XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0495%/8h= +54.2% APRnext payment +$0.62 per $10,000 · paid last 24h +0.008%

Price spread now: Phoenix against Injective−2.699%7-day average +0.200% · you buy dearer than you sell

Net, funding: paid 7d − costs−$194as in the Funding arb table

Net, price: spread back to 7d avg − costs−$454as in the Price arb table

costs, in and out, $10k−$1641.642% of the position

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.302%−$30 on $10k

Price spread, last 4 days (all we have)+3.834%+$383 · spread now −2.699%, 7d avg +0.200%

Together, before fees+3.532%+$353 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 2.899% cheaper against Injective than usual: you would sell low and buy high (spread −2.699% now, against its 7-day average of +0.200%). If the spread goes back, that is −$290 on $10k: about 20 days of funding at the current rate (+$15 a day). Mind the row above: over the last 7 days funding on this pair cost −0.302%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.302% in total (about -15.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.62 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	39m 09s	$2K	$107K	30x
Short	Phoenix XRP	1.5140	0.0528	get 0.0066% / 1h	39m 09s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Injective. 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 InjectivebpFee PhoenixbpOrdersPrice spread, now −2.699%Rate

Funding earned: $103.96
Price spread: −2.699% → +0.200%: −$289.94
Slippage, 4 orders: −$157.2
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$350.19
Costs to cover: 1.642%
Break-even: 30.6 days

Slippage from Injective: live order book, 24 min ago; Phoenix: 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 Injective live order book, 24 min ago	46.21 bp	46.2 bp −$46	59.4 bp −$594	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 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	1.5122	−2.815%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5117	−2.847%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5109	−2.898%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0015%	1h	1.5112	−2.879%	$7.6M	$25.4M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0032% / S +0.0046%	1h	1.5108	−2.908%	$816K	—	200x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5110	−2.892%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5113	−2.873%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5112	−2.876%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5114	−2.866%	$508K	$3.3M	20x	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	+0.0100%	8h	1.5107	−2.911%	$9K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5109	−2.895%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5120	−2.828%	$280.1M	$219.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5113	−2.873%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5115	−2.861%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5117	−2.850%	$535.8M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5114	−2.866%	$342.9M	$926.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5114	−2.866%	$125.3M	$863.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5116	−2.853%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5114	−2.866%	$114K	$708K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5136	−2.728%	$1.6M	$88K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5115	−2.860%	$368.4M	$151.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5111	−2.886%	$292.8M	$895.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5109	−2.896%	$106.4M	$170.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5117	−2.847%	$266.0M	$380.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5118	−2.841%	—	$126.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5121	−2.824%	$5.6M	$36.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5123	−2.810%	$657K	$109.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5153	−2.616%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5143	−2.680%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5120	−2.825%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5117	−2.847%	$41K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5112	−2.881%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5114	−2.869%	$813K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5115	−2.857%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5110	−2.892%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5110	−2.889%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5113	−2.873%	$53.8M	$30.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5112	−2.880%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5106	−2.917%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5109	−2.897%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0212%	1h	1.5121	−2.821%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5115	−2.860%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5115	−2.860%	$5.6M	$46.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5108	−2.905%	$24.2M	$74.4M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5109	−2.900%	$14.5M	$73.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5118	−2.839%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0353%	8h	1.5123	−2.808%	$2.2M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5116	−2.857%	$516K	$774K	10x	as long as short
Phoenix XRPshort	+0.0528%	1h	1.5140	−2.699%	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0714%	1h	1.5124	−2.803%	$2K	$14K	10x	as long as short