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 HTX+0.441%72s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$890.894% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.441%, 7d avg +0.037%

Together, before fees−0.381%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.404% dearer against HTX than usual: you sell high and buy low (spread +0.441% now, against its 7-day average of +0.037%): +$40 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 13 days. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XRP-USDT	1.5103	0.0100	pay 0.0100% / 8h	4h 47m	$49.4M	$15.6M	75x
Short	Phoenix XRP	1.5170	0	get 0.0000% / 1h	47m 42s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.441%Rate

Funding earned: −$21
Price spread: +0.441% → +0.037%: $40.36
Slippage, 4 orders: −$70.44
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$70.08
Costs to cover: 0.894%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; Phoenix: live order book, 55 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 HTX live order book, 1 min ago	0.03 bp	9.2 bp −$9	14.4 bp −$144	34.4 bp −$3,439	doesn't fit
Sell Phoenix live order book, 55 min ago	6.59 bp	35.9 bp −$36	83.7 bp −$837	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	1.5106	+0.017%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5103	−0.005%	$14.2M	$73.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5105	+0.009%	$1.1M	$114K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5170	+0.441%	$67K	$110K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5106	+0.017%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5108	+0.032%	$252K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.023%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0038% / S +0.0032%	1h	1.5107	+0.026%	$786K	—	200x	as long as short
01 Exchange XRPUSD	+0.0040%	1h	1.5116	+0.083%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0079%	8h	1.5111	+0.050%	$62K	$935K	50x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5107	+0.027%	$2.8M	$14.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5109	+0.037%	$509K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5111	+0.050%	$10K	$318K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5115	+0.080%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5116	+0.083%	$280.6M	$224.8M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5109	+0.037%	$38.2M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5114	+0.071%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5112	+0.060%	$532.4M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5115	+0.077%	$343.9M	$930.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5117	+0.090%	$125.5M	$871.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5108	+0.030%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5113	+0.064%	$113K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	+0.403%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5104	+0.004%	$367.5M	$152.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5107	+0.024%	$296.9M	$895.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5111	+0.053%	$107.9M	$173.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5101	−0.016%	$267.0M	$383.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5103	−0.003%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5129	+0.169%	$5.4M	$37.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5155	+0.344%	$658K	$108.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5162	+0.388%	$1.1M	$35.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5136	+0.216%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5113	+0.061%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5111	+0.050%	$42K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5108	+0.033%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5111	+0.052%	$813K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5116	+0.087%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5104	+0.004%	$29K	$1.7M	10x	as long as short
HTX XRP-USDTlong	+0.0100%	8h	1.5103	long leg	$49.4M	$15.6M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5109	+0.037%	$53.9M	$30.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5107	+0.022%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5104	+0.007%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5103	−0.006%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0146%	1h	1.5119	+0.103%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0152%	1h	1.5104	+0.005%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5109	+0.037%	$5.6M	$46.9M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5107	+0.024%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5114	+0.070%	$24.2M	$75.7M	125x	as long as short
Kalshi KXXRPPERP	+0.0321%	8h	1.5112	+0.057%	$2.0M	$34.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5122	+0.124%	$515K	$779K	10x	as long as short
Aftermath Perps XRPUSD	+0.0687%	1h	1.5138	+0.228%	$2K	$15K	10x	as long as short