Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.084%
Price spread now: Phoenix against Hyperliquid−0.086%7-day average −0.056% · you buy dearer than you sell
Net, funding: paid 7d − costs−$113as in the Funding arb table
Net, price: spread back to 7d avg − costs−$84as in the Price arb table
costs, in and out, $10k−$810.812% of the position
Funding, last 7 days−0.317%−$32 on $10k
+Price spread, last 4 days (all we have)+0.280%+$28 · spread now −0.086%, 7d avg −0.056%
=Together, before fees−0.037%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 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 0.030% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.056%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid XRP | 1.5063 | 0.0100 | pay 0.0013% / 1h | 41m 18s | $289.7M | $258.6M | 20x |
| Short | Phoenix XRP | 1.5050 | 0 | get 0.0000% / 1h | 41m 18s | $67K | $110K | 15x |
Hyperliquid XRP
Phoenix XRPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$21
- Price spread: −0.086% → −0.056%
- −$3.01
- Slippage, 4 orders
- −$65.15
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$105.16
- Costs to cover
- 0.812%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 13 min ago; Phoenix: live order book, 52 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 Hyperliquid live order book, 13 min ago | 0.33 bp | 4.8 bp −$5 | 4.8 bp −$48 | 8.8 bp −$878 | doesn't fit |
| Sell Phoenix live order book, 52 min ago | 6.56 bp | 35.8 bp −$36 | 83.3 bp −$833 | 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 | 1.5053 | −0.066% | $5K | $3K | 20x | as long as short |
| Kraken Futures PF_XRPUSD | −0.0001% | 1h | 1.5044 | −0.126% | $14.2M | $75.2M | 50x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5060 | −0.020% | $1.1M | $115K | 10x | as long as short |
| Phoenix XRPshort | 0.0000% | 1h | 1.5050 | −0.086% | $67K | $110K | 15x | |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5040 | −0.153% | $257K | — | 150x | as long as short |
| Deribit XRP_USDC-PERPETUAL | +0.0016% | 1h | 1.5049 | −0.093% | $7.6M | $25.7M | 50x | as long as short |
| Injective XRP/USDC PERP | +0.0033% | 1h | 1.5560 | +3.299% | $2K | $107K | 30x | as long as short |
| 01 Exchange XRPUSD | +0.0064% | 1h | 1.5057 | −0.040% | $8K | $8K | 10x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0069% / S −0.0013% | 1h | 1.5039 | −0.159% | $788K | — | 200x | as long as short |
| Lighter XRP | +0.0096% | 1h | 1.5043 | −0.133% | $2.8M | $14.8M | 20x | as long as short |
Hotstuff XRP-PERP
Kraken Futures PF_XRPUSD
dYdX XRP-USD
gTrade (Gains Network) XRP/USD
Deribit XRP_USDC-PERPETUAL
Injective XRP/USDC PERP
01 Exchange XRPUSD
GMX XRP/USD [ETH-USDC]
Lighter XRPShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH XRP | +0.0096% | 1h | 1.5043 | −0.133% | $495K | $3.2M | 20x | as long as short |
| Katana Perps XRP-USD | +0.0099% | 8h | 1.5050 | −0.086% | $11K | $358K | 20x | as long as short |
| Nado XRP-PERP | +0.0100% | 1h | 1.5058 | −0.036% | $895K | $6.2M | 20x | as long as short |
| Hyperliquid XRPlong | +0.0100% | 1h | 1.5063 | long leg | $289.7M | $258.6M | 20x | |
| Aster XRPUSDT | +0.0100% | 8h | 1.5032 | −0.205% | $38.5M | $86.5M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5063 | 0.000% | $604K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5031 | −0.212% | $528.5M | $2.19B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5044 | −0.126% | $340.4M | $954.1M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5046 | −0.113% | $124.8M | $887.4M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5055 | −0.053% | $560K | $27K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5060 | −0.020% | $136K | $714K | 20x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5057 | −0.041% | $1.6M | $30K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5041 | −0.146% | $372.7M | $156.3M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5040 | −0.153% | $289.2M | $907.8M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5041 | −0.147% | $106.2M | $179.5M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5042 | −0.139% | $266.3M | $394.4M | 125x | as long as short |
| BingX XRP-USDC | +0.0100% | 8h | 1.5038 | −0.166% | — | $4.2M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5084 | +0.138% | $4.8M | $38.3M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5058 | −0.030% | $654K | $111.5M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5078 | +0.099% | $1.1M | $37.2M | 20x | as long as short |
| ApeX Omni XRPUSDT | +0.0100% | 1h | 1.5059 | −0.027% | $1.2M | $1.1M | 50x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5056 | −0.045% | — | $11K | 10x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5056 | −0.046% | $49K | $491K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5040 | −0.153% | $41K | $70K | 20x | as long as short |
| Orderly PERP_XRP_USDC | +0.0100% | 8h | 1.5043 | −0.133% | $62K | $934K | 50x | as long as short |
| Derive XRP-PERP | +0.0100% | 1h | 1.5042 | −0.143% | $809K | $72K | 10x | as long as short |
| SunX XRP-USDT | +0.0100% | 8h | 1.5049 | −0.096% | $126K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5044 | −0.126% | $29K | $1.7M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5048 | −0.102% | $49.2M | $15.8M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5042 | −0.139% | $53.6M | $31.7M | 50x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5060 | −0.017% | $470K | $55K | 50x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5038 | −0.164% | $2.0M | $6.8M | 50x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5042 | −0.137% | $58K | $25K | 3x | as long as short |
| Kalshi KXXRPPERP | +0.0124% | 8h | 1.5037 | −0.173% | $1.7M | $35.7M | 2.9x | as long as short |
| Backpack XRP_USDC_PERP | +0.0165% | 1h | 1.5069 | +0.040% | $2.0M | $1.4M | 25x | as long as short |
| Coinbase International XRP-PERP-INTX | +0.0184% | 1h | 1.5047 | −0.106% | $5.6M | $48.2M | 50x | as long as short |
| Reya XRPRUSDPERP | +0.0218% | 1h | 1.5050 | −0.083% | $1.3M | $7K | 15x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5036 | −0.179% | $24.1M | $75.9M | 125x | as long as short |
| Hibachi XRP/USDT-P | +0.0232% | 1h | 1.5056 | −0.043% | $17K | $82K | 7x | as long as short |
| RISEx XRP/USDC | +0.0305% | 1h | 1.5060 | −0.023% | $514K | $777K | 10x | as long as short |
| Aftermath Perps XRPUSD | +0.0604% | 1h | 1.5083 | +0.136% | $2K | $15K | 10x | as long as short |
Lighter RH XRP
Katana Perps XRP-USD
Nado XRP-PERP
Aster XRPUSDT
Pacifica XRP
Binance XRPUSDT
Bybit XRPUSDT
OKX XRP-USDT-SWAP
Ondo Perps XRP-USD.P
Arcus XRP-USD
Bulk XRP-USD
Gate XRP_USDT
MEXC XRP_USDT
KuCoin XRPUSDTM
Bitget XRPUSDT
BingX XRP-USDC
Variational Omni XRP
edgeX XRPUSDC
GRVT XRP_USDT_Perp
ApeX Omni XRPUSDT
Vest XRP-PERP
Polymarket Perps XRP-USD
Bullet XRP-USD
Orderly PERP_XRP_USDC
Derive XRP-PERP
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Paradex XRP-USD-PERP
Extended XRP-USD
Aevo XRP-PERP
Kalshi KXXRPPERP
Backpack XRP_USDC_PERP
Coinbase International XRP-PERP-INTX
Reya XRPRUSDPERP
BloFin XRP-USDT
Hibachi XRP/USDT-P
RISEx XRP/USDC
Aftermath Perps XRPUSD