Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.004%

Price spread now: Phoenix against Gate−0.059%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$920.920% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 4 days (all we have)+0.587%+$59 · spread now −0.059%, 7d avg +0.015%

Together, before fees+0.427%+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.074% cheaper against Gate than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XRP_USDT	1.5159	0.0100	pay 0.0100% / 8h	4h 01m	$369.6M	$154.9M	100x
Short	Phoenix XRP	1.5150	0	get 0.0000% / 1h	1m 09s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$21
Price spread: −0.059% → +0.015%: −$7.44
Slippage, 4 orders: −$69.98
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$120.42
Costs to cover: 0.920%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Phoenix: live order book, 37 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 Gate live order book, 3 min ago	0.33 bp	9.7 bp −$10	12.0 bp −$120	28.6 bp −$2,864	40.3 bp −$20.2K
Sell Phoenix live order book, 37 min ago	6.59 bp	35.9 bp −$36	83.8 bp −$838	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	1.5142	−0.112%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5152	−0.048%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5158	−0.009%	$1.1M	$111K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5150	−0.059%	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5153	−0.040%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5157	−0.013%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.645%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0047% / S +0.0019%	1h	1.5152	−0.045%	$790K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0094%	8h	1.5153	−0.040%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5162	+0.019%	$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	1.5162	+0.020%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5149	−0.066%	$10K	$331K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5166	+0.043%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5170	+0.073%	$280.8M	$227.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5158	−0.007%	$38.3M	$83.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5162	+0.021%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5157	−0.015%	$533.6M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5161	+0.013%	$346.4M	$937.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5161	+0.013%	$127.0M	$877.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5120	−0.257%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5162	+0.020%	$110K	$698K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	−0.297%	$1.6M	$49K	20x	as long as short
Gate XRP_USDTlong	+0.0100%	8h	1.5159	long leg	$369.6M	$154.9M	100x
MEXC XRP_USDT	+0.0100%	8h	1.5159	0.000%	$293.3M	$904.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5162	+0.021%	$108.0M	$175.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5158	−0.007%	$268.2M	$385.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5156	−0.020%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5154	−0.034%	$4.8M	$38.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5133	−0.172%	$657K	$108.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5140	−0.124%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5143	−0.106%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5153	−0.039%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5157	−0.013%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5156	−0.020%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5157	−0.015%	$816K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5161	+0.015%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5154	−0.033%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5151	−0.051%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5163	+0.026%	$53.9M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5159	−0.001%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5150	−0.058%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5153	−0.036%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5162	+0.020%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5161	+0.013%	$5.6M	$47.1M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0194%	1h	1.5167	+0.053%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0216%	1h	1.5147	−0.077%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5155	−0.025%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5152	−0.046%	$24.2M	$76.1M	125x	as long as short
Kalshi KXXRPPERP	+0.0314%	8h	1.5138	−0.139%	$2.0M	$34.9M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5163	+0.024%	$516K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0678%	1h	1.5142	−0.115%	$2K	$15K	10x	as long as short