Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Phemex against dYdX−0.010%7-day average +0.004% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$680.678% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$14 on $10k

Price spread, last 4 days (all we have)−0.225%−$22 · spread now −0.010%, 7d avg +0.004%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX XRP-USD	1.5176	0	get 0.0000% / 1h	22m 41s	$1.1M	$111K	10x
Short	Phemex XRPUSDT	1.5174	0.0100	get 0.0100% / 8h	4h 22m	$54.2M	$30.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now −0.010%Rate

Funding earned: $21
Price spread: −0.010% → +0.004%: −$1.45
Slippage, 4 orders: −$45.8
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$48.25
Costs to cover: 0.678%
Break-even: 23.1 days

Slippage from dYdX: live order book, 1 min ago; Phemex: live order book, 6 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 dYdX live order book, 1 min ago	17.14 bp	22.1 bp −$22	22.1 bp −$221	76.0 bp −$7,600	233.7 bp −$116.8K
Sell Phemex live order book, 6 min ago	3.95 bp	12.9 bp −$13	15.9 bp −$159	28.4 bp −$2,840	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	1.5174	−0.010%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5172	−0.021%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USDlong	0.0000%	1h	1.5176	long leg	$1.1M	$111K	10x
Phoenix XRP	0.0000%	1h	1.5190	+0.095%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5169	−0.043%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5177	+0.009%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.533%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0043% / S +0.0025%	1h	1.5168	−0.053%	$791K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0085%	8h	1.5171	−0.030%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5185	+0.059%	$2.8M	$14.6M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5184	+0.056%	$499K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5182	+0.042%	$11K	$326K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5166	−0.060%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5182	+0.042%	$280.8M	$226.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5174	−0.008%	$38.4M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5184	+0.059%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5190	+0.095%	$536.1M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5185	+0.062%	$347.3M	$934.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5186	+0.069%	$126.3M	$875.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5174	−0.010%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5192	+0.108%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5174	−0.010%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5188	+0.082%	$370.4M	$154.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5183	+0.049%	$291.4M	$901.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5173	−0.018%	$108.3M	$174.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5189	+0.089%	$268.8M	$384.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5185	+0.062%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5179	+0.021%	$5.2M	$37.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5183	+0.047%	$661K	$108.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5178	+0.013%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5192	+0.108%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5174	−0.010%	$44K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5172	−0.023%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5176	0.000%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5170	−0.034%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5175	−0.004%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5179	+0.020%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5174	−0.010%	$54.2M	$30.7M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5186	+0.070%	$473K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5176	+0.001%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5186	+0.066%	$2.0M	$6.8M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5193	+0.115%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5172	−0.021%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0175%	1h	1.5183	+0.049%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5183	+0.049%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5177	+0.009%	$5.6M	$47.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5170	−0.035%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5179	+0.023%	$24.2M	$76.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5180	+0.029%	$2.1M	$34.5M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5193	+0.114%	$517K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0647%	1h	1.5181	+0.038%	$2K	$15K	10x	as long as short