%	$49.4M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5125	+0.046%	$53.9M	$31.7M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5107	−0.070%	$1.6M	$29K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5112	−0.041%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5116	−0.011%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5117	−0.007%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0167%	8h	1.5133	+0.099%	$1.8M	$35.5M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5128	+0.066%	$5.7M	$48.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5106	−0.077%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5121	+0.020%	$24.2M	$75.8M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0246%	1h	1.5144	+0.172%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5137	+0.127%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5115	−0.022%	$515K	$777K	10x	as long as short
Phoenix XRPshort	+0.0528%	1h	1.5140	+0.146%	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0630%	1h	1.5123	+0.031%	$2K	$15K	10x	as long as short