Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.024%

Price spread now: Phemex against Deribit+0.033%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$420.415% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now +0.033%, 7d avg −0.021%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.054% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.021%. Mind the row above: over the last 7 days funding on this pair cost −0.118%, 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	Deribit XRP_USDC-PERPETUAL	1.5221	0.0013	pay 0.0002% / 1h	49m 43s	$7.8M	$25.5M	50x
Short	Phemex XRPUSDT	1.5226	0.0100	get 0.0100% / 8h	3h 49m	$54.3M	$31.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.033%Rate

Funding earned: $18.27
Price spread: +0.033% → −0.021%: $5.38
Slippage, 4 orders: −$22.5
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.85
Costs to cover: 0.415%
Break-even: 13.8 days

Slippage from Deribit: live order book, 4 min ago; Phemex: live order book, 4 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 Deribit live order book, 4 min ago	0.33 bp	5.6 bp −$6	7.8 bp −$78	75.7 bp −$7,569	doesn't fit
Sell Phemex live order book, 4 min ago	2.63 bp	9.4 bp −$9	13.9 bp −$139	24.3 bp −$2,432	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	1.5244	+0.151%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5224	+0.018%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5219	−0.014%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUALlong	+0.0013%	1h	1.5221	long leg	$7.8M	$25.5M	50x
Kraken Futures PF_XRPUSD	+0.0021%	1h	1.5220	−0.006%	$14.5M	$74.0M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.227%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0050% / S +0.0016%	1h	1.5219	−0.012%	$781K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5212	−0.062%	$2.9M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5215	−0.039%	$499K	$3.3M	20x	as long as short
Orderly PERP_XRP_USDC	+0.0097%	8h	1.5219	−0.013%	$62K	$934K	50x	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	+0.0098%	8h	1.5228	+0.046%	$12K	$343K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5225	+0.030%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5223	+0.015%	$38.5M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5230	+0.060%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5206	−0.099%	$534.5M	$2.14B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5220	−0.007%	$348.4M	$941.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5221	0.000%	$127.7M	$887.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5232	+0.072%	$566K	$29K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5228	+0.046%	$118K	$706K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5181	−0.263%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5219	−0.013%	$372.4M	$153.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5221	0.000%	$289.8M	$898.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5225	+0.027%	$108.8M	$176.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5217	−0.026%	$269.5M	$388.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5222	+0.007%	—	$127.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5243	+0.143%	$4.8M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5193	−0.186%	$660K	$109.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5221	−0.002%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5206	−0.099%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5227	+0.037%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5225	+0.026%	$44K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5222	+0.010%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5221	−0.003%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5228	+0.047%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5220	−0.007%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5220	−0.004%	$49.8M	$15.7M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5226	+0.033%	$54.3M	$31.2M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5226	+0.035%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5217	−0.024%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5219	−0.013%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5227	+0.039%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5229	+0.053%	$5.7M	$47.5M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5222	+0.008%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5224	+0.020%	$24.2M	$76.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5248	+0.177%	$17K	$82K	7x	as long as short
Hyperliquid XRP	+0.0247%	1h	1.5233	+0.079%	$292.6M	$234.3M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0317%	1h	1.5239	+0.118%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0357%	8h	1.5230	+0.059%	$2.0M	$35.1M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5230	+0.057%	$519K	$773K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5160	−0.401%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0635%	1h	1.5198	−0.150%	$2K	$15K	10x	as long as short