Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.031%

Price spread now: Phemex against Coinbase International−0.053%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.053%, 7d avg −0.024%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.028% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.024%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International XRP-PERP-INTX	1.5223	0.0176	pay 0.0022% / 1h	39m 24s	$5.7M	$48.4M	50x
Short	Phemex XRPUSDT	1.5215	0.0100	get 0.0100% / 8h	39m 24s	$54.4M	$32.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$15.96
Price spread: −0.053% → −0.024%: −$2.82
Slippage, 4 orders: −$12.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$53.09
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 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 Coinbase International live order book, 5 min ago	0.33 bp	6.2 bp −$6	9.2 bp −$92	24.9 bp −$2,493	doesn't fit
Sell Phemex live order book, 5 min ago	1.31 bp	7.6 bp −$8	11.5 bp −$115	19.3 bp −$1,932	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	1.5216	−0.046%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5196	−0.174%	$1.1M	$148K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5220	−0.020%	$7.8M	$24.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5219	−0.028%	$246K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.214%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0078%	1h	1.5212	−0.074%	$14.6M	$73.8M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5202	−0.140%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5204	−0.125%	$601K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5190	−0.217%	$17K	$372K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5216	−0.043%	$1.0M	$6.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XRPUSDT	+0.0100%	8h	1.5199	−0.158%	$38.6M	$86.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5201	−0.143%	$613K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5201	−0.145%	$532.5M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5216	−0.046%	$350.3M	$956.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5219	−0.026%	$128.1M	$875.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5224	+0.007%	$567K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5200	−0.151%	$144K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	−0.217%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5214	−0.059%	$379.4M	$160.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5217	−0.039%	$314.0M	$921.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5217	−0.040%	$106.7M	$184.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5218	−0.033%	$269.1M	$392.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5194	−0.191%	—	$107.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5226	+0.017%	$5.0M	$38.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5231	+0.052%	$662K	$113.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5233	+0.069%	$1.1M	$35.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5239	+0.105%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5218	−0.032%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5215	−0.053%	$50K	$510K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5218	−0.035%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5216	−0.046%	$78K	$688K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5218	−0.031%	$819K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5235	+0.082%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5212	−0.072%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5238	+0.099%	$49.7M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5215	−0.053%	$54.4M	$32.7M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5198	−0.163%	$474K	$55K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0100% / S −0.0059%	1h	1.5218	−0.035%	$785K	—	200x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5187	−0.233%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5195	−0.184%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5214	−0.059%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0112%	1h	1.5219	−0.025%	$17K	$78K	7x	as long as short
Hyperliquid XRP	+0.0144%	1h	1.5230	+0.046%	$290.5M	$267.6M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0169%	1h	1.5221	−0.013%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTXlong	+0.0176%	1h	1.5223	long leg	$5.7M	$48.4M	50x
Kalshi KXXRPPERP	+0.0199%	8h	1.5228	+0.033%	$1.8M	$34.6M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0220%	1h	1.5211	−0.078%	$1.3M	$4K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5238	+0.099%	$23.7M	$78.0M	125x	as long as short
RISEx XRP/USDC	+0.0394%	1h	1.5200	−0.152%	$522K	$807K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5240	+0.112%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0636%	1h	1.5227	+0.024%	$2K	$16K	10x	as long as short